All Forum Posts by: Patrick C. Bellamy

Welcome Catie to the BP community! 

There is definitely no problem with starting off in MFH. Given the Atlanta area and what others already touched on, there are a few things you can do to put the odds a little bit more in your favor so that once you find a deal you can move on it much more quickly. From personal experience, these deals on the MLS can move FAST, and if it's a good deal they move even faster. Think under 24 hours, less than 12 hours in some cases. People who have the experience with MFH, and who have the financing to offer cash, or the connections and relationship with lenders or HMLs, are able to move quickly on a deal.

There are deals, but like many people already said odds are better finding deals off market.  Search the areas you like for these units and reach out to the owners and keep following up with them.

 Please feel free to reach out anytime.  I hope this helps even a little and wish you the best of luck! You got this!

She is, small world! 

Hey Nicole,

So there is a lot to dissect here, but it depends a lot on the loan you are looking to get, your credit score, how much you are willing to put down, and the type of deal you are working on. The current SFH I working on I am doing a cashout refi at 3.25%, I'm purchasing the house cash, will renovate, and refinance ARV, after repair value, with a traditional loan. With any luck, I should cashout of the investment property my purchase and renovation money and retain 25% equity in the property. Lots of lenders are needing 20% minimum, preferably 25% down, and the rate will vary with your credit, debt ratio, etc. Again, from what I have seen for traditional loans on an investment properties to be around 4.25 to 4.5%, but this surely can vary.

I have yet to work with hard money lenders, but I hear the going rate is 8 to 12%, give or take for our location. My understanding is they have much shorter terms than traditional loans. You said you were looking towards SFH in another post so Hard Money Lender are good to get you money faster, fund the initial purchase and fund the renovation. Then when you refinance the loan with a traditional lender and you pay back the HML. You'll want to make sure you have a traditional lender that will lend to you before you go through a hard money lender, or funding that will becoming available to pay them back. This is just from what I have heard and understand. HMLs are good but they aren't always the best source of help fund deals.

I hope this helps answer your questions. 

Hey Nicole, Welcome to BP family! By all means, ask any questions you might have, bounce ideas, make friends.  We are all stronger working together after all. 

  I am in East Cobb and investing in the NW OTP ATL area.  Feel free to hit me up any time.  It sounds like you have a good game plan getting started.  Almost anywhere in that location ITP or OTP are good locations.  Good luck and I look forward to hearing more about what you are working towards!

Patrick Bellamy

@Sean Chua Check out Neighborhood Scout and CrimeGrade.  It can break down areas with reported crimes. https://www.neighborhoodscout.... I think Neighborhood Scout has a paywall, but you can narrow it down to almost all neighborhoods.  https://crimegrade.org/safest-...

 I also have a philosophy of not having a house close to commercial real estate as there is increased foot traffic that might be unwanted.  When you're the needle is best to be in the center of a haystack.  My personal opinion is to also not have a house on a lined road (heavier traffic, more noise as well).  Sandy Springs, Roswell, any place within 10 minutes of the highway is also acceptable in my book.  Best of luck!

Hey Sean,

  I am pretty new here as well.  I know that they had a meet up in July.  They might have something later, depending on how things go.  I'm all for meet ups, masterclass, and zoom calls. Feel free to reach out any time.

What are you looking to focus on in real estate?

I agree with what @Brenden Mitchum said.  I'm looking to purchase MF with cash myself and the few that were deals  were under contract in under 24 hours upon listing.  Many investors are hungry and know what they want and move fast.

Welcome and congratulations! I'm finishing up my FNP myself and know what you're going through. I'm going this path myself with the multifamily. If I was in the position to I would get a FHA loan on a 3 or 4 bedroom house, rent out the rooms to help you save up capital or equity in your first property, then take the time to network, research MF properties, and search for a good deal. I'll shoot you a DM.

@Curt Smith Thanks for sharing that.  It's not surprising given the current situation.  Like you said, it's most likely this way across the board.  If your hands are tied with a long distant investment property then you gotta do what you gotta do.

Ken Kirunda, feel free to reach out to me.  I will be downtown all day.