All Forum Posts by: Nathan Harden

 Yeah. Just buy a Duplex in one of those areas that is in need of work. Don't overthink it. If you're planning on being all in around $550k after a SF conversion into a MF, why not just look for a value add Duplex? You can find MF properties in that price range ALL day. 

Don't over complicate it. I love that have your mind set on MF but there is no need to go through the headache of zoning, permits, rehab, rehab timeline, carrying costs while you're rehabbing and don't have tenants in there. 

Look into selling your 3 rentals as a package deal to 1031 them into a larger multifamily. Or, borrow equity out of those and put that money towards the multifamily property.

You have so many good problems to have, just comes down to you pulling the trigger on which one works best for you and your goals.

What's up, Daniel?!

Welcome. You will definitely find a lot of us on here that are in the area with experience in flipping or other investment strategies.

You looking for your first deal or do you have previous experience? 

If you are unfamiliar with how to exactly protect yourself when it comes to writing up offers, you need at bear minimum, an agent. But if it's an off market deal, it's always best to just get an attorney involved so both parties feel safe.

You need an agent first. Converting a SF into a MF isn't just that easy either. Zoning, permits, etc. 

What made you want to convert a single family into a mulifamily?

 It sounds like you're in the early stages... Have you ever thought about house hacking locally? Taking advantage of 3.5%-5% downpayment programs that allow you to buy a 2-4 unit multifamily property? Might be something for you to look in to. Build equity then have up to 4 doors on your first purchase doesn't sound too shabby

BRRRR is super tough in this area my man. Cash flow can be difficult to achieve, some areas aren't even possible to cash flow with traditional lending in all honesty. Gotta get creative and search for some seller finance potentials in order to get a good BRRRR deal.

Finding the wholesalers. Simple. Just get on local facebook groups, then go to meetups. 

Private money can be tricky. They will be very cautious as to who they lend money to, and you should be very cautious of who you allow to lend money to you. 

Biggest piece of advice, VET VET VET. A lot of slimy people out there. 

I would rent out your current residence, use either conventional or FHA financing to get 3.5%-5% down and house hack your next investment property. You can do this for 1-4 units so think... You could be just a few months away from owning 5 doors. Start of your empire right there!

Why would you want to deal with the headache for only $70 on such a cheap property? Properties this cheap are traditionally geared more towards cash flow and $70 is not great cash flow. At all. You need to factor in closing costs for the Refi as well. I don't see any calculations for points and fees. Also, if you're expected rehab is triple the price of the initial purchase price, I can only imagine how bad it is. Rehab will probably be more than $80k. Something always comes up.