All Forum Posts by: Derek Meyer

@Erik W. Very appreciated.

Since this is going to be my first purchase I’m a bit more biased, solely because my down payment will be used and it will take me a hot minute to gather enough for another property.

But after property #1, I 100% agree with you.

@Jonathan Styer

With multi family you have a more weighted occupancy. There will be times where one unit is rented, but having 0% occupancy is more rare. With Single family as soon as your one tenant leaves, the whole bill is yours until you replace them. That’s just a comfort point though I can be swayed away from it since I should be pro-active to prevent long periods between being filled.

I'm getting my down payment from a cash out refi on my primary residence. I don't want my money to sit which is why I considered going with SFH. Being the first to snag a multi family is the other option but it may take a few months to be the winner in that race.

In my county (outside Tampa FL) there are 4 duplexes in my current price range ( < $350k). As they go onto the market they get under contract pretty quickly.

Now that I have my down payment secured I found a few Single Family homes I could snag and start renting, though I lean towards wanting a multi family property.

Should I put less attention on this or sit on my down payment and watch for a good deal to try to snag?

@Christina Colon following because I also have this question.

I’m doing research into larger properties. I’m trying to find a good resource to see typical financing options for a larger complex ($1m or more) versus a single family or duplex ($300k in my area).

Are these typically a 20% down payment with payments on a 30 year schedule, or is it more common to find loan that is interest only for x years with a balloon payment at the end?

My realtor turned me onto Bigger Pockets. We should be under contract on a duplex today. Looking forward to being back in the investment property sphere.

Happy to connect with anyone in the area.

This is mainly a supplemental income stream for my family. I work in IT and don’t have immediate plans to leave this line of work.

@Rick Klopp some of the local banks are suncoast bank and Bank OZK. I haven’t found great rates with OZK but they have great service. You might also check out BB&T.

I’m less familiar with the local credit unions but also worth a shot.