All Forum Posts by: Chris Perrin

I am going to be closing on my first multi family house within the week, a 3 family. I used an FHA loan and will obviously be an owner occupant. It took me a while to find and have my offer accepted so I am looking ahead to my next properties. I'm planning on using the BRRRR system to start and I have already spoken with my mortgage broker about refinancing in 6 months. I don't have enough cash to buy a property outright in my area, Worcester, MA, so I am looking for other means or any advice anyone could offer so that I might be able to start getting on top of my next property before the 6 months is up and I refinance to a conventional loan on my current property. I am hoping to get the ball rolling and make this year a successful one. Any help would be greatly appreciated.

                                                                                                                                         Chris

Hello All,

I am a new member and looking to buy my first real estate property soon. I have a question about the process of analyzing deals for my first property. After reading a few articles, mostly here on Bigger Pockets, as well as watching the videos it seems like an easy system to use which worries me that I am over looking something. After doing the numbers on a bunch of properties: Taxes, repairs, insurance, electric, water, sewer, garbage, CapEx, vacancy, mortgage it seems like there is a max dollar amount that makes sense in terms of cash flow, based on what the comps are for rent in the area. Is that what everyone is finding happens when they analyze a certain market? Or am I over simplifying this?

Take into consideration that for this first property I will be using a 203k loan to roll renovations into the mortgage. So, the "max dollar amount" is including the rehab that each property would need. Any help or advice in ant capacity would be greatly appreciated. Thank you.