All Forum Posts by: Chris Agun
Chris Agun has started 3 posts and replied 5 times.
Post: Using home equity to finance a multi-family
- Naugatuck, CT
- Posts 5
- Votes 0
Hello All happy new years!
So I would like to get the opinion of some experienced investors.
My goal is to buy (3) three to four multifamilies.
I inherited a 3 family fully paid off and own my current home.
Between the two I have roughly 550-600k in home equity.
What is the best strategy to leverage this for my goal?
Also I'm not opposed to doing something commercial if someone has an idea.
Post: Looking for opinions on a 6 family investment
- Naugatuck, CT
- Posts 5
- Votes 0
Quote from @Paul De Luca:
What's the projected CoC and cash flow? Do you have other opportunities that you are considering?
So I don't know the exact rent amounts. As of right now though I'm just looking and waiting.
Post: Looking for opinions on a 6 family investment
- Naugatuck, CT
- Posts 5
- Votes 0
I am looking at a 6 family property that is roughly 650k fully rented. I feel that it is just too expensive and give up to much equity buying at this level.
My question is at what point is cashflow high enough to justify purchase price? Or are there other factors I should look at?
Part of me just wants to wait for a market bust to scoop something up but hearing some opinions from you guys would help.
Post: Starting out Time to make a change! People in CT would be great
- Naugatuck, CT
- Posts 5
- Votes 0
Originally posted by @Kim Giannola:
Welcome! I purchased my multi in CT in 2012 using an FHA 203k loan. They required me to live in the house for at least one year, and they put a limitation on the number of contractors I used. I ended up hiring a GC and he used subs to get by that part, which was encouraged by the bank. You will need to have reserves which will be based on the house you choose, and if you use someone else's money you must have them sign a gift letter stating that they do not expect anything in return. Of course being FHA the house must pass their inspection, or the renovations you do must bring the house up to that standard. An auditor comes to the property at the end of the rehab and will make sure of this.
As far as what you pay out of pocket, that probably depends on the deal (closing costs, lawyer fees, inspection, etc). Let me know if you have more questions.
Hey Kim thanks for the great advice !
What would my first step be ? Start talking to lenders?
Post: Starting out Time to make a change! People in CT would be great
- Naugatuck, CT
- Posts 5
- Votes 0
Hello all My name is Chris I'm 24 I have a great full time job in law enforcement. Real estate has alway peaked my interest and I have really been trying to find my niche. I don't have huge capital to start with but I was hoping this could give me an idea on where to go. My market is going to be Connecticut and I've been researching the following:
Rehab and flip
Buying a Multi or condo and renting out
What I have learned so far
I could get a FHA 203k loan to fund the project and either flip the rehab or rent out and hopefully not pay outta pocket for the house expenses.
What are the requirements for the 203k from your experiences? Ive found different lenders to shop around with and I expect the 3.5 down.
Say I get approved what else am I going to be paying out of pocket?
How do I find a good real estate Attorney?