All Forum Posts by: Lindsey Iskierka

@Jeremy Dube, sorry for my delay!  I just had a baby so I took a little time off.  I'm back now. 

My husband and I bought our triplex for $750k with a VA loan (no money down) with a 3.25% interest rate.

We currently pay less per month to live there than our tenants do and when we move out, we'll be cash flowing over $500/month.  

I can send you a list of current inventory as well as any off-market properties I come across.  What would you be looking for in an investment property?  

Blessings,

Lindsey Iskierka 

Hello @Daniel F. Harb, 

My apologies for my delay, I just had a baby so I took a little time off of work. I'm back now =) 

There are definitely duplexes, triplexes and quads available all around Long Beach and the surrounding areas.  What price point are you hoping to find?  Would you be house-hacking or renting out all of the units? Let me know what your goals would be for an investment property and I can help find a good match for you. 

Feel free to email me as well if that is easier! Email address is on my page.  We cannot post it here =) 

Blessings, 

Lindsey Iskierka

I went to sign in to the webinar for today and the link says that it is on Jan 5th instead of today.  

Is the webinar today or next week? My husband and I don't want to miss this.  

Thanks!

Definitely. We had to sell my husband’s rental in CO to reinstate our eligibility for the VA loan. That rental wasn’t cash flow positive anyway so it made sense to sell it. Our triplex will stay in the VA loan for now. We looked at refinancing out of it and it simply didn’t make sense when we crunched numbers. We have a phenomenal interest rate with the VA loan and that helps with the overall cash flow when we move out and rent the unit we live in. After only a year living here and with the renovations we’ve done, we have roughly $100k in equity. It’s great to have multiple options and strategies! An FHA loan will be a great option as well! But with a VA loan there is no PMI so that helps with the overall return as well. We’re here if you have any questions or if you’d like a list of current inventory out here.

My husband and I️ are House-Hacking in Long Beach. We bought a triplex last October and we were fortunate enough to use his VA loan for zero down. While we are living here and improving the property, we aren’t living for free, but our tenants are paying over 2/3 of the total payment. We plan on moving out within the next year and at that point we will buy cash flow positive roughly $500 a month. Our goal is to purchase a four-plex that we plan on living in for years as our family grows. We will use the FHA loan to keep our total money to a minimum.

Hi Beth!! First and foremost welcome to BP!! This is one of the greatest learning platforms hands down!! My husband read that book and thoroughly enjoyed it along with a bunch of other books we have both read! I think it’s great you want to purchase a multi-Family property and “house hack” it. My husband and I purchased a triplex last year with a VA loan. We have been living in it for just over a year now and absolutely love it. We plan on purchasing our next property (hopefully a 4plex) in the next upcoming year If you ever need any kind of advice or help, feel free to reach out and ask! Welcome and enjoy your learning! Lindsey

@Jason Chen @TomHoyt @Rick Martin @TanMhedi 

Thank you for your replies! 

I should probably clarify a few things; first off, the capital we would raise would be strictly for the down payment for a commercial loan.  It wouldn't be for the full price of $2.6 million.  We would leverage as much as we could with our properties.  

We planned to purchase a fourplex in this area with an FHA loan (3.5% down) and move in to one of the units while renting all 3 of our units in our current triplex. Our triplex would cash flow roughly $400/month after moving out and we would move in to one of the units in the fourplex. We would then own 7 units in this area.

If we could buy both fourplexes, that would be even more ideal so we're just trying to ask the famous question "how can we make it happen?"  

I appreciate your input, just wanted to clarify a few items that may have been unclear in my original post.  

Thanks! 

Hi fellow BP members!  

My name is Lindsey and I'm a Realtor and investor in Long Beach, CA.  My husband and I are looking for our next rental property and have a goal to purchase another fourplex in the Belmont Shore neighborhood of Long Beach, CA.  Rental demand is high here due to the proximity to the beach (just two blocks from the ocean), large university close by, the shopping and dining within walking distance, and the history and charm of the area.  Home values are high and rent rates are even higher.  

There are two fourplexes that just hit the market today; both priced at $1.3 million.  They are two buildings side by side and are mirror images of one another.  They're both for sale individually, but seller would prefer for both properties to go to the same buyer.  Each building brings in about $8,000 of rental income, so both  buildings would be roughly $16,000.  All units are currently rented with month to month leases and there is no deferred maintenance on the property.  Purchasing just one of these fourplexes at $1.3 million would be a great deal and it's in the price range that we are looking for.  However, purchasing BOTH and owning 8 units in Belmont Shore for $2.6 million would be amazing.  

My question is for any strategies that investors in more expensive markets like ours have to obtain financing.  We're open to partnering and raising capital as well.  Seller financing won't be entertained because these are both probate sales.  So we're wondering; commercial loan? Portfolio type loan? partnering? Line of credit? What would be potential strategies to obtain financing and nearly triple our number of units from 3 to 11!  

Thank you so much in advance and I look forward to learning from you. 

Blessings, 

Lindsey Iskierka

This is a great success story!  

My husband and I can relate a bit to you. We got married in July 2016 and bought our first triplex in Long Beach, CA using a VA loan (aka NO money down!). We don't live for free, but our monthly payment after rental income from other two units is less than the rent for our 2 bedroom unit! We pay less than a typical renter and have the tax benefits of a $750,000 mortgage. We already have close to $100,000 in equity on this property.

We've done some renovations on each of the units and are saving all of my real estate sales commissions to purchase our next fourplex. Hoping to close on that within the next year using either an FHA loan or seller financing (learning from @brandonturner's book). Once we do that, we'll be in the same $100,000 annual rental income club and own over $2.5 million in coastal real estate. We would also live for free in that fourplex if we buy right. There's no rent control here so the rates increase every year which added to high appreciation make the higher purchase price worth it to us.

We're also welcoming our first baby in January so we have a pretty similar journey to you and your family. 

Thank you for sharing and congratulations on all of your success! 

Blessings, 

Lindsey Iskierka

Stephanie Nguyen-Lieu Robert Davalos If you two would like to chat about investing locally in the LA or Long Beach area in multifamily properties, I'm happy to meet with you. I'm an investor as well as an agent so I can walk you through the process of buying as well as work numbers and show you the possibilities out here. Yes, the prices are high, but the rents are much higher and properties appreciate at a much higher rate so you could own fewer properties and cash flow more. My husband and I invest locally and don't put very much of our own cash in to it. The calculators on BP are fantastic for working out the numbers and I can help you with the purchase and show you property. Let me know if you'd like to meet for coffee and chat!