All Forum Posts by: Alex Olson

@Michael Sontheimer I would recommend calling about every bank in ST Joe (assuming that is where this place is) and seeing if they will do a refi. Some banks are 6 month, some are 12 months, some don't really care. 

@Raphael Cuthbertson I do not have a source for you but based on sales volume in the Kansas City market, anything over 20 units a lot of times is a larger buyer with outside investors. Single family homes are typically mom and pop that may own 10-20 SFH. I know this is anecdotal but should give you a direction.

@Brad Babiak I would add apartments.com and zumper.com. Yes, Zillow has been the best for us as well. 

@Hud Floyd Hey Hud! Active and involved as both investor and CRE agent. DM to continue chat :)

@Jon Hilfiger yes you can use a HELOC to finance any part of a deal you need to.

@Ty Doke Is this your first deal? If so I would shy away from this scenario. if it is too good to be true, walk. You need your first deal in any market to be low risk and low reward.

@Mathew Fuller My suggestion would be to find a partner in your area that has done it before. What you learn will be worth every penny - even if you break even. In real estate, most of the battle is how and who...once done you can do it again.

@David de Luna What is the purchase price? You can DM if you would prefer. 

It really depends on your strategy. I would shoot for as high of leverage as you are comfortable. You can find lenders in the KC area that will go as low as 20% down for your investment property but you definitely have to shop around as banks are always changing their requirements. As for rents - the 1% rule of course is ideal but most investment properties are evaluated initially on cap rate. Cap rates in B, C areas are 6-7% right now. Hope this helps. 

@Justin Glotzbach Depends on age of property, last time appliances were replaced, HVAC replaced, roof replaced. If in good condition, I figure on $1000 per unit for a 4 Plex.