All Forum Posts by: Rob Beardsley

Sign up now before they raise the price!!

I think FHA loan would be your best choice if you can get it. Not sure about pitfalls of new build contractors.

Do you have a spreadsheet put together yet?

Is the hard money loan still financing the property? If so, the interest rate is probably too high for it to make sense to keep as a rental without first getting a conventional loan on it. I would say it wouldn't be a bad idea to rent it out until the market is hot then sell it to another investor. Definitely ask a local agent to see if they think selling the property with a tenant in place is a good idea.

Hey Rob,

If you want to be an active investor, then I think a deal near you that you can be very hands on with is your best choice. Otherwise, if you are looking at a more passive investment, I would explore the myriad options online such as realcrowd.com or dealing directly with syndicators. 

I would request T12 and rent roll for the whole portfolio. Calculate the total NOI for the portfolio. Determine at what cap rate the market is at as well as what cap rate you would like to purchase at. Use NOI/cap rate to calculate your offer price. Definitely ask the seller if he is open to seller financing as well.

Hey I would factor in maintenance and repairs in your expenses as well as capex and management. Especially, since it was built in 1910, I would get an inspection to see if there is deferred maintenance. This can be used to negotiate on price.

Michael, a mortgage broker could be of great value to you. Unfortunately, you are stuck in a tough position (residential loan without lots of taxable income). Property with 5+ units can be acquired using a commercial loan which is easier to get because it is based less on your personal finances. Good luck!

Wow! Way to be persistent! Amazing that you couldn't find anyone to cash you out.

Getting a license is not that difficult so it is not a huge deal to get one. However, depending on what you want to be doing and where you want to operate, it may not be of use to you. Listing your flips yourself and networking with other agents/brokers are definitely benefits.