All Forum Posts by: JayCinta Henry

Ok. You certainly make a strong case and it makes sense to just wait it out. I guess for now I can take solace in that we have the house under contract, pending legal matters to complete.

I understand but the idea is not for them to sell per se but for me to take possession of the house now, while we  all wait out the court process to complete.  The family has offered me to take possession and carry on with what I want to do (starting on rehabbing repairs.) I want to find a way to do that but in a contractual agreement that way everybody's interest is protected. There must be a way I can present a workable and acceptable arrangement to implement this. 

I am in the middle of buying a primary SFR to house hack and rent out after one year. Conventional loan 5% down. Since April. It's owned by 3 siblings, free and clear. Nobody lives there and it needs light rehab in the kitchen. Unfortunately someone passed while in the middle of the deal process. The siblings have to file probate and that will take 3 months. I want to get to working on the house. After watching the "subject to" guy I am wondering what type of deal can you present them with, so that they hand over possession, while awaiting court process to complete? We have become good friends, I bought a previous house from them but they want their 167K and I am ok with that.

House is 167k, appraised at 190k and ARV $210k, in Texas

Conventional 5% down

Rate's about 3.85% with 1 point

I almost closed on a SFR this week. I had a 5% down and 4.8% IR. I decided against that in favor of a MFR like a duplex, tri or quad. in the Dallas aka DFW Area with owner occupied. In addition to Chenoa, what other programs are available for low down payment assistance?

Seller says the $465 rents can be raised to $600-635 (and the rest just a accordingly) after updating the properties. Of course normal PM fees is 10% at minimum and insurance is sus low. I don't know how much this changes the bottomline in your opinion.

I am looking to invest in KC Mo or even KS, OOS from Texas. I am some what familiar with KC as I used to live in Wichita and made infrequent visits to KC. I am looking to connect with anyone active in this market, boots on the ground such as investor friendly REA, contractors, etc. I have spotted a couple of duplexes of high interest to me and would love to have an insightful discussion on the same.

Appreciating all the great insights so far.

First time looking to pivot into multi from SFR.

Came across an outfit that said they are off-loading their portfolio, to move into bigger deals. Portfolio is in a small town (45k population) in Ohio (I'm in Texas.) Price was listed as 260k, but after talking for a bit he said I was looking at the old price and the new/revised one is actually 190k, they had bought it back in April for 160K. They are offering owner financing with 10K down.  Here is the proforma they gave me

Type-Proforma
Sale price$195,000
Estimated rehab $25,000
Total investment$220,000
9 units, $21.6k PER DOOR!! Tenants pay electric. Room for rents to be raised post improvements. Close to a ski resort and sports car track.
Average household income of $50,000+.
Properties can generate a 17.78% NET return post improvements!!

PROFORMA
Gross income (annually)$52,260
Operating expenses (annually)$13,136
Net income (annually)$39,124
Gross return - 23.75%

Gross income (monthly)$4,355
Operating expenses (monthly)$1,095
Net income (monthly)$3,260
Net return 17.78%

QUADPLEX
Unit 1: 1 bed / 1 bath$465/month
Unit 2: 1 bed / 1 bath$465/month
Unit 3: 1 bed / 1 bath$465/month
Unit 4: 1 bed / 1 bath$465/month
DUPLEX
Unit 1: 1 bed / 1 bath$465/month
Unit 2: 1 bed / 1 bath$465/month
TRIPLEX
Unit 1: 2 bed / 1 bath$525/month
Unit 2: 1 bed / 1 bath$465/month
Unit 3: 3 bed / 1 bath$575/month
Total$4,355/month
Expenses
Property Taxes$263/month
Insurance$62/month
Water and Sewer$185/month
Maintenance reserve$320/month
Property Management$160/month
Gas Utility Bill$60/month
Waste Collection$45/month
Total$1,095/month

Is this a good deal? What would you do outside of these numbers, to independently determine if this is a good deal? What else should I look for or take into consideration?

 Thanx for the clarification, Everything makes sense now. Am callousing at 405$ pm and I definitely would rather hang on the cheap rate I have currently. 

SFRental - has a 220-230k value

Current mortgage balance is 149k, with a 30 yr, 2.85% interest.
I put about 15K down payment and closing, house hacked for one year. 

I need access to money, to invest in other deals.  I am now trying to decide if to do a Heloc with my property management company (they take about a week to approve) or cashout refi with a bank. When do you consider one over the other?