All Forum Posts by: Nate Bell

@Anthia Rymer

Look closely at the income tiers for ACA health insurance subsidies. If you can structure your business and you life such that you fall into one of the bottom tiers of ACA, it's actually quite affordable. An S-Corp can help with this because you can leave money in the business and it doesn't all matriculate down to you as income like in an LLC.

@Kim Van Natter

Check the zoning regs. Worst thing that could happen is a neighbor complains and you lose that cash flow.

@Cody Plemmons

I like Matt’s response above and would just add that you should try to get 15’ width of you can. 10’ is an absolute minimum and can make future replacement/repairs really tight depending on what happens adjacent to the easement.

@Senia E Cuevas

Don’t be scared about starting with an 8 unit or making a stretch to get it, but you need to do better than just apply the 50% rule. You should be able to get a P&L statement from the previous owners, or recreate one. Call your insurance agent and get a quote. Call the City and find out what the taxes are. Talk to a local property manager about realistic rent and maintenance cost expectations. Get an inspection. I like multis this size, but take all the guess work out of it before you move forward.

@Jenny Liao

For what purpose do you want to connect?

@Tiffany L.

If you are going to self manage and are just looking to get started with a side hustle or make any tangible investment, and because Richmond is steadily appreciating, this is a decent investment. Before you spend the -$65K though, think about how long it might take to save up again and do the next one. If you’re looking to accumulate several properties quickly and don’t have a bunch more money in the bank, I wouldn’t do this deal. If you want more, start looking at other markets or find a lender that will do 10% down.

I invest in Roanoke and would be open to partnering on a 10-20 unit multifamily.

@Brent Zande there’s no definitive answer to this, because in the end, it comes down to time. Pretty much anybody can eventually get something right, but they might have had to tear it apart three times to do it. You have to know yourself- are you super busy with three kids and a demanding job? Do you have most of the tools and know how to use them? Do you have the patience? Are you detail oriented?

You’ll also get a lot of responses here that day “you should be using your time to buy more deals”. In the end, yours is a personal, subjective question. If you want to do it, do it. If you’ve never done anything like it, and you have the resources mentioned above, I’d say give it a try and then you’ll know. And you’ll know how to measure the outcome of someone you pay to do it next time. For instance, I know, for me, I’ll pay someone to do drywall every time.

@Xuban Zafar

Google search “BiggerPockets how to get started”

@Besnik Kadriu

This is common. I can’t really explain why, but none of my properties are tax assessed anywhere near their actual market value. Don’t worry about it and be thankful your taxes aren’t higher.

@G. Doby

In your case, since you've owned it for 2.5 years and have equity you could get a HELOC to do the rehab and then refinance. That would be cheaper than hard money. Hard money works best for properties that are in such poor condition that they can't be conventionally financed, or for a borrower who has no other source of funds. That doesn't seem to be the case here.