All Forum Posts by: Kevin Colwell

I know the responses to this post should not be taken as tax or legal advise but would the seasoned investors who read this post like to share some of the write off's that they like to use. I am in the process of purchasing my first apt building and the only phone I have is my cell phone so could that be a write off or would I need to have a seperate business line? Any posts would be greatly appreciated.
Regards,
Kevin

Thank you very much for your thoughts Greg & Michael. I will definately look into this. I am new to this website and I find the quality of the opinions and the knowledge on this website far exceeds the other website that I was looking for assistance on. Thanks alot :)

Thank you for the response Gary. It is a 4-unit mixed use building and the only financing that I am aware of that would not need a large downpayment is the FHA 203k.

Hello,
I have a questions with regards to a multi-unit property that I am going to be purchasing with an FHA loan. Now it states in the loan that I have the intent on living in one of the units (which I plan to do). My question is how long do I have to live in one of the units before I can move out and not violate the contract? Thank you for your advice.
Regards,
Kevin

Hello all,
I am getting ready to purchase my first property and I was hoping to get some thoughts on the opportunity that I have. I was going to live in one of the units for the sake of getting an FHA loan.

Purchase Price: $170k
GAI: $33k @5% vacancy (This includes the rent I would pay. Rents for three of the units are $200 a month below market average)
GAE: $11k
P&I: $13k
Cash Flow: $9k

In my novice opinion I think this is a good investment for the $5k that I would need to put down. No immediate work to the property is required. I would like to put in new windows to justify and increase in the rent to get it up to market average because I was surprised with the quality of the units for such a low rent.
My goal with this property would be to increase the rents and then leverage the property to purchase additional investments. Any opinions would be greatly appreciated. :D
Regards,
Kevin

Even a dead cat will bounce once when it is dropped off the roof

Hello all,
Can anyone please recommend a cost effective window that they use on their projects. I am currently in the process of purchasing my first 4 plex and it could use new windows and there are a lot of choices out there. Any advise would be helpful. Thank you for your time.
Regards,
Kevin

Hello all,
I am currently in the process of purchasing a four unit property in my area. This property has windows that are old and out of date and this seemed like the area to post this question. Could anyone please advise me of a brand/type of window that you folks use in your rehab projects. I have been looking around at windows and there are so many choices I was curious which ones you prefer or get you the most for your money. Thank you for your time.
Regards,
Kevin

Hello Everyone,
My name is Kevin I am 25 years old and live in Portland Maine. I new to the real estate game and I am excited to get involved. My goal is to start a property management company that I would be able to work on full time by the time I reach the age of 30 which I think is very possible. I would like to invest in multi unit properties and as I build up my empire I would consider venturing over to rehab projects and deals of that nature. Any help that this forum can provide me with would be greatly appreciated. :lol:
Regards,
Kevin Colwell

Hello,
I am looking to get into my first deal and have a question in terms of my financing options that I have available. I would be living in this property so I have my eyes on a 4 unit building with the first floor being a salon. I would like to get an FHA loan so i would only need the 3% down but is the only option that I have available the 203k? I do not really need any additional funding to rehab the building but I am sure I could find the minimum 5k worth of repairs to qualify for the loan. Are there any other FHA options that I could use for this deal? Thank you for your help.
Regards,
Kevin