All Forum Posts by: Joshua Janus

I am not a lender but I would research the option to refinance into an FHA or something similar to lock in a lower set rate once you can qualify in a few years. There are down payment assistance programs in my area (Columbus, Ohio) specifically for investors or first time homebuyers that probably exist in Fayetteville. Will you or your friend have a W2 job in the near future, and will you make a good long term partnership as time passes? I'd just be careful and make sure the terms are set properly between you two.

Would you be running into a lot of capital gains tax from your stock portfolio? That is definitely a question here. If that isn't too much, locking in a low 30yr interest rate is huge on an owner occupied loan and you won't be disappointed. 

Hey @Summer Crawford I'm a junior in college (comp sci as well!) and am going to be house hacking here in the next few months. Is a house hack a goal of yours in the future? Definitely study the requirements for an FHA Loan like a book and make sure to set yourself up for success. Examples would be building up your credit, getting the most recent tax returns for the last 2 years in the same field, building up capital for the down payment, closing costs and 6 months in reserves so you can use as much of the rental income from the other units as your own income when you getting qualified. These are some barriers I had to make sure to be able to climb over as balancing college and a full time job can be difficult but will be worth it! Let me know what questions you have.

This isn't legal or lending advice, and you should seek professional assistance. 

I would definitely consider a BRRRR house hack with that 4 plex. Those numbers seem to work well from what you gave us, and that there is plenty of opportunity there. Is that 4plex in a similar (C-/D+) neighborhood? Rents seem high for a neighborhood classification like that but definitely differs by the area.

Is that a normal occupancy rate for that area? Is it overpriced? It seems to be priced out of the market for that rate and could be improved upon whether through a price change, better marketing, improvements to the facility etc. You would need to provide more details on the deal for someone to give you a detailed answer. 

I would it can be done, and that it is crucial to develop your Core Four. 
https://www.biggerpockets.com/...
Have you found a reliable, consistent and skilled Deal finder, Property Manager, Contractor and Lender? I'd spend a lot of time finding these people to facilitate your investment experience in a smoother manner. 

Hey @Christophe D. how do the rent rates that you are charging compare to the median income change over the years for the area? If your renting to the top and it is slowly getting peeled away, well that will be a problem. Doesn't seem like your in this situation but if you are worried, find more statistics on the household income of those that are leaving or coming into the city.

How are you getting your lists? Do you have a good script down? Match the energy of the person you called. 

Mojosells

Hey @Tristian Cox have you checked out Cincinnati or Cleveland, Ohio? They both will have multi families around 100k.