All Forum Posts by: Brent Paul

Absolutely I would first ask for his rent rolls and proofs of deposit.  He can say anything he wants to entice the buyer, but without proof he can't back that up.

He might be saying the unit is collecting that much rent for the year, but what if one unit was vacant half the year?

If he can't provide those things then walk away.

Have you looked into an FHA loan? They allow 3.5% down.

What kind of investor are you?

Buy and hold?

Flipping?

Have you done any networking in your local REIC clubs?  

There might be someone local that could fund the down payment for a piece of the pie.

This really will come down to personal preference.  Some people love the multifamliy with everything in one place and others like to diversify.   Location location location is key here.

You will also likely have higher expenses with a multifamily depending on what the condition of the property happens to be.

Will you be managing the properties yourself or having someone else manage it?

Will you be a buy and hold investor?

What is your goal long term with real estate?

What kind of investor are you?

Buy and hold?

Flipper?

I don't see your mortgage payment on the list, vacancy, etc.  The bp calculator has some of those other things you may be missing.  Run through that real quick

The best thing you can do is just run the numbers through the bp calculator and make sure it cashflows.  Whether one is better than the other I can't say, but if the numbers work and it cash flows I say go for it.

What kind of investor are you?

Buy and hold?

Flipper?

Also be sure to check out your local Real estate investors meetups.  Through some networking you might have someone that could possibly mentor you.  It's always good to build those people networking relationships.  You never know if the guy you are talking to ends up funding your next deal or being your banker approving your loan.

I learn something new every time I listen to a different one and I am soaking up all the information like a sponge.  

I wish more people would checkout the podcasts.  If you haven't already you are really missing out.

It's a great way to get your feet wet and start from the ground up.

It really has some great information for what seems like 90% of the questions asked.

From now on I plan on linking the podcasts that pertain to the question.  But I think they explain it better than I can.

http://www.biggerpockets.com/files/user/biggerpo/file/74-property-manager-interview-worksheet