All Forum Posts by: Tyler Bain

@Jeremiah Perry

 That's exactly the same way it happened to me as well. First the banks were saying "No problem, 5% down is the minimum we require." Then once I started going through the approval processes each one started coming back saying their Underwriters recently informed them that 25% down is the minimum on a 3-4 unit. I'll keep pushing back on them and talking to other banks and report back my findings.

@Jon Holdman

 Yes I plan to live in one of the units for the sole reason of taking advantage of the low down payment options. I'm still being told 25% is the minimum even with applying as owner-occupant.

@David Avetisyan

That's good advice, it looks like my only option may be to go with FHA financing. The PMI for the entirety of the loan is what turns me away the most from FHA, however, as someone mentions above I could always refi later.

@Bryan Williamson 

Is that for a duplex or a 3/4 Unit? 

I was told for a duplex you're allowed to put down 15% but 3/4 units require 25% due to Fannie and Freddie regulations. 

I don't mind paying mortgage insurance if it means I only have to come up with $5,000 down rather than $25,000. My preference is to keep as much capital I have freed up for other investment opportunities rather than dumping a large portion of it into one property. 

@Lee G.

That's good to hear you were able to go below that 25% at least, gives me hope. Are you using conventional financing or FHA?

I'm currently in on the hunt to purchase my first Multi-Family property and am going through all my pre-approvals with lenders so I can put an offer in on a Tri-Plex. I plan to "House Hack" and live in one of the units and rent out the others. 

My plan WAS to put 5% down and use a conventional mortgage HOWEVER I'm just now finding out that Fannie & Freddie now require a minimum of 25% down for 3 and 4 unit properties.

Have any of you ran across this same problem recently? When was this "rule" changed?

25% vs 5% is a significant difference that makes me re-evaluate if this is a good decision for me or not. I asked if this was specific to the Omaha, Nebraska area and was informed by several lenders that it was a national Fannie / Freddie stipulation. 

Any advice here would be greatly appreciated.
Thanks,

Tyler Bain

Hey BP Nation,

I'm currently in search of recommendations for knowledgeable and experience Real Estate Attorneys and CPA's in Omaha, Nebraska to work with. I'm starting down the wonderful road of Buy & Hold investing and am trying to build my network around me. 

Do any of you seasoned pro's in the area of Omaha, Nebraska have recommendations for experienced Real Estate Attorney's and / or CPA's you've used? I've found a couple good Brokers and Agents but am having a tougher time with the legal side of things.

Any light you could shed on this motivated greenhorn would be greatly appreciated!

Thanks,

Tyler Bain

@Dennis Tierney Thank you for that recommendation, I looked over his profile and he sounds like an excellent person to work with. Have you, yourself, had any luck working with Wholesalers in the Omaha area? Thanks again.

Howdy BP Member,

I'm currently in the process of preparing to move from Chicago, IL to Omaha, NE and am looking for people to work with in regards to not only find myself a personal home to buy but also investment deals as well. My focus is Buy & Hold rentals with the anticipation of doing a flip here & there only AFTER I'm fully settled in Omaha. 

Anybody know or happen to be experienced Wholesaler or Realtors in the area? My first focus is finding my own home but will also consider investment properties in parallel. 

Areas of interest: Aksarben, Midtown and West Omaha. 

I'm looking for at least 3 BR's and prefer 2 Baths for my personal home but will look at 1 Baths for investment properties. 

I really appreciate any and all help you wonderful people could provide. 

Thank you!

@Derek T.

Your attention to detail shines through in those pictures Derek, as everyone above has already said, VERY well done!

Question, was the price at which you sold this home at the top of the comparable Comp prices in the area or did it fall somewhere in the middle? The reason I ask is that I'm curious if you ever run into trouble trying to sell a home at the top of comp list prices for the area or if that extra attention to detail you provide on the homes completely disregards you being the high priced provider?

Again, great work and thanks for sharing! 

Bill Sargeson 20 properties Cash Flowing $6k a month in 3 years is very impressive. I have similar goals, 10 properties by the end of year 2 and double that by year 3. What market do you invest in if you don't mind me asking? Do you use PM or manage yourself? I like the idea of not having an end date in mind as to when you should quit your job rather have your Real Estate business be the judge of that. Once it either becomes too much work for managing on nights and weekends and you're rental income is at least equal to or greater than your W2 income then you should consider going full time. Otherwise, and this is just my way of thinking, you're losing the ability to compound future income by taking away the easiest funding source you could possibly have, your W2 job. Glad to see so many people are able to Cash Flow as much as you do with as few properties as you have. Excellent business minds create excellent cash flow.

@James Wise

Thanks for the welcome. 

Moving around as much as I have has provided me with a lot of great experiences, however, it does drive a person to near insanity after a bit. I'm hoping to find a more permanent residence on my next stop to begin implementing my REI Business Plan and progressively build my own career out of it. Then moving will be on my terms, not someone else's! (Or at least that's the thought)