All Forum Posts by: Myles Cardenas

Awesome, I’ll definitely look into it and will let you know.

This is awesome, I have some family connections in Missouri. I’ll see if they can drive by. Judging by the street view it doesn’t look bad on the outside. Is this a full gut out job, or does it just need some minor rehab efforts?

Hey Guys, I'm looking at a multi-family deal in the South Turpin Hill area. Close to the universities, but I know nothing about the area. Anybody know much about this particular area? Good area to go into, or to stay away from?

Thank you for your help in advance.

Mr. Andrew, I'm in the same boat as you are as a recent grad, and have been doing some research and networking for the last 6-8 months here in Georgia by going to the BiggerPockets meetings here in the City. Best advice that I've learned so far is identify your market, the type of property you'd like, figure out how much you could dish out per month to pay for a mortgage (safely), get involved with an agent and lender, and start your journey. By doing this you know what you want, you know what you can afford because the lender can lay that out for you, and the agent can help you find it.

Don't get too caught up in analysis paralysis, which means you'll read tons of information on here and in other places that will tell you 1000 ways to do this. Pick what works for you and stick with it! Come to the BP meetings here as well, a bunch of great people and connections.

A good idea, one I wish I would've followed now after I recently purchased my first home, is to find a (2-4) unit property, stay in one unit and rent out the others. There are some areas in Atlanta that you can find cheap properties, but they will need some rehab and they will be in some rough parts of town. Vine City, Oakland City, and Washington Park are some areas. East Point is a good area as well, just try and stay close to Downtown East Point.

Vine City, as long as stay close to the AUC, is always a good bet. Those are getting gobbled up. Get with a lender, let them know you're looking for multifamily properties in Atlanta under $100k, get with a lender who will give you a loan for a (2-4) unit, and roll from there!

Good luck my friend. I'm right there with you. If I find something myself, I'll let you know.

I would advise you NOT TO USE YOUR CREDIT LINE for your downpayment. That gets risky. First time home buyers can put down as little as 3% on a house for a downpayment so use your first time homebuyer status to your advantage.

@Chris T. Thank you so much for the tips. I'll ask questions and see what answers I can get!

Hey BP Family,

Anyone familiar with the 31601 zip code in Valdosta? Good area? Looking at a multifamily down there and would love to get some insight on this particular side of town.

@Chris T. Hey Mr. Chris, how would it work if you wanted to use the funding from these cards as a down payment on a property? I’m trying to acquire my first property and would need some funding for the down payment. I am wondering how that would work in this instance if I decide to get the business credit loan through Midwest.

@Royce J. Mr. Royce how are those fees working for you? I’m at the point where they’ve sent me the DocuSign and I’m trying to do my research on the process. The funding fee and other fees are alarming to me because I’m still trying to find my first deal and I don’t want to be paying fees if I can get a deal within the next month or so. What do you think?

Hey Guys, anyone specialize in bridge loans and/or piggyback loans? Looking to fund my first deal with either financing option and would love to make some connections.

Looking at doing value add multifamily unit deals.

Hey Guys!

Quick question for you. Seller Financing terms...what are some terms you’ve been successful with in regards to getting a seller to agree to when picking up a deal from them? I’ve heard that people have been successful with a 10% down payment with loan terms of 10 years, 5% interest, with a balloon payment at the year 5 end.

Interested to hear what you guys think.

Thank you guys in advance.