All Forum Posts by: Trevor Bogus

@Doug Pretorius thanks Doug, from everything I see, roughly 400k seems right. Appreciate your response! 

@Ken M. Thanks for the additional insight Ken

Hello, 

I am looking at a potential Sub2 deal and could use some help from the BP community.
Facts:

3 bed 3 bath listed at 410,000

Property is vacant currently as the owner had to move towns to attend to family needs. 

Mortgage balance 353,000

Monthly payment 4.125% (PI) ~ 1,700 per listing agent. 
Taxes - 105/month

Ins - 164/ month estimated

Projected rent 2400 (2,300-2,500 estimated)

With these figures, this would leave roughly 431 for w/s/T, repairs, capex, maintenance, and vacancy. The house was built in 2006 so I feel repairs will be low compared to average. 

How would you approach this deal? My thoughts are to offer to cover his realtors commissions and all closing costs and assume the loan. So I could essentially get into the property for 3% realtor commissions, closing costs, and my lawyers fees for the contract. 
If the for a traditional offer at 400k, assuming 10% for the seller to pay both realtor commissions and their closing costs the would net 7k out of the sale. 400K-40k-353K

How would YOU approach this deal?! Thanks in advance!

@Patrick Daniel I would love to connect and pick your brain on your experiences. I'll shoot you a PM.

@Andrew Postell Thanks Andrew, I appreciate it. I'll check it out. 

@Michael Hamby Unfortunately, I was unable to make it tonight, but I appreciate the the recommendation. I'll shoot you a PM. 

Hello! I am looking to connect with real estate agents and investors in Pensacola, FL. I would love to discuss experiences and the market with like minded individuals!

Cheers!

Hey Jake,

My partner and I bought a 4 plex in March that we have been house hacking. When analyzing the property we chose to include the mortgage insurance because that was going to be our actual payment each month. Plus we wanted to be conservative with our calculations, and not talk ourselves into something we couldn't handle. 

As far as your second question, I'm hopeful someone else will jump on this thread to answer it because I am curious as well. I'm guessing it would also depend on how much "sweat equity" you plan to put into it and rent increases you anticipate. 

Cheers!

Thanks for the reply Tyler. I will reach out to some lenders to see what could possible fit us. 

Have you had success with reaching out to owners directly? If so, what does that conversation look like?

My partner and I currently own a 4 plex apartment with one unit as long term tenants and 2 units as "mid term" rentals (min 30 days). We are currently looking at finding and financing a 2nd investment property. We are ready to make a move, however we don't really have direction or advice on where to start. We used an FHA loan on our current property, since we live in the 4th unit.

We would like to BRRRR or flip a single family home next, or acquire another small multifamily. How are people finding properties that are below market value? How are you financing them? I don't know if we have enough equity to refinance out of our FHA, but that could be an option?

Any other suggestions or experiences on how you scaled your Rental Portfolio would be greatly appreciated. 

We recently purchased our first investment property through an FHA loan (3.5% down). I think you could say we now have the real estate bug because we cannot stop thinking about out buying a second property. With that said, we need a way to finance it. We could likely save up for a down payment on conventional financing in the next year, but what other strategies have you used to finance your second deal? Hard money, seller financing, other? How did it work out?

Thanks in advance!

@Michael Plante thanks for the insight

@Evan Polaski "taking a pay cut just to learn how to hang cabinets is actually moving you away from your goals, versus towards it". That is a great perspective that I had not really considered. The idea of learning trades is definitely intriguing to me, however I can learn most/if not all through work on my own property over the course of a couple years. I appreciate you sharing your experience.