All Forum Posts by: Sebi Ardelean

@Jeffrey Alita welcome to BP! I’m also a new investor moving to the Aurora area very soon. I actually think you’ll be able to find a lot of deals right in your neighborhood just as @Nathaniel Green said. You just have to know exactly what you want when you’re looking for properties. @Nathaniel Green I’d love to connect some time if you’re in the area.

@Lena S. I agree that the city is getting better. There are some interesting redevelopment projects happening there right now. I think it's a great area to get into now. Prices are fairly affordable and rents are surprisingly high. I am actually in the process of getting my first property there. Let me know if you have any other questions and I'd love to help where I can.

@Henry Lazerow I've been checking out the Aurora area recently and there seems to be some good trends happening there. Looking at acquiring a property there in the coming months. I'm not sure how much knowledge you have of the area but I'd love your input on small multifamily vs SFRs. Do you see a dempand for one over the other? Thanks!

Just received a couple pre approval letters for a 3% down conventional loan. My credit is great and this would be my first home. I'm assuming that's why the down payment is so low. I'm wondering what the restrictions are on a loan like this for owner occupancy. How long before I can move out and rent the place. I know FHA is a year seasoning period so I'm wondering what the restrictions are on a conventional loan. Similar?

Also, what would differ if I went into a loan like this with the intent of using it as an investment property? Would I need a larger down payment?

Thanks in advance!

@Colleen Cupp as the saying goes.

Analyze 100 properties – offer on 10 – close 1.

To me it seems totally worth it! Especially if you can get 2 of those 200 deals. As long as you’ve analyzed those 200 and know they are worth your time and effort, you’re in a great place!

I would hand write every letter to keep costs down until you have a property under your belt. Brandon even has an article on creating your own handwritten font so you can knock these out much faster while still having that personal touch to you letters. Here’s the link, hope it helps!

https://www.biggerpockets.com/blog/2016-02-13-create-handwritten-font-for-direct-mail-marketing

@Joseph Konney oh awesome! Have you seen a similar scenario and do you know what an average rate would be for something like that? Thanks!

@John Warren thanks! I didn’t know that. I guess my one worry was finding conventional financing for something like that since it would be a commercial property.

Wondering if there are any issues (legal or otherwise) with living in your own multi family commercial property (5+ units). I know you can house hack with 4 units and below, but do you know of any legal issues with living in your own, larger apartment complex. Any info/suggestions are much appreciated.

Thanks!

@Brian Sparr thanks for the feedback! Yeah I assumed that going off-market to find great deals is a must nowadays. I’ve seen a lot of open houses recently in my area so I’ll be sure to check those out!

Hey everyone,

I'm super new to real estate investing and BiggerPockets so this topic may have been covered previously, but I wanted to get people's thoughts on using realtor.com and other similar sites vs. the MLS. As an investor without a real estate license, any searches on the MLS would have to be facilitated through an agent which may take extra time and could be filtered more than one would like. I love looking at all property data myself, so I'm wondering if realtor.com (in conjunction with other sites such as zillow and trulia) is comparable to using and agent to access the MLS. This is in terms of speed, data, accuracy of info, etc.

For example: 

If I find a property on realtor.com and it fits my criteria for a good BRRRR investment, what are the chances that I am already too late to the game? Would someone using the MLS have found that deal before me, or is the information on these sites pretty up to date? Is realtor.com a good place for finding investments, and if not what are better options? I'm assuming direct mail, but that requires more of an up front investment.

All thoughts and comments welcomed!

Thanks all!