All Forum Posts by: Derek Meyer

@Dan B. I say take it and keep shopping. There is no scarcity of good deals.

@Quan Chau send them the report of leak issues. Inspect the usage bill for odd patterns. Get the city to take a look at the meter for faults 🤷🏻‍♂️

Not a pro, just spitballing.

@Alex Kovalenko we just posted a listing on Facebook market place for 1 day and had 50 different people reach out wanting to move in. Know your market. If you have a large pool of people interested you can be a bit more picky.

@Andrew Postell but still the same calculation method of 125 x rent we would have a 337,500 appraised value. 70% of that figure would give a maximum of $236,000. My current mortgage is $202,000.

Just trying to see if there’s anything I can do within my own finances to expedite the next property.

@Christen G. A big one I’ve noticed recently is many do not have the credit history to qualify even if their income qualifies. Small mistakes there can lead to years of repair if someone isn’t guided.

@Chad Tessmann I had the same fear. Then I posted the duplex I got on Facebook market place. I can’t keep up with all of the responses and had to take it down just to buy myself some time.

Best way to overcome this fear is to see it for yourself.

@Gervon Thompson

34,000 * 3.55% = $1,207 annual interest

Or $100.58 monthly.

Decision differs depending on your scene. Without knowing your life fully, I say house hack, and divert the rent you used to pay towards your student loans.

My wife and I just bought our first duplex. With our local market we got into a bidding war above asking price but I bet that others are not considering the recent hikes in rents in my area.

Purchase price: 283,000

Rent: $1,350 per unit

Appraisal: $270,000

The duplex was vacant at the time of the appraisal and the estimated 1,075 per unit and came to the appraisal amount of $270k by multiplying the estimated rent by 125 (average Gross Rent Multiplier).

A) since I have successfully filled both sides of the duplex with tenant paying $1,350, is there anyway I can capitalize on the presumed equity this could add? Actual rent of $2,700 multiplier by 125 GRM would have given an appraised value of $337,500. Or is this largely irrelevant since it is 1-4 unit property?

I’ll write up the full deal diary once I snag someone else’s template.

But happy to say my wife and I just signed the docs on our duplex (first investment property as a couple). I’ve been out of the landlord game for 7 years and happy to be back in!

@Joseph Bennett hey Joseph, my wife and I just signed docs on a duplex in Clearwater. We live in Largo.