All Forum Posts by: Charles Carillo

@Devon Rollison

The biggest obstacle when wholesaling multifamily is all of the factors that come up during the buyer's due diligence. When you wholesale a single family it is really simple. $200k ARV, $30k in repairs = $100k offer for $10k wholesale profit. When you purchase multifamily there is financing usually required, there are cap rates and many other factors that need to be addressed before a sale. What size deposit are you putting down ($100 is not going to be accepted). How much are you asking for a deposit from the buyer? Is it contingent on financing? What happens if he is not approved? Proforma numbers (from a broker) are never really used by true MF investors when they underwrite.

Lastly, where are you finding properties so discounted? MF is really competitive with every MF owner getting calls and direct mail. They are more sophisticated sellers compared with traditional single family wholesale sellers. Just another thought since we do direct marketing and when we actually find a seller that is interested, it is a long process.

@Erin Malone

Your issue is not with the family in the basement but with your husband's sister; she let them live there. You need to have a serious conversation with her. She is the one that needs to get them out or you need to evict her (and they would be part of that eviction). You need to speak to an attorney at some point but I would first speak to the sister. The sister can give them money to leave (which you can give her). This is the easiest way but really the sister needs to handle it. Lastly, does the lease say anything about people not on the lease living there etc. This needs to be checked since there might be another route.

@Connor Devlin

Flipping a property is a good way to enter real estate investing but I would make sure to verify your renovation estimates are correct and you have increased your total by 15%+ to account for the overages that always happen. Lastly, I would never invest in a piece of real estate because of my dog. You could probably just rent a house and save a lot of time, headaches etc. 

@Account Closed

One other option is to have the silent partner act as a strictly hard money lender. He could just lend 100% of the project compared to the normal 65%-80%. This is a very clean way of doing business. He would hold a mortgage on the property and there is no requirement for you to form a partnership. Also, after the 1st deal is completed, there is no need to do any other deals. You need to pass this all by an attorney (and also a CPA for them). He will not have part of the upside but they can always increase the rate to capture some upside.

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Youtube:
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@John Liaaz

It is very common to have supers on the property; especially properties of this size. The real question is what do they do and what type of discount are they receiving? Remember, just because you have a PM does not mean you will not be paying someone hourly to clean, mow etc. If you give them 50% off for them to clean or mow and keep an eye on everything, that is a pretty good deal for all parties. A PM's handyman starts at $20 or $25 per hour. Also having someone on your side at the property keeps you from wondering what is happening.

@Timothy Vigneault

I would speak to a residential mortgage broker. You really need to get a FHA mortgage to get the most out of house hacking. If you can find seller financing maybe but you can't really beat 3.5% down.

@Timothy Vigneault

Typically with house hacking the goal is to secure residential FHA financing on the property so that you are "in" the property for a minimal down payment. I would work towards being able to qualify for this.

@Arley Collado

Please PM me.

@David Silva

You should call your mortgage company and see what options they have available. Some of them require repayment after the period so it would probably make more sense to pay out of your pocket now and secure employment of some sort, in the near future.