All Forum Posts by: Devonte Dinkins

Ahmed,

Thank you. I have actually thought about converting, but I haven't had a contractor I could ask questions to. I don't plan on going as far as baltimore since I will be investing right out of college, so I plan to stay in the DC/PG area, possibly Alexandria as well. How much does conversion of a 2 unit typically cost, is it cheaper based on the layout of the home?

Liam,

Thank you, I think I just need to be patient and continue to search for deals. I rather wait than end up with a property that I really don't want.

Good Afternoon Everyone,

I am a young investor (age 20) and I plan on buying a fourplex in the Washington D.C area. I have been seeing prices from 250K- 1M. I am looking to buy and occupy one unit to live rent free, but I will probably only be able to afford a property for 300K or less. Has anyone been able to successfully do this with the high prices in DC. I have been running some numbers using the 50% rule and it seems like I would need to buy a 4 plex for 180k-200K, which seems like a hard price to negotiate to, but maybe not? Can anyone help?

@Jamal Atwell

Thank you I will look into the 203k loan..

Hey Everyone,

Does anyone know if its possible to buy a Multifamily that needs to be completely renovated with a FHA loan? I want to buy the apartment for a very low price and then include renovation cost in the loan. For example buy the property for 50K and then do 100K in renovations, and have a total loan amount of 150k. Is this possible?

@Will Barnard

Thanks. Private Lenders who are closest to me are my best bet at this time.

@Kyle B.

Thanks again. I actually have been saving for my down payment, I was thinking of using the private lenders to help with repairs, landscaping, and possibly appliances for renters. I really have to step out my comfort zone and network more in my area.

@Kyle B. I am actually interested in purchasing a 4 plex using a FHA loan. Where can I find private lenders?

Hello Everyone,

I am actually a young future real-estate investor (age 20), and I'm curious to know of the ways to raise money for my first Real Estate Investment? What are some strategies that you use or have used in the past?

@Andrew K. I agree that I need to find more of a turn key property, but those properties seem to be more expensive and I may not be able to obtain a loan for a property that is that expensive. So I am searching for a property that doesn't need any major repairs and maybe that is price low because its not "pretty" but just needs some cosmetic work.