All Forum Posts by: Jeffrey Almonte

+1 on double checking property taxes in your local market. Some markets can only increase a fixed percentage per year, others have no limit. This can make or break a deal sometimes.

I also didn't see anything for "other income". Are there laundry machines on the property? Could you possibly charge for parking, pet fees, billing back utilities if not separately metered, or other things?

Hi Jake!

Congrats on owning homes free and clear. Since you sold your business and don’t have W2 income, getting a residential loan may be difficult.

I would reach out to a community bank for a commercial loan. The loan will be based on the income of the properties. You could probably lump your three homes into a commercial portfolio loan if you plan on holding those properties.

Another option is to look for a private lender that is willing to hold a note in 1st position.

PM me know if you need recommendations for private investors or a commercial bank in Omaha.

Hi @Cody Purcell, congrats on your current success in Omaha and welcome to the BP forums!

@Austin Freeman, I agree with others that 4% is not realistic. 

Just wondering, why would you want to avoid seller financing? You could use seller financing to reduce your downpayment, thus increasing your CoC returns.

Hi @Jalen Henningsen

Although I don't own properties in NY, I assume investing in NY would be a different strategy than IA. 

IA would be more cashflow oriented, whereas NY is more appreciation oriented. Also NY will have a higher barrier of entry due to a higher purchase price compared to IA. Different strokes for different folks, but align yourself with the strategy you want to pursue.

Check with the bank you have your mortgage with. Sometimes they will give you a lower rate if you open a HELOC with the same bank.

Congrats on wanting to invest in real estate at 19 years old!

I agree that you should look into multi-family properties. You can buy your first 4 Fannie Mae loans fairly easily. After 4 homes, you can get financed up to 10 homes, but it will require more reserves. 

If you use your four Fannie Mae loans on a 4-plex, you can have 16 doors with great financing.

Welcome to the forums @Chase Jones, looking forward to meeting you on the 17th!

Welcome to BP Jonathan!

It's great you're still treating your future tenant (and current friend) as a regular tenant with a deposit and lease. I used to rent out my hose to a friend and it was very helpful to be very upfront about everything.

@Marina Loos I'm looking forward to our trip to Omaha, escaping the crazy LA traffic, and meeting up you!

@Tommy Hoang Haha, it's been a while since I've danced too. I only dance occasionally at weddings now.

@Rochelle Nickerson That's awesome news about your church dance squad! I can learn choreo well but I'm terrible at coming up with choreo haha. Look to youtube videos for some inspiriation. Some of my favorite hip hop choreographers are Keoni and Mari, and Kyle Hanagami.