All Forum Posts by: Roger Vi

Yes it is possible they will loan you money with nothing down. However, they will always need you to bring something to the table. Anybody can say they will make money if they could borrow it but lenders only work with people that they believe are highly unlikely to default or even be late on a single payment. One way to see who will make the payments is a downpayment. If you can't bring a downpayment, the only way I could see a lender working with you is if you had a track record of paying back loans and making money on multi-families. I guess another reason a lender would work with you is if he/she were desperate for a buyer. This usually means the property couldn't sell otherwise. Don't expect lenders to just hand out high interest loans to risky buyers. At 0% down you have no collateral and could run away the day after the loan is made. Short answer, yes they will loan. Focus on what you can bring to the table. If you are a beginner, this might be difficult unless you have relatives with money. Find a way to create a track record for yourself that will separate you from the billions of other people that want loans with no downpayment. I also want to mention that I am by no means an expert but as far as I know these are the only ways a lender would work with you. The best thing you could do is find some local lenders and just ask. This won't cost you a dollar and the answer you get will be definite because they are the ones with the money. Good luck!

thanks kyle! ill give darrell a call tomorrow and see if hes available.

Hey I'm in search of a property inspector near Everett, WA preferably with experience inspecting multifamily properties. I am looking to purchase a 4plex soon, any recommendations would be appreciated! Thank you!

Hey I'm in search of a property inspector near Everett, WA preferably with experience inspecting multifamily properties. I am looking to purchase a 4plex soon, any recommendations would be appreciated! Thank you!

Hey I'm looking at a duplex right now with Louisiana-Pacific siding (LP siding, had class action suit that ended in 2002). In the past when I see this siding I can use a little strength and pull off an entire piece of siding. This particular house seems to have held really well. It was built in 1990 and was recently painted. Looks new from far away and when you walk up to it you can notice a little warping but nothing like what I've seen in the past. Has anyone ever bought a house with this type of siding? Is it possible to get many years from this siding with proper care and maintenance? What would be required? What should I look out for during an inspection? How much estimated to replace this siding on 3000sq ft home? Anything that would make replacing more expensive? Less expensive? Thanks to anyone who has read this post this far. Basically looking for all info I can get on LP siding from an investor and contractors point of view. Most buyers simply avoid LP siding regardless of price in this area, I want to know if this is something I can turn into an opportunity or is it a money hole. All responses would be appreciated, thanks!

4 plex right off busy intersection and <1/4 mile from interstate ramp.

2bd/1bth 2bd/1bth 3bd/2bth 1bd/1bth

4 Parking spaces (2 covered) + 4 street parking spots

Purchase Price 325K; 25% ($81,250) down conventional 30yr

Monthly Mortgage Payment = ~$,1250

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INCOME

Fully occupied, rents are $2825 combined.

There is a shared washer/dryer room, listing claims ~$250 income a month

Total Income w/ 5% vacancy factor = ~$2,900/ month

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EXPENSES

Property tax + Insurance + Water + Trash + Electricity for common areas + Landscaping + $200 Miscellaneous Repairs/Expenses = ~$1,000/ month

+ mortgage payment = $2,250

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Yes I know, price is very high. This is just how it is in my area right now. Plenty of jobs and demand for rentals. I have experience managing single family homes. I want experience managing shared walls. I've been shopping 6 months and this is the highest rental income I've seen for my price range (under 350K).

The rents seem very low to me. I know the rents in my area very well. This is a lower income area but the cheapest 1bd/1bth...2bd/1bth...3bd/2bth I ever see advertised are $650/$800/$1100. If I could get these rents the monthly income will be $3,350.

From the outside I can tell the roof is new (installed <6 months ago), the building needs to be painted (lots of peeling already), some window screens need to be replaced. Windows themselves look pretty good. Need mutually accepted offer before entering building. Yard is very small and maintained.

Please critique. Please ask questions. Thank you!

thanks Giovanni! I'll give him a call tomorrow

Hey I've been putting offers on a few 2-4plexs in Snohomish County, WA. Can anyone refer me to a reliable inspector for when I find something? I am mainly offering on property within 15 min from Everett. Thanks!

Thank you for all your advice Bob! Greatly appreciate it. I am going to go over all these concerns with some local people who could probably find out what the plans are for this block. Will update if any new info comes up. Thanks again!

The restaurant/bar is zoned "community business" and all the homes (including single family) are zoned "multiple family high density." What effects would a change to commercial bring? Is owning multis next to office buildings necessarily bad? Could there be benefits?