All Forum Posts by: Jamie Parker

So, recently when browsing on Zillow I found a triplex property that is up for sale for $135,000. It is a 3/1 2/1 and 1/1

The main house is 3/1 lower and 2/1 upper and the garage was converted into the 1 bedroom 550sqft. 

In this town average rents- found by comparing other rentals in the area by size and condition are $800, $1000, and $1200. That is $3,000 a month and at 135k the debt service including utilities, escrow, vacancy, repairs comes out under $2000 a month. This property does need some repairs, I am estimating around 20k-25k worth of repairs (I am the co-owner of a remodeling company and will be doing all the repairs with my crew- at cost)

I am also looking at the regulations to qualify for HUD/sect 8. To ensure I am able to get steady payments without having to deal with tenants. (If anyone has experience with this in Colorado please reach out as I would like to learn more about what to expect and the process.)

My current dilemma is I recently what I call "slingshotted" from renting a Condo for 1750 a month to owning a 5 bedroom 2900sqft home that I bought under market and renovated after saving some money up and am planning to turn it into a co-living property once I put the finishing touches on it. However I used a VA loan to finance this, so I am stuck for at-least a year before being able to refinance. My purchase price was at 395k with a 15k comp. We used it to install radon mitigation, clean the chimney, covered the inspection fee, sewer scope, a 14 month home maintenance and appliance warranty and got a few things touched up and the rest went to principal.
I decided to do a live in home renovation on this one and it took a little longer than anticipated- about 2.5 months.

However, now I see this killer deal and really feel I should move on it. As if something in the universe is telling me I need to buy this property. I am looking at private lending and DSCR loans but I am not able to make both a down payment (30 percent LTV) and cover the remodeling costs. I just don't have the funds to do it. I am hoping to reach out to the owner and see if he would be interested in owner financing. I just don't know what to do to make this happen. This rental has the potential for killer cashflow at a super low price. 2 bedroom 800sqft homes on the same street are selling for 30-40k more than this. Aside from any major foundation issues, asbestos, or meth fire im not really sure what the downside here would be. Any advice fellow investors?

Any recommendations? My plan is to purchase 3 to 4 new construction single family homes or 3 to 4 new construction townhomes, ideally in the Atlanta area. They may end up being under an HOA. I'm selling a property to do a 1031 exchange and this money will be the downpayment for the purchase of a new construction triplex or fourplex.

If I can't find this kind of rate or lower, I have another option, but it's in Texas and has high property taxes, which I would prefer to avoid.  

Hello All,

I was looking for a loan on two cashflowing duplexes, ideally 30 year fixed. Lower down payment, and lower interest rate would be best.

The best option I was given was actually a 10/1 Arm.

Here are the terms:

- 75% LTV

- 8.15%

- $2450 origination fee

- $1050 processing fee

- 5,4,3,2,1 prepayment penalty

This duplex WILL cashflow, easily. Please let me know what you think about these terms and 10/1 ARMs in general. Thank you!

I live in Las Vegas, but the property is in Ohio.

Hi everyone! I’m new to investing, and currently don’t have enough money to buy a property. However I would like to put my foot in the door. 

I have $1,000 I can invest, and what I’m interested in is loaning it to an experienced real estate investor and then getting monthly payments (much like a bank loan) with interest added. 

Is that possible? Where can I get started? Thank you in advance! 

Hello,

I have a 5 unit multifamily in contract. I'm having a hard time finding financing because the rehab is more than the purchase price. The purchase price is 130k and needs 350k rehab. Can anyone send me in the right direction to find funding?

Thank you.

I'm a new investor seeking my first SFH. I have enough cash to cover a 20% down payment and repairs but would like to use as little of my own money as possible. I plan to buy in the next 90 -120 days, then cash out refi to purchase another property by end of 2QCY24 and do the same to obtain a multifamily by year-end 2024. For my first property and to deliver on this strategy, should I look for something turnkey and needing little reno and go conventional OR look for something I can get for 80% of purchase price, force equity through reno, and use hard money to cover down payment and reno costs?

I have an STR that shows income on my tax returns for 2022 but obviously not 2023. Are there any specific lenders that will use 1+ years of income so the mortgage on the STR isn't killing my DTI ratio?

The banks I've called just give a generic response of "go online and apply". 

I'm trying to get a HELOC but most banks are requiring at least two years of income on tax returns for the STR, otherwise my DTI ratio is too high. However, my DTI ratio is fine as long as the banks are counting the STR income.