All Forum Posts by: Mathew Gunkel

Welcome to BP Ray!!

Outside of the enormous BP community, I'd highly recommend checking out some SJ REIA meetings found on the "meetup" app. They go every week on all types of topics, and you'll meet countless local investors of all levels. Many are very close to Cherry Hill.

If nothing else, get on the Bigger Pockets podcast with @Joshua Dorkin and @Brandon Turner. You will learn so much from it. I recommend starting from the beginning and don't skip any episodes. I found that I learned just as much from listening to topics that I didn't think pertained to me, because their guests are phenomenal and there is much overlap in the various niches of REI.

Best of Luck @Raiyan Hadi!!

@Harry Metzinger That is great advice given by @Steven Gesis, and yes 203k is more of a "house hacking" tool as it is strictly owner occupied. This would be my second 203k, so it's not my first rodeo. My current home was a 203k $60k (approx) rehab over 10 years ago. The house was abandoned and smothered by a just under 60k healthcare lien and extensive litigation from unpaid nursing with the now deceased owner. We assumed ownership by paying the seller what was owed on the lien. All told, it cost a little under 120k with ARV of 150k. It went as smooth as a 60k rehab could go for a pair of green 18 and 20 year old kids (largely thanks to a solid GC and a 203k seasoned lender).

@Harry Metzinger Haha! Yes, and you recommended I get some cards. I haven't been to a meeting since, but I fully plan to pop in on one. I'm always looking at the agendas, but this past year was a really busy one. I'll pop into a couple meetings this month, so maybe I'll see you around.

Harry Metzinger I am from New Jersey, and we actually met at a REIA meeting on landlord tenant law. I currently own the house I live in as well as a duplex in Palmyra, Nj. My wife and I plan to sell our current home, and move into an under market value multi-family utilizing a 203k fha. Ideally, the after repair LTV will be aggressive enough (<80%) to allow refi to conventional and extract enough cash to repeat while eliminating PMI. However, I have been warned most distressed sellers/wholesalers will shy away from the slow tedious nature of a 203k. If the market doesn't present any opportunities that match that goal, I may switch gears and try to get into some flips with other investors to raise enough capital to get into some solo BRRR action.

Congrats on the move and Good Luck Harry Metzinger !!!!! Keep us posted on how it turns out.

Traci Clyde welcome to BP!! You've gotta check out the Bigger Pockets podcast and the AskBP podcast if you haven't already. They always get me amped up about becoming an entrepreneur and RE investing Mat

Welcome to BP Steve Novosel !! If you aren't already familiar with 203k FHA loans I would highly recommend looking them. This loan would allow you to put 3.5% down and wrap repair costs into the mortgage. That way you can hold onto a maximum amount of your cash for your next venture while having the lender bankroll your rehab. You can do so in up to a 4 unit property. If you buy right and build equity through an effective rehab, you could then refinance into a conventional loan extracting any equity beyond that needed to maintain 80% LTV (no more PMI). Get the unit fully occupied then find another property and repeat.

@Shane Robbins 

Welcome to BP and best of luck!!

Mat

@Sharon Leigh Depending on how hot or cold home sales are in that area, getting recent true comps on your own can be difficult. I was recently trying to run down comps on a duplex in my area, and given the luke warm market in that area there really were no true comps that were recent enough to be of great value. I had to rely on a real estate agents knowledge of the area and his access to MLS to dig up some not-so-recent sales. Many free sites like Zillow will only show recently sold homes in a search engine. If you're looking at a single family home, your chances of getting solid comps will be much better, and if the market in the area you're looking is a bit hotter good comps will come even easier.

If you can get some help from an agent using MLS, that would be ideal. If you plan to use an agent to make the purchase I'm sure they would be more than happy to help. If not, I totally agree with @Account Closed about them not being to excited to work for free. 

Either way good luck!

Mat

Thank you for the advice @Brandon Hall, and for being so open and generous offering help.  I may very well take you up on your offer in the future.  I would very much like to work with someone local if possible, but I will surely keep you in mind.  Thanks!!

Mat