All Forum Posts by: Matt Crusinberry

@Keith Manchester, Look for off market deals (e.g. try for some type of seller financing, if possible). 

@Keith Manchester, I would contact with several insurance agencies, to include the one you may be dealing with already. If you are purchasing the home to live in for a year, or any amount of time, then just go with home owners insurance. If/when you decide to rent, switch it over to rental insurance. Again, you're going to want to get different quotes as you continue to shop for the best deal. 

Also, @Chris Svendsen is suggesting the 1% rule which may or may not work for your area. I recommend you learn your market rents, the house's ARV, and continue to utilize the BP calculators. I am on the other end of the spectrum and wouldn't do 1%. Also, you may be looking to do more equity vs. cash flow. I don't know your strategy or your goals, however just keep running those numbers and if you would like help, feel free to PM me and I would be glad to help. Good luck!

@Lepketia Dukes, if the property is paid in full (which I am assuming for this situation), you can either HELOC or refinance the property up to 80% (bank and your personal credentials dependent). I hope this helps, and good luck!

@Nicholas Sambrick, S & T Bank will allow you to do 20% down, and I believe you have at least 3 in Pittsburgh PA. Good luck!

@Richard Jr Caicedo, Feel free to send your questions directly (PM) or on this open forum and I will do my best to help out. Good luck!

@Greg Schuricht, I agree with @Mary M.. Make a responsible adult (parents) accountable as well, and good luck as you continue down this path! 

@Blake Hill, I don't see the issue here. Single, duplex, triplex, and quad-plex are all considered single family. Although it is a multi-family residence, the bank/lenders will always view it as a single family residence. This should be to your advantage as the terms will be better for single family. This does not have to be a cash purchase, unless there are other factors that would prevent a lender from underwriting this deal (i.e. condition of the property, etc...). FHA, VA, and traditional loans can all be written for this property. I hope this helps and good luck in acquiring this property!

@Zhou Ni, Private message me and I'll try and help you out for your specific situation. 

@Brittany Fife, Something to consider would be the legal ramifications down the road. Let's say she moves out and leaves the other individuals staying in your property, than what? You have no agreement with them, and trying to get them out is going to be more of a pain in the butt. We personally have all adults (18 and over) go onto the lease (as well as conduct a background check), and I would recommend it for you as well. This protects you more so then them, and I would tell them that it's mandatory. Good luck!

@Zhou Ni, I assume you have read other articles/blogs/forums, in regards to turn-key verse fixer upper, that there will be other factors that are going to be very specific to you. My suggestion is once you have run your numbers on the added value in your home (i.e. your potential HELOC) and the extra cost you'll be paying, what will the property need to produce so you don't put yourself in a bad position. The majority of the time turn-key is going to cost you more; however, on the opposite end of the spectrum it's going to save you time and some heart ache. I would try to figure out all the pro's and con's that are specific to you and just conduct research on both. This research would include contacting a turn-key distributor and potential properties that you can BRRRR (or any strategy that supports your goals). I hope this helps, and good luck!