All Forum Posts by: Collin Wallace Chesnut

Couple good meet up's here in DSM. Weekly coffee held every friday from 7-8:30 at smokey row on cottage grove held by Darson Grantham  

Monthly meeting second Tuesday of every month from 5-7 at Keg Stand (they did re brand & it is named differently now) but that is where it is held. Would be happy to connect there!

Forever Home inspection. use them all the time. can't say enough good things about Matt gibson over there. Guys knows his $hit

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $200,000
Cash invested: $20,000

House Hack Buy & Hold!

What made you interested in investing in this type of deal?

Brick duplex in the small suburb 10 minutes north of downtown des moines

How did you find this deal and how did you negotiate it?

Was listed on zillow for 40 days at 240,000 and offered 200,000

Purchased with an agent

How did you finance this deal?

Small bank that kept the loan in house. 10% down

How did you add value to the deal?

Was able to raise rents on the other side. Also slowly working on fixing up my side.

Lessons learned? Challenges?

Previous deals have been with my brother. this was my first solo deal.

Learning how to better manage tenants and having hard conversations around being late with rent and growing a better "back bone" when having those conversations.

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $300,000
Cash invested: $5,000

Purchased with the monthly rents at 3,200. Successfully evicted the bad tenants and brought on newly qualified tenants.

Was also able to convert a 1 bedroom to a 3 bedroom

With also raising rents it is currently bringing in 4,200 per month

What made you interested in investing in this type of deal?

Own a property close by

How did you find this deal and how did you negotiate it?

Off market using direct marketing.

How did you finance this deal?

Private money

How did you add value to the deal?

Raised rents and converted a 1 bedroom to a 3 bedroom

Lessons learned? Challenges?

Evictions are not fun!

Hi Logan,  yea that is the plan (for now) . Have a call with a lender this afternoon and will try to dial in on the specifics to see what limitations I'm not meeintg. But by the sounds of talking to the other 3 lenders that appeard to be the norm on the second Multi family purchase. which sorta threw me for a loop. 

Hello BP community, Looking for some traction on a problem I'm running into.  

Last year June 18th 2021, I purchased a 4 plex with a FHA Loan to house hack. As we are approaching this upcoming year I was wanting to do the same thing and though it was possible to buy another 3-4 unit property as a primary residence and get financing as a convential loan with the ability to put down as low to 5%.

Asking around to lenders thats does not appear to be the case and taking to 3 different lenders they have all wanted 25% down on a 3-4 unit property. If I go down to a duplex I only need 15% down. 

Wanted to reachout tho to see if any folks haver ever been in this position before and what other options there where. Yes, I can buy a SFH home for 5% down and get a convential loan and after talking to 3 lenders that migth be my best option next, but wanted to see what other Ideas where out there or how I can buy another Multifamily with low money down. Also with the climb in interest rates I'm not looking to refinance out of my FHA loan at this time.

Let me know your thoughts! Thanks!