All Forum Posts by: Dylan Osmon

Are some lenders "better" or more versed in using a FHA Loan. I already own a property through a conventional loan and I am ready to buy my next. I want to use the all to powerful method of using a low money down FHA loan for my 3-4 unit I am looking for.

I called my lender I have worked with before to inquire about my eligibility of such a loan. He swore up and down that you can't use a 3.5 down FHA for more than 1 unit. Am I crazy or has it not been mentioned in the last 5 books I've read.

I am guessing that some bankers deal with FHA guidelines much much more. Is this correct? If so, time to talk to a new banker, at least for this loan... What's a good tactic for finding a well versed lender in this field??

@Nick Maugeri

Hey Nick, I’m over here. Shoot me a personal message, I’d love to connect.

I just listened to @Brandon Turner webinar this week "How to Find Off Market Deals". I really enjoyed the content in it. There was one segment that really caught my curiosity. It was when he was going through his mailer he sends out. He was making a point on making it personal and how sellers like selling to people they like. He went over how his mailer had 2 offers in it!

Do we include an offer on our marketing campaign?

This is a foreign concept to a newbie like me who can't fathom making offer without seeing the home first. After enough analyzing, I am sure I will get to the point where I can make a sight unseen offer. 

So is this strategy of including an offer with marketing for everyone or should someone with more experience do it. To do something like this, you better know your market really really good. I couldn't find many articles on this, I'd love to hear if this is common or not. 

What do you think?

@Filipe Pereira

Thanks for the great advice! I will do some more searching. This property would be a hard one to manage as opposed to your typical single family.

Samuel, I've just never done it... Again, I am working on making my systems for when I do leave. It's just another obstacle I haven't tackled yet. One concern is that I anticipate this property having many repairs very often. This would get pricey hiring out. I will find that keen handy man. 

Yeah Sean, you are probably right... Hattiesburg is 30 minutes away, but doesn't that seem like a long distance for "eyes on the property"?

I've heard plenty of times on how to screen managers, contractors, and most importantly, tenants. What do you do when there is no one to screen at all?... Property managers. My one and only property (a triplex) is something I want to get managed. With relation to my last post, I am looking to move which means I need a manager or a manageable system. 

The only problem is that Laurel MS has no property managers, at least as far as I can find. I am the local RE Investor group and still have not found one. One variable of the equation is that the Triplex is the only small multifamily in a C neighborhood. I know first hand it's management intensive which would be not ideal for your typical property manager that's any good. 

Do you have any suggestions? I am looking to move out of the area within the next couple of months. I am currently developing my long distance systems: how they pay rent, maintenance, and showings. I have a wonderful neighbor who has agreed to keep an eye on the place for me and unlock the occasional door. I will use his help to make sure rules are followed, grass is cut, and that nothing crazy happens. It scares me leaving my baby alone... first property and I've fixed so so so many things. This property will have problems which gets real expensive real fast when you're not the guy holding the screwdriver. 

What can you suggest for making this management easier? I will most likely be 2.5 hours away, so I could make a monthly trip if I had to. I'd like to keep it for how well it cash flows, but maybe selling is the better option?

Thanks for your input!

@Zeke Liston

Will you simplify that?...

Just kidding, I think you’re right, I just second guess myself too much sometimes.

That thing may be bleeding like a stuck pig. Do you have rent roll to prove that current slots there are actually paying and on time? Do you have word from the current tenants that 225 is actually the rent they've been charged?

What's your gut say? I made this mistake on my one and only property. Didn't have rent roll... well come to find out residents hadn't payed in months. I had to evict people right off the bat which was financially and mentally something I didn't account for. Great lesson to learn, just the hard way. 

@Jamie Atkinson

Great insight! Yes I love college towns too. NWA just seems like a much tougher market for a new guy. Like I said, the price rent ratio is dismal, but appreciation there is no joke.