All Forum Posts by: Greg Larson

 @Dave Skow thank you.  That is what I am doing now, looking ahead to see if it will cashflow when both units are rented. (I don't expect it to cashflow while I live in one side although that would be excellent).

Regarding the 3plex, that is a good idea. I'm only preapproved for up to $320k personally, so that may mean I'd have to find a partner to work with. I'm not sure how the financing would work if I had to partner with someone else as I was planning to do this with an FHA loan.

 Hi @Taylor L., thank you.  I'm not expecting it to cashflow while I live in one side, but I am for sure looking for cashflow when the property is fully rented.  

I'm currently looking at MLS deals and am open to value-add if it is minimal, as I do not have a lot of experience in renovations. I have J Scott's book about estimating rehab costs, but those estimate numbers are clearly outdated at this point. Now that you mention it as well, I don't see many multifamily value-add opportunities popping up around here.

 @Melissa S Vrobel - Noted. I will look into the ADU possibilities in this area.

Regarding dividing, if you were looking for a SFH that could be divided, what are some things you'd be looking for?

Hey BP,

I'm currently looking for a small multifamily deal near Knoxville TN but everything in my price point (<$320k) seems to not be panning out and I'm starting to get discouraged with this goal.

The last place I looked at (a duplex), the seller is trying to sell it for $279,900 but the rents are only $700 per side. Even if I raised them to $1100 per side it still wouldn't cash flow at that purchase price. (They bought this place in 2012 for $130k)

This has been a similar story with the last handful of properties I've looked at between March and now.

Im currently living in my RV while I wai for the right deal, and I hate to be sitting on the sidelines with my money in a savings account and not working for me.

What would you suggest I do to accomplish my goal of purchasing a multifamily property and live in one side / rent out the other?

TIA

**Knoxville area home built in 1940 hits the market**

What are the first 3 things you're looking out for on a Knoxville area home of that age?

@Nick Shri it helps indeed! Thanks for your input

@Bill Brandt thanks again for the input, thatvis great to know

@Bill Brandt thank you for the input.

Out of curiosity, would you say the same for triplexes and fourplexes?

@Nick Shri that's fair!

Nonetheless, do you have any experience with forcing appreciation through raising rents by chance? I'm curious what others have seen for ARV increase after significantly (and almost doubling) rents on 2-4 unit multifamily

@Nick Shri thank you. That's a really good point about planning a future refi amidst the rising rates.

Out of curiosity, what would your perspective on the question be if we were in a market where rates were staying roughly the same?

The reason I ask is I'm just trying to see if my thinking of "purchase the property, force appreciation by raising the rents, and refi under the new ARV" would apply to a duplex the same way as it does a commercial multifamily property.