All Forum Posts by: Steven Gore

Thanks for getting back to me. I have found an agent for VT.

No I did not. I will try that

thanks 

Looking for an agent who knows VT rental market well. I am looking to invest in multi family. Monthly cash flow is important.

Yes I would rather not “hope” to make a cash flow. Good point. I think I need/should start looking in other states. I am located in NH. High prices everywhere.

Thanks you all for your quick reply. I have been just looking online right now and running the numbers. I will continue to evaluate properties both online and in person to get more experience.

Hello all. I just became a Pro Member and I have officially started my journey as a real estate investor. 

I have been approved for a HELOC for 178K. I have also been pre approved for a mortgage for up to 580K.

I am not really sure where to start to be honest. I am open to buying a single family, multi family or a condo. I feel most comfortable purchasing in my area (Manchester, NH) even though my area is expensive compared to other parts of the country. I am thinking of buying and holding for about 5 years while hopefully gaining a positive monthly cash flow in rental income.

I have been using the rent estimator tool to perform an analysis based on homes in my area. As of yet, all my searches have been in the negative in terms of cash flow. On average of $-600 per month. I am being conservative with my numbers. I have been using 6.25% for an interest rate (my credit score is 800+ but in this market....) 30yr fixed. For expenses, I have been using 5% and for vacancy I have also been using 5%. For money down, I have been using 25%. I also need to take into account paying off whatever I end up using from my HELOC. The interest rate for my HELOC is 1% plus prime.

Any advice on how to best get my foot in the door is greatly appreciated. I am more than willing to put in the time and effort to get rolling on the right foot.