All Forum Posts by: Zachary Nussbaum

A friend of mine brought opportunity zones to my attention and I have no idea what these are. Does anyone have a clear understanding of what this is? Some sort of tax deferment ?

Thanks for the quick responses. Would someone be able to walk through what it would take to purchase a property like this? It's a 6 unit apartment building that is fully occupied. rents are set at 1,000+ per unit. Listed at 405,000. Really strong rental history. What kind of capital should someone go into this kind of property with? 

What's up Bigger Pockets! I am trying to purchase my first rental property and I stumbled across a 6 unit building that can bring 6k in rental income a month. A 30 year fixed with 20 percent down puts my mortgage payment at roughly 2k a month so after all expenses are covered that leaves a positive cash flow of 1k. I'm stuck on how to generate that kind of capital for the down payment. I don't have any capital to put towards this deal currently. Any ideas would be greatly appreciated.

Thanks!

@Derek Hutson

I’ve gone through the process of finding roommates for about 6 years and the best advice I can give is to do your due diligence on screening and setting clear boundaries.

The screening process will really show you the quality tenants from the less than ideal ones. I typically run background checks to look for big things but I also ask for previous landlord references and I call them. Definitely call them. You want to make sure they include an address with this as well in case they list a friend who will pretend to be a land lord. I also verify income. You can tailor your application to fit what you are looking for.

If you will be renting rooms in your house, boundaries are so important to make sure that everyone’s expectations are met and everyone is on the same page. If you are renting out a unit in a duplex this isn’t quite as vital but still worthwhile.

This is all just advice. I’m not sure what you can and can’t do as far as running background checks in your area so I would make sure you are not violating anyone’s rights before you do so. Hope this helps.

I’m also new to the BiggerPockets forums so if any info I posted is not appropriate please let me know.

I think I’ve found my first deal and I’m stuck on what to do next. The property is a duplex in an area of town that is directly in the path of growth. There are tons of new homes going up in the area starting in the mid 400’s. This property needs a lot of love so it’s at 93k currently. Looking at what is renting in the area, most 2 bed/1 bath units are renting for 700 a month. I know that I need to look a lot more closely at this property to get more accurate numbers but at a glance it seems like it will cash flow well.

Here’s where I am stuck. I have very little capital on hand for this deal. This is not a property I would house hack so more than likely I’ll need 20 percent plus the rehab cost (which I have not estimated yet). Any ideas on how to find a way to pay for the down payment and rehab costs?