All Forum Posts by: Jennifer Greuel

@Charles Carillo

Thanks! I wasn't sure what people did for reserves. We have the $500 per unit per year built into our budget for the property, as well as about the same amount for maintenance costs. We were planning to save all the cash flow anyway, we don't need it for day-to-day expenses.

@Charles Carillo

I've called probably 10+ banks, it sounds like 25% down is normal for a 4plex here, they do 20% down for single families. I am very frustrated with the original lender, who made promises that weren't true

@Charles Carillo

The 5% for us is over $10,000. Our income is enough that we could afford the mortgage, etc. without any rental income. And we usually are saving around $1,500 per month so it wouldn't take long to build back up some reserves. Do you think we need more reserves than that?

I am really stressed out right now. We have a 4plex under contract and it is a great deal and cashflows well. Our lender had said we could put 20% down but is now saying he needs 25% down (no reason as far as the deal or our credit, I think he is just incompetent). We can't afford 25% down, that would pretty much be every penny we have besides our checking account. Does anyone have a recommendation for a bank that allows 20% down for 30 years and a four plex? Or does anyone have another idea? I don't think we are willing to go the private financing route...

@Erik W. thank you! This is very helpful

@CassiJustiz that is a good idea! Thank you!

Hi Cole! I am based out of Bismarck and we just put a 4plex under contract in Minot!

My husband and I just put our first property under contract! A 4 plex we think we got for a really good deal. The property comes with 2 month-to-month tenants who are employees of the old owner's restaurant. As part of the purchase agreement, the old owner is going to pay the difference between their rent and market rent so they can stay in the 4 plex for 6 months. However, because they are his employees, they don't have a security deposit. Any ideas? Do we just hope they don't damage anything?

@Bob Okenwa how are things in AZ? We had originally talked about AZ as it is a quick flight from where we are located

Thank you all! We had been keeping our eye on Kansas City but we will have to check out some others as well.