All Forum Posts by: Matt Tallent

Hey man hope all is well! I had a contracting question. I’m redoing my kitchen and replacing a tile floor. I’m taking up the old tile. There is still a lot of thin set sticking to the cement board should I just scrape that off to get it level again or is there a better way?

Hi,

I am starting to source multi-family apartment buildings. I want to start by building a list of all the 5-50 unit building that exist on market or off in certain counties. Does anyone know a way to search all of this info? IE: 5-50 unit buildings in Smith County (fake county). Thanks!

Before you answer I have found a property:

3 bed 1 bath.

Rent 1250 -1300

Expenses in normal financing 750-800

Cash flow 400-500/ month before maintenance.

I own a rental and took a loss last year for one time expense renovations. Which hurt my debt to income so conventional financing on this isn’t working out.

I still like this deal and a potential product is basically a hard money rental loan paying 7% interest.

Still working out the details but from what I’ve heard you can refi after one year of taxes showing positive cash flow.

I see it as getting me in a great deal instead of waiting for another year of taxes. It’s a tool in the tool belt.

What do you guys think?

Thanks!

Hello all,

This real estate issue of the week:

My current status

-I own one rental that cash flows 450/month.

-My primary residence I own and split the payment with my spouse.

-looking to buy another rental for 15% down. I’ve done heavy due diligence and my expense will be 800 max and rent will be 1250/mo. So this will make 450/mo.

I talked with the loan officer and he said everything looks good except my debt to income ratio is thin because:

When I bought my rental I had some repairs to do so I only have one year of taxes showing a loss. But it makes 450/ mo.

My primary I split with my spouse however the loan officer is saying that because my spouse is not on the current loan we cannot show that I only incur have the payment.

I would just like the loan to be under my name. Any advice is welcome on this thanks!

Any tips for sourcing 5-50 unit multifamily deals besides using loopnet and tenX websites? Any help is appreciated thank you!

@Edwin Campos

House hacking the only think I wish I did differently was get a duplex or triplex. I got a sfh that does well but it it wish I got a duplex or triplex because once you grow your family you can stay in those units. Otherwise I wouldn’t over complicate things buy a house off Zillow or Redfin and just get started. I’ve had people ask me how I get deals like its magic. I just but properties that I think are under priced by 5 or 10k or even just are market value but I know can cash flow 400/mo. You don’t need to hit home runs or use fancy deal calculators just get started and repeat!

What flooring would you go with for a C class rental? I want something nice looking that will last for 15-20 years. I found engineered hardwood/laminate/and vinyl in the 2-3$ range. What would you go with for durability?

In regards to engineered hardwood is 3/8” thickness ok?

Thanks

Bp I need your help once again! I’m looking to learn more about tenant landlord law in a legitimate class that I can say I got certified in landlord tenant law for Phildelphia. Does anyone know a class I can take like this in Philadelphia? Thanks!

Thanks and I’m doing standard 30year 15% down. 

Hi all,

I’m working on buying my 3rd property but first as an investment property instead of an owner occupied. I wanted to know in addition to my down payment/closing costs will I be required to show three months of mortgage reserves for both of my properties? The one is rented and cash flowing (I have tax statements showing the income) the other I live in and only pay half the mortgage. So wondering if that makes a difference? Thanks!