All Forum Posts by: Douglas Bennett
Douglas Bennett has started 3 posts and replied 12 times.
Quote from @Brittany Minocchi:
Are you planning on living in a unit? Building multiple MFHs as your first step into investing is a big undertaking in my opinion...I know you want something new to lessen the burden of upkeep, but I'd suggest starting with an existing property. You'll need 25% down with conventional financing on a 2-4 unit if you are NOT occupying a unit, 5% minimum if you are. As long as you put down at least 20% you'll avoid PMI.
New to BP. New to housing investing. Know little. I've been wanting to get involved with building 2 or 3 duplex's or a 4-plex for 5 years now. I've been angry with a bank. Tired of them holding my money and I get nothing. I don't want my money in banks anymore. 401 markets is a different story. Im 37. I've Been very fortunate with a career, I have capital. bc I've earned this capital the way I have I will prolly never drag up my career. Therefore, I'm jus looking to supplement at the current moment since I'm fresh. There is plenty more for me to read and learn. Like most newbies I'm nervous to pull the trigger but I'm ready. I like the idea of building something new, with little maintenance, since my employer(oilfield) is already so demanding with hours worked. FHA 3% or conventional really isn't a concern. Kinda lean toward conventional Bc of no PMI.
I do not yet have the property location, which i intend to pay cash for. But my painted picture would be to build a 4 plex on it. Prove myself it can be successfull and possible do another on the same property for 8 doors total. I have to intention to go big in my forseabke future unless I see this just makes that much money. But I’m more less jus wanting to be adventurous, do something fun and knew with my money. Is this a horrible idea?? Please feel free to inbox not even sure of notifications here yet. Still navigating BP. Again SE Louisiana area.
Geaux tigers.