All Forum Posts by: Joel Calkins

I like to look at what other places are including and match that or go one step above to provide a competitive edge in the leasing market. If you look on craigslist or FB marketplace and see what others are doing to draw in tenants it can help you know what makes sense to include.

Hey Sergio,

It takes practice and reps when it comes to knowing if a deal is good or not. Become familiar with the format you run your data with. I highly recommend the BiggerPockets rental property calculator. It's quick and easy and isn't prone to error and problems like spreadsheets can be.

As many say in the business the money is made when you buy. Every home/multi/commercial has a price that will make it cash flow. I'd recommend using some of the 1-2% rules or 50% rule for quick analysis.

Build your knowledge in your market, soak up advice from other investors/agents/lenders and you'll only become more comfortable with your numbers.

Goodluck Sergio, feel free to contact me with any questions!

Hey Donovan,

Lenders like to see consistency when it comes to 1099 income. Usually the more you can prove to the lender that your income is consistent the better yours odds are. You're going to need about 2 years of documented income to show as well.

Start talking with qualified lenders in your area and find out what you need to get together. Also make sure your credit is in good shape!

Feel free to message me with any questions!

Hey Leticia, Welcome to the BiggerPockets community!

I applaud you on getting into the REI game because it can definitely feel like you're drinking from a firehose at some times. But when it comes to finding homes and financing there is tons resources you can use.

As for finding homes: Find out what method suits you. Maybe you want to use an agent and have them do the dirty work (Try and find an investor friendly one) or maybe you've been surfing craigslist and are calling landlords to see if they want to sell. There is no wrong way to find houses!

As for financing: If you're in the position to secure a loan then I encourage you to check out all the different types of loans, FHA, 203k, conventional and see what makes sense for your situation. If you find the deal but don't have the money you're in luck because you have one half of the puzzle and your local REIA club has the other. If you gain the knowledge on a property and market it to other friends and investors they may want to get in on the deal with you.

I encourage you to become a sponge and read books talk to investors and definitely tune in to the BP podcast. 

Best of luck with your future investments!

Hey Ethan,

This is a great question that I don't see a lot of people asking. So my biggest question would be what type of seller financing deal are you looking for. Land-contract, lease-option, assumable? When it comes to the nitty gritty of the payment plan for seller financing that's up to you and the seller and what you stipulate in the contract.

There is a lot of responsibility on the seller when it comes to recording taxes insurance and payment because they are the lender in this case. If you wanted to be able to put down extra money just make sure it's stipulated in the contract. Your monthly payment and amortization schedule should be planned out before you close on the deal.

Good Luck man! If you have any other questions feel free to DM me.

Yes, these do exist but are all contingent on your creditworthiness and DTI ratio. Check out this website for a list of lenders that offer a minimum 3% down payment https://www.nerdwallet.com/bes...

Just remember anything with LTV higher than 80% requires private mortgage insurance which can increase your monthly payment.

Hey there Joeel,

I'm not sure of what your exact market looks like but here is what I would do. Run the numbers on all of your options and compare. If there are 3 MFR's that cashflow better than a mid-sized apartment then your choice is obvious.

You may also want to look at this from the perspective of property management. If you are new to real estate investing then you likely won't have the know-how to manage a 20 unit apartment. Knowing that you have to factor in a PM which also dips into the cash flow.

Also, keep in mind that commercial lending is a whole different animal with high-interest rates and may eat up your ROI.

I like to suggest SFR's or small multi-family (especially house-hacks). Easier to handle and learn. But hey trial by fire works for some people so do what you see fit.

Goodluck man!

Hey there Travis,

The simple answer is yes. If you add a clause into your lease stating the unit is a party-free zone then the tenant would have to comply upon signing the lease. I would just make sure you're following through with any lease violations if they do occur. I'm not super up to date on Kansas tenant-landlord laws and regulations but in most states, you have more leniency when it comes to choosing tenants for a primary residence.

Hey there Michelle,

There are plenty of ways to do this but lenders still want you to have skin in the game. If I were you I would start researching what downpayment assistance programs are available in your areas but be careful because some of these programs don't forgive your debt. 

Another option if you are a Veteran is VA loans, these are the only official 0% down loans that I am currently aware of.

And lastly connect with relatives, family, and friends. Get good at running numbers & deals and finding a property that is below market value and pitch your skills to your network. If you can bring something to the table or as stated previously "Have some skin in the game" then others will be more likely to hear you out.

Good luck!

Hey there Victor,

In most cases, lenders want to see more money on the table for investment properties than less but it isn't unheard of to get all the way to a 5% downpayment on a jumbo loan. I think a good course of action would be to call up some lenders or loan officers in the NYC metro area and get their opinions. 

Feel free to bounce any other questions off of me. Goodluck!