All Forum Posts by: Dylan H.
Dylan H. has started 14 posts and replied 44 times.
Post: Agent recs in our nations capitol
- Rental Property Investor
- DC MD VA
- Posts 47
- Votes 27
Quote from @Russell Brazil:
Quote from @Chris Seveney:
@Russell Brazil is your go to person.
Thanks for the tag @Chris Seveney
@Dylan H. let me know if you have any specific questions. Im one of the 3 or 4 agents that sell the most multifamily housing in DC. There are a lot of nuances to multifamily in DC.
Hey thanks for your reply! I’d love to connect and discuss
Post: Agent recs in our nations capitol
- Rental Property Investor
- DC MD VA
- Posts 47
- Votes 27
Hey BP ! Fiancée and I are looking for a house back in DC (2+ units, NE & NW preferably
Is there an agent BP can recommend? We are pre-approved btw
Post: 5% down on investment property?
- Rental Property Investor
- DC MD VA
- Posts 47
- Votes 27
Quote from @Patrick Drury:
@Dylan H.
House hacking a 2-4 unit is the best way to get started in real estate. You live in one unit and rent the others out. The main advantage is you can use an owner-occupant loan which can be from 0-5% down allowing you to get into real estate with significantly less. Here is an article BP recently published explaining it https://www.biggerpockets.com/...
Post: 5% down on investment property?
- Rental Property Investor
- DC MD VA
- Posts 47
- Votes 27
Quote from @Sergey A. Petrov:
see the "How did you finance this deal - 5% downpayment first time home buyer". Could have been purchased as a primary residence a long time ago and then converted to an investment / STR or the lender was told it'd be a primary residence but it wasn't....
Post: 5% down on investment property?
- Rental Property Investor
- DC MD VA
- Posts 47
- Votes 27
Quote from @Dylan H.:
Quote from @Brittany Minocchi:
Sounds like they're probably referring to house hacking, so it's an investment property but also their primary residence. With FHA for example, you can put 3.5% down on a multifamily, live in one of the units and move after the one year requirement.
True, but nope, the example I am talking about is an STR
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $246,500
Cash invested: $40,000
bought this home as an STR investment spent 12k on the downpayment, 11k in closing costs 8k on furniture and some more on miscellaneous items to get to 40k, The home now cashflows over $1700 per month as an STR
What made you interested in investing in this type of deal?
Numbers worked and just made sense to buy
How did you find this deal and how did you negotiate it?
MLS and Zillow; was the agent on the buying side for myself
How did you finance this deal?
5% downpayment first time home buyer
How did you add value to the deal?
Furniture, backyard makeover, Fire Listing pictures
What was the outcome?
$1700 per month in cashflow
Lessons learned? Challenges?
It takes longer than expected to get an STR property up and running.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Myself as the agent :) Highly recommend me (haha)
Post: 5% down on investment property?
- Rental Property Investor
- DC MD VA
- Posts 47
- Votes 27
Quote from @Brittany Minocchi:
Sounds like they're probably referring to house hacking, so it's an investment property but also their primary residence. With FHA for example, you can put 3.5% down on a multifamily, live in one of the units and move after the one year requirement.
True, but nope, the example I am talking about is an STR
Post: 5% down on investment property?
- Rental Property Investor
- DC MD VA
- Posts 47
- Votes 27
BP - help me out here, as this is really throwing me for a loop —Everything I’ve read and been told says you need 20-25% down on investment properties ie: non-owner-occupied
I’ve seen a few BPers in the deal diaries stating they’d purchased their investment properties with a 5% down loan —Are those folks openly committing mortgage fraud or are they just “well-connected”?
One member said their lender offered a first time home buyer credit — I didn't think FTHB credits would be valid on anything other than primary residence/owner-occupied…
Thoughts?
Post: My STR Investment in the Poconos
- Rental Property Investor
- DC MD VA
- Posts 47
- Votes 27
Congrats
How were you able to put only 5% down on an investment property?
Post: Is cleveland still the place to go for cash flow?
- Rental Property Investor
- DC MD VA
- Posts 47
- Votes 27
Hi BP - Title says it all... Looking to drum up some chatter regarding OH
Post: Best neighborhoods to househack in Northern NJ
- Rental Property Investor
- DC MD VA
- Posts 47
- Votes 27
I lived in Morristown for a while, based on that I'd recommend Westfield, Piscataway, Woodbridge and maybe Cranberry or Elizabeth