All Forum Posts by: Richard Gonzales

You can find a property owners name and mailing address by entering the homes address in the search bar of that county’s GIS data viewer website. It will also give you their tax records, and it’s totally free.

I am not speaking from experience on this, but does your lease agreement have an early termination policy? I am currently renting an apartment and in my lease it states that I can terminate my lease early by giving 30 days notice and paying a cancellation fee equal to 1 months rent

I’m looking for my first multi-family right now to house hack. I think analysis paralysis has been holding me back, and I’m finally working my way past it. I am coming to terms with the fact that I’m never going to find the “perfect” rental property, but that I can make a house into a great rental if the price is right. The risk of a market down turn or the negative impact of discovering a major issue with a property I buy also holds me back

@Nathaniel Hovsepian Awesome man, I appreciate you taking a look. I’ll definitely have to dive deeper on this one. I can easily afford the mortgage without having a tenant. I like the idea of paying myself rent as I’m planning on using my first house as a gateway to more deals. Worst case scenario, I have to use it towards repairs. Best case I have enough cap ex savings that I can use my “rent” payments towards my next deal

@Nathaniel Hovsepian & @Charles Carillo thanks for the replies and advice! These numbers are based on what I calculated with the BP deal analyzer to include repairs, taxes, cap ex, etc. 

Here’s a link to the deal analysis

Good Deal?

Great Article btw

Hey everyone. I'm a newb looking to buy my first multi-family house hack. I've been running the numbers on several in my area and I have a couple of questions. I don't have a lot of capital so I am looking at doing 5% down with a conventional loan. On one of the homes, the numbers will give me the cash flow I want after the PMI is removed with 20% equity. Cash on cash ROI is around 30% due to the low down payment. I will also be managing this first one myself, I was thinking of applying the 10% property management fee I factored in towards the principal of the loan until PMI is removed. Does this seem like sound reasoning for my first investment property? It's a duplex with two 2/1 units. Cash flow is $170 with PMI, $240 after PMI is removed

-Total Money Makeover was financially life changing

-Think and Grow Rich is great for mindset

-How To Win Friends and Influence People for interacting with others

*bonus*

-Sapiens, a Brief History of Humankind was just so dang good I had to mention it

My guess is that millennials will start buying the homes once prices drop to a certain point. I think a major factor in millennials renting vs buying is that they can’t afford the high price tag on homes right now, or they are afraid of buying at the top of the market.

Thank you all for the warm welcomes! I'll definitely check out the FW REIA. I'm also interested in hearing about your successes. Do you find Fort Wayne to be better for Single Family rentals, Multi-Family or both?

Hello all, 

I’m interested in finding others in the Fort Wayne area to network with. I’ve done a lot of research and I am seeking my first multi-family house hack to get my feet wet.

I am also in need of a local investor friendly real estate agent that can set me up with automatic MLS alerts.

If anyone has any insight into the multi-family market here, I would greatly appreciate any advice!