All Forum Posts by: Austin Youmans

I agree with Nicole. Especially since you are in a B neighborhood people are going to expect nicer neighbors so you will keep having turnover if you let him stay.

How about option 3 and buy 4 properties at 150k with 20% down and fix them up with the 80k left over. (obviously I don't know how much rehab they need but you get the idea.)

based on your numbers the cheaper properties have a better ROI

I have use the 203k loan before.

Any rehab you want done under the loan needs to be done right away and by licensed contractor.

I did the streamline 203k loan which you need to stay under 35k rehab budget and have no major structural work to be done.

Best advice is to find a lender and RE agent that has done these before because they are more paperwork and rules than other loans.

Let me know I you have any questions?

use private money to do a flip to save money for rentals.

House hacking is the easiest way to get into the rental market.

Buy up to a 4 unit property with an FHA loan at 3.5% downpayment.

Yes, since you don't own it a lender can not use it as collateral.

You might want to look into land contract like @Emilio Basa said. I don't know what a lender would think about that but it doesn't hurt to ask a lender.

 that 1200 a month in profit?

Did you account for property management, utilities,  maintenance, capex, taxes?

Search BP file place for purchase sale agreement.  

Sense you would just be leasing the property it couldn't be used as collateral.  there for you would just need to get a personal loan or line of credit on a different property.

Hire a local high school/college student to check the addresses out for you.

I agree with Nicole.

One less thing to maintain for you.