All Forum Posts by: Robert Freeborn

I'm in a similar boat to @Hardeep Singh. My area is very expensive, and even duplexes are selling for 400k. It just means looking deeper for a deal. But I'm definitely looking at 4plexes. The numbers just work much, much easier.

Can you post some more details on it? Whats the asking price and the rents, etc?

Yes. I don't know where you've heard that, but you need money. 

Even if you go the private money route, they will almost always want to see some of your own money in the game. Unless someone else has some direct experience and contacts they can direct you towards, I would chock this down to myth land.

Wow. Sounds like you need new appraisers then. I'm not sure what other suggestions I could make.  Anyone else have this experience?

The bank claims the comps are mostly inferior to the subject property, but also that they are in a different area - a more expensive area within 20 miles. Shouldn't that be a positive indication of the appraised value?  

request of the seller prior to listing.

This sounds like your problem right there. It was a seller requested appraisal, and the comps used are NOT comps. They are from a different area completely.

It sounds like either your client or the bank needs to pay for a new appraisal.

@Nghi Le what lender is this?

@Angela Jossy My wife and I are also looking for a 4plex, but further north. If you'd like help analyzing a deal. I'd be happy to help. Also, if you want to shadow when I find a deal, I'd he happy to do that as well. Shoot me a PM and we can chat.

@Karl B. If I can ask, what area did you find that duplex in? Duplexes where I'm at are 300k+ for sometimes not even 2k a month. 

Hi BP! I'd love to get your thoughts on the feasibility of this plan:

My wife and I own a condo that we got on a FHA loan for 135k. Comps in the area are on the rise, with the latest being 195k for a smaller unit than ours. We want to house hack a 4plex.

My thoughts are to refinance the condo into a conventional loan using the new equity. We would then get a FHA loan for the 4 plex. This is where it gets complicated though. My parents want to invest in a 4plex. They recently got approved for 400k (with 100 down, so a 300k loan) on a multi unit.

My question: if we were to cosign with my parents, could we then get approved for more than 400k with 3.5 down for the FHA? The plan then would be to house hack it for a year in a BRRR, refinance and cash my parents out, then live rent free/with a positive cash flow.

Thoughts?

I'd love to find the answer to this as well. I think REO and sheriff sales are still too pricey, but at least they aren't market value.

I've thought about this as a starting point, but regulations seam like they'd be a nightmare where I live, and I don't feel comfortable going out of state for something like this.

@Jenna Y. great resources here. Thank you for sharing the links.