All Forum Posts by: Ricardo Compian

Ill definitley keep that in mind thanks @Wale Lawal

@Michael Dumler I havent looked off market to be completely honest. But i agree i should start looking off market asap before discarding it completely. Theres lots of multi family (especially 4 plexes) being built in my area so i think i have a really good chance of getting one. Theres one 4 plex (was under construction) that had been sitting on the market for several months with no offers about a month ago. Idk if its still available though. Ill be adjusting accordingly to anything that is turnkey or close to turnkey. Thanks for your input!

Thanks for the reply joshua! Im from waaay south texas literally 5-10 min drive from mexico (fun fact about 30 mins away from space x launch site in boca chica tx) so id say its definitley a cashflow area which im 100% good with for right now. The deal im currently looking at is negative about 450 dollars per month and thatll include management and being conservative with costs on vacancy, repairs, and cap ex.  (I still need to get with a property manager to be more accurate on the total income from the units) Im confident it will be cashflowing positivley once I move out and have all 4 rented though. Im fine with it being on the negative side for the first year because I currently live and own a mobile home which I plan to also rent out when I move into one of the units in the fourplex so all in all theyll produce enough income and very possible to be on the positive side once I get my mobile home rented. It is a brand new very modern unit (side by side) ill be the first owner and im using the bigger pockets calculator to analyze the deal. Im currently just looking on zillow. Currently working 70 hrs per week so its very hard to get with real estate agents. Sorry for the long reply. Any feedback is greatly appreciated!

Wondering if anybody has done anything similar. Im hoping to get into my first deal soon. Im convinced on house hacking a 4 plex on a FHA loan. Before I ask the questions I would like to state that I am looking to get cashflow from the property until AFTER I move out and have all 4 fully rented. So I would say until after year one or two. I am 25 years old so im 100% focused on deals that make sense for the long term. Im hoping I can get enough rental income on the first year to cover all expenses including mortgage, cap ex, repairs, vacancy, and hopefully I can wiggle in management for the convenience of properly screening of quality tenants. That being said, would it be unwise to lower my repairs percentage since it is a brand new fourplex? Meaning I dont expect major repairs since it is a new bulding for the first couple of years. Ive heard hours and hours of podcasts but very little info and tips discussing brand new buildings. Am I wrong for aiming for new contruction buldings for these reasons?: less chance of repairs in the first few years, less chance of buying something with hidden repairs, modern= more attractive to tenants. Would it be "Dangerous" to even pay out of my pocket on the first year to cover all expenses? Newbie here guys im ready to get roasted 😅. Love the BP community thanks for any info!

Wondering if anybody has done anything similar. Im hoping to get into my first deal soon. Im convinced on house hacking a 4 plex on a FHA loan. Before I ask the questions I would like to state that I am looking to get cashflow from the property until AFTER I move out and have all 4 fully rented. So I would say until after year one or two. I am 25 years old so im 100% focused on deals that make sense for the long term. Im hoping I can get enough rental income on the first year to cover all expenses including mortgage, cap ex, repairs, vacancy, and hopefully I can wiggle in management for the convenience of properly screening of quality tenants. That being said, would it be unwise to lower my repairs percentage since it is a brand new fourplex? Meaning I dont expect major repairs since it is a new bulding for the first couple of years. Ive heard hours and hours of podcasts but very little info and tips discussing brand new buildings. Am I wrong for aiming for new contruction buldings for these reasons?: less chance of repairs in the first few years, less chance of buying something with hidden repairs, modern= more attractive to tenants. Would it be "Dangerous" to even pay out of my pocket on the first year to cover all expenses? Newbie here guys im ready to get roasted 😅. Love the BP community thanks for any info!