All Forum Posts by: Tony Nuttall

Can anybody on here recommend a good architect/ engineer around the Houston area. Thanks in advance. I have an idea in my head and a couple pictures for reference but I need someone to get some plans put together for me

Quote from @Caleb Brown:

I would do your own diligence on the comps. They could be blowing smoke or telling the truth. What terms would they give on giving you the 100K rehab loan? Some owners just are too busy or don't have the capacity to take on the rehab. But other owners might try to take advantage of you. With you being new don't jump in till you do research on the area, comps, rehab #'s. Connect with a local GC and PM. A 4plex needing a 100K rehab does seem extensive for your first deal. 

The company offering the property is Sanmore Investments. I did some more looking and they have 2 or 3 properties where they’re offering similar deals. Bring low money down, owner will carry the loan and give up to “X” amount of dollars for a rehab budget. And yeah I agree a deal that big kinda scares me because I don’t know if I’m coming or going. Thanks for the response 

I’m new to real estate investing. Aside from buying my primary residence I have no experience. 

I came across a deal on LoopNet. It’s for a 4 plex. It’s a value add opportunity. The price is $250k. It needs a good bit of work. The part of this deal im having trouble with is that the people selling this property are offering to owner finance the $250k but will also give me a loan for $100k for the rehab. Sounds too good to be true? Is this common? They showed me comps that say the property will be worth over 500k$ once rehabbed. But you would think if they had the money to loan and they were that confident it would bring that half a million dollar sale price they would just do all that themselves? 

Quote from @John Morgan:

@Tony Nuttall

20% down on a couple rentals.

But how exactly does that work with getting a loan? I couldn’t get that many conventional loans?

Quote from @Josh Young:

@Tony Nuttall you could use as little as possible, like 3-5% down to buy a primary residence and turn your current home into a rental, then do the same thing next year and again the year after that, this will get you three rentals. Or you can go buy one investment property at 20-25% down and have one rental.

The second option for me would be the most feasible. I have 2 young kids that are in elementary school. I don’t really want to be packing and moving every year or so for their sake. Thanks for the response 

$100k in liquid cash, $. In todays market what could I do with that kind of money?