All Forum Posts by: Kamil Sekulski

Hi all,

I'm looking to buy my first owner-occupied 4-unit property and I found an interesting one, but it's out of my budget. It's a quadruplex I could buy for $850k, currently rented for $6,300 (even though it should be closer to $7,000). There's an extra space on the 3rd and 4th floor for another 4 units to be created. The seller has already all the plans approved. The cost of the rehab is ~$250,000 with estimated ARV of $1,200,000 and the total rent at $13,000, which would generate good cash flow.

I make $100k, have really good credit score and ~$100k in savings. So far I was pre-approved for $550,000 with ~$3,000 from rent and I’m exploring the best way to afford the above property (mostly rehab costs). Here are some of my thoughts:

1. Use a construction loan, which would cover all the renovation costs -If yes, which loan would be suitable?
2. Have a co-signer to be able to buy the property since I’m still able to afford paying the mortgage even with the initial negative cash flow. The issue comes with financing the rehab:
   1. Another loan and then cash-out refi? What loan would be best? Will I be able to pay the entire loan with cash-out refi?
   2. Any other good options here?
3. Find a partner/investor. Where to find one?
4. Other options?

I’m open to every suggestion and really appreciate your help! 

Thanks!

Hello everyone,

I'm new to the Real Estate community, still learning and will appreciate any tips.
I'm planning to buy my first property for house hacking in the next few months. However, I'm aiming to own 2-3 (or more if feasible) houses within the next ~3 years to rent out. I assume I should be looking for low down payment loans. But are there any specific loans I should aim for? I'm basically looking for a strategy, which would work in my case. For example, try USDA (if possible) or FHA loan first and start by buying a primary residence, then do X, then Y.
Also, are there methods to minimize upfront costs? One that I heard is paying more for a house but letting the seller pay closing costs. Any other methods or tricks?
For context, I should probably mention that I have ~$100k in savings, 770 credit score and 95k salary.
I appreciate your help!