All Forum Posts by: Account Closed

@Perry Farella Thank you very much for your detailed walkthrough, I love this strategy. I am finding it hard to find multifamily properties that would be good to owner occupy in my area but I will persist. Given your experience and the fact it could be several months before I can find a good deal to work this strategy on do you think I should get pre-qualified for a loan or wait until I have found the deal? I have heard that a 203k loan can take quite a bit longer to navigate and might make me less favorable to a seller who has a more conventional offer on the table. When accounting for the potential rent income would my current W2 job be a hindrance? Before taxes I am only making 22K a year in an expensive market. Thanks again and any advice is greatly appreciated!

@Michael Cohen Thank you sir, wish I had known the benefits of investing in real estate before I got into photography. My assets could have paid for all the camera gear I have 10x by now.  

I actually put this ad on the marketplace and got a few very promising leads that I am currently following up on. I really appreciate your advice. I have a good friend that I went to high school with that is a subcontractor for his dad, from what I've seen on social media they do really good work and it looks like they have done rehabs (possibly for investors) in the past. From your experience would it be a good idea to mix past friendships with current business that way, or is it better to look elsewhere for a contractor? I don't think it would put a strain on our friendship (but everyone says that right) 

I am looking to learn from experienced investors in Richmond Virginia who are also Real Estate Agents. While I am new to investing I am not new to photography and would love to work out a deal with someone who has experience in locating, evaluating, purchasing, and managing multifamily properties. I would like for my first investment to be a house hack on a 203k loan within the next 6-12 months and would benefit greatly from a local mentor. I understand that time is money and while I don't have much money I can save you some when it comes to photographing your next listing or rental property.

A sample of my portfolio, I look forward to pouring as much passion into real estate as I have with Photography.

@John Leavelle thank you for your in depth insight, I figured the 6 unit property was too good to be true. I am mostly interested in 4 plexs that are in need of minimal to moderate rehab, the current state of the property will probably scare most everyone else away while lowering the asking price at the same time. In my area I have seen a 2,800 sqft quad in need of significant repair go for as little as 95k with completed comps at 400k-450k . I could certainly see the potential but wouldn't know what to do with that information at this stage of the game... I am currently learning about estimating ARV and Rehab costs, but would still bring a professional along to get a good estimate.

Hmmm, sounds like it might work then. I'd guess there would have to be full disclosure and if the lender was willing to work with me could end up being an excellent investment.

@Michael Cohen Thank you, and i figured that's what you meant. Basically just jumping from home to home over the course of a few years while building a portfolio with each, sounds like an amazing strategy to me. Would there be any instances where this wouldn't work? For example one of the houses I am analyzing (mainly for practice right now) is on one parcel ID number but consists of a SFR a Duplex and a Triplex (6 units in total). Under the tax assessment it is classified as a SFR. Would something like this slide or would it be disqualified as an apartment complex?

I am very new to the concept of real estate investing having never done a deal before, but i think that can be an advantage with the right plan. I have heard from a few people that your first investment property will require a 25% down payment with a traditional loan, while I could get a 203k loan at 3.5% for a 4plex as an owner-occupant and if I understand correctly after 1 year move back out and lease the fourth unit. My questions are: If I do the 203k loan will the next loan I take out only require the 20% down payment?  If I have the 203k loan out will I be able to qualify for a conventional loan with the debt to income ratio stipulation? (I see it as good debt that I have leveraged from a bank and someone else is paying off, but will another bank see it this way?) Is there anything that I have missed in my findings?