All Forum Posts by: Ruben Goodbear Anders

What action steps do you take when you have identified a market you would like to be in and are starting from scratch network wise. Do you look for deals first? Call property managers? How do you, personally, get assimilated?

@Allan Smith hey Allan. He would be both. We haven’t figured out the exact responsibilities yet but I imagine we’ll split down payment, and figure out where we can both put our skills into the deal.

Just as the title says, what are some ways to vet a potential partner I have never met? This is for a 20 unit multifamily deal. Wouldn't want to overstep my bounds by any means, however, we are basically getting into bed with each other.

What steps have you taken to vet your partners and also insure that you will have a symbiotic relationship?

Thanks in advance.

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My first conference ever, of any kind! Had to have my wife inform me what a "breakout" is. :)

Very excited for the conference. Looking to connect with people interested in small multifamily. Most of my experience is in rehabbing and dealing with contractors. I am currently trying to find my way around lending restrictions in order to purchase more cash flowing properties and BRRRR them out!

Look forward to seeing everybody!

Hello all! 

I’m looking for some creative advice here, or maybe options I don’t even know I don’t know about. Ya know?

Story short, have 265k loan on my 505k recently appraised house here in Austin. I was going through the refinance process and they were so backlogged (3 month process) that I am now on hiatus at my job. So, my refinance is closing tomorrow, no problem. My heloc that I was planning on accessing 137k is on pause because our DTI would be too high now that I don't have a job, technically.

My heloc loan officer told me they calculated this as if I immediately accessed all of the 137k at the highest interest rate possible. (Variable rate 14% is the cap.) with only my wife’s income (115k, and social security we get for my stepdaughter, 788 a month) the only option my credit union would be able to do is 84k loan. Not heloc. Obviously a huge hit to the amount of available funds. And I don’t like the idea of a loan. 

I’ve done some searching and am coming up empty handed. I am curious if any more seasoned folks know any other loan products out there available to us “self employed with an employed spouse” situations. I would love to access as much equity as possible. I was thinking if there is some options that depending on what you purchase with it would be more lenient. I’m looking to buy a 4-20 unit property, which the cash flow would definitely service the new debt. 

Side note, I’m inquiring how they are calculating our dti, because it doesn’t seem to add up to me. So I will keep this post updated on that calculation. 

I currently only have our new mortgage payment of 1750. One rental property (under 2 years owner ship) at 840 month. Two cars totaling 600 a month. And student loans under my wife’s name that are currently in forbearance but the minimums on them are under 400 a month.

I apologize for the long post, it was just a real gut punch the actual amount of money we’ll be able to access. I had calculated our equity at 80% Ltv at 192k which would give me some serious purchasing power for my experience. However I guess they take the appraised amount, subtract the loan amount first and then calculate the 80% which left us with 137k.  Hoping to cruise through this little roadblock! 

Thank you in advance!

Hello,

My name is Ruben Anders. I am an investor in Austin, TX. I have recently come across this 39 unit in Milwaukee, WI.

I’m still waiting to hear back from the listing agent, however, it seems like a pretty good deal, preliminarily. I got some feelers out for renovation costs based on what work needed to be done on the flyer. And just starting to familiarize myself with the property.

Now I don’t have experience with something this big, however, I would be willing to move to Milwaukee for the few months it takes to flip this place and refinance it out. Just looking for an experienced investor to sign on board with me and give me some big picture guidance while I deal with the day to day.

Really looking to get my feet wet in a large deal like this and have no problem dealing with contractors and tenants while the renovations are happening!

If this is something that you or someone you know would be willing to be involved in please DM me. I don’t think this property will be listed for that much longer honestly.

On another note, if you have any advice on what a lender is looking for on a deal like this, I’m all ears. All my research seems to be conflicting. Can’t really find a definitive answer. I have a couple calls out to some lenders currently, just waiting to hear back.

Thanks in advance!

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Milwaukee.

Purchase price: $59,000
Cash invested: $35,000

This is a long term buy and hold duplex for me. I completely gutted both units and updated them. Brand new electrical and plumbing fixtures. A new roof was also installed.

What made you interested in investing in this type of deal?

The high cash flow on these type of C duplex properties enticed me.

How did you find this deal and how did you negotiate it?

I found this deal on the MLS. As far a negotiation, due to the state of the roof I managed to get 10k under asking.

How did you finance this deal?

This was a hard money loan that I am refinancing out of into a 30 year conventional.

How did you add value to the deal?

Renovating both units completely. Kitchens, bathrooms, removing carpet and refinishing hardwood floors.

What was the outcome?

I will soon have both units rented. One under market rent because she was a trooper and let me have the contractors work around her.

Lessons learned? Challenges?

I should have had a better estimate from my contractors on time. I dealt with the marketing guy who said “Three weeks per unit. No problem.” Not the case. It all is working out, but going forward a better turn around will be expected.

Hello!

I just came across a screamin deal in Austin, TX. I found it the newbie way on realtor.com app. 180k asking. ARV conservatively of 320-360.

I can do some work and manage the flip. I’m not sure what other info to put in here. DM me if this is something you’re interested in 

Thanks guys!

@Jordan Moorhead Awesome! 

I’ll send you a private message. I love Louisville. Beautiful city.