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Updated about 1 month ago, 11/12/2024

User Stats

1
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1
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Sandeep K Mamidi
Pro Member
1
Votes |
1
Posts

Excited to expand into House Hack and Multifamily

Sandeep K Mamidi
Pro Member
Posted

We have over the years bought and sold several rental properties in FL, AZ and TX (Pretty Passive)

Want to become more active with Flips and grow our wealth using innovative strategies and expand into Multi Family Real Estate

  • Sandeep K Mamidi
  • User Stats

    4,190
    Posts
    2,232
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    Wale Lawal
    Agent
    • Real Estate Broker
    • Houston | Dallas | Austin, TX
    2,232
    Votes |
    4,190
    Posts
    Wale Lawal
    Agent
    • Real Estate Broker
    • Houston | Dallas | Austin, TX
    Replied

    @Sandeep K Mamidi

    To flip properties effectively, use market knowledge, research local trends, and innovative financing options like private money loans, partnerships, and syndicatation. Focus on multifamily properties, explore value-add opportunities, and use technology for efficiency. Refine exit strategies and partner with experienced teams for a mix of flips for capital and multifamily properties for cash flow and long-term growth.

    Good luck!

    User Stats

    226
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    91
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    Savannah Holzer#1 New Member Introductions Contributor
    • Lender
    • Austin, TX
    91
    Votes |
    226
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    Savannah Holzer#1 New Member Introductions Contributor
    • Lender
    • Austin, TX
    Replied

    Hey Sandeep, I'm from Austin as well! Love that you're getting into multifamily!

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    Julio Gonzalez
    Pro Member
    #4 New Member Introductions Contributor
    • Specialist
    • West Palm Beach, FL
    1,441
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    4,256
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    Julio Gonzalez
    Pro Member
    #4 New Member Introductions Contributor
    • Specialist
    • West Palm Beach, FL
    Replied

    Welcome to BiggerPockets, Sandeep! Have you done a cost segregation study on any of your properties?

  • Julio Gonzalez
  • (561) 253-6640
  • User Stats

    96
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    30
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    Jackson Harris
    Pro Member
    • Real Estate Agent
    • Phoenix AZ, USA
    30
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    96
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    Jackson Harris
    Pro Member
    • Real Estate Agent
    • Phoenix AZ, USA
    Replied
    Quote from @Sandeep K Mamidi:

    We have over the years bought and sold several rental properties in FL, AZ and TX (Pretty Passive)

    Want to become more active with Flips and grow our wealth using innovative strategies and expand into Multi Family Real Estate


     Hi Sandeep, are you looking at those same markets for flipping? I know the Phoenix flipping market very well if you need a resource here

  • Jackson Harris
  • [email protected]
  • 425-501-5115
  • User Stats

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    Gino Barbaro
    Pro Member
    • Rental Property Investor
    • St Augustine, FL
    1,900
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    2,317
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    Gino Barbaro
    Pro Member
    • Rental Property Investor
    • St Augustine, FL
    Replied

    @Sandeep K Mamidi

    Welcome to the dark side!!

    Multifamily is a long term game, but well worth it

    Gino

    User Stats

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    25
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    Malik Javed
    Tax & Financial Services
    • Specialist
    • Los Angeles California
    25
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    59
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    Malik Javed
    Tax & Financial Services
    • Specialist
    • Los Angeles California
    Replied

    @Sandeep K Mamidi - Welcome to one of the most insightful group of people around! 

    • Malik Javed
    business profile image
    KBKG | Tax Credits • Incentives • Cost Recovery
    5.0 stars
    1 Review

    User Stats

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    Matthew Kwan
    • Lender
    • Seattle, WA
    765
    Votes |
    480
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    Matthew Kwan
    • Lender
    • Seattle, WA
    Replied

    Indeed, you can definitely househack in a multifamily by living one unit and renting out the other vacant units. The good thing about househacking a legal multifamily unit is that lender allows you to use the vacated units of 75% market rent as an income to offset the potential current mortgage. You can put a little as 5% down payment for conventional or 3.5% for FHA.

    Alternative way, is to acquire the 2nd property as an investment property with conventional, while putting 15%-25% down payment. Down payment can be higher than primary, but the good thing is that you won't need that much income to qualify because lenders can you 75% of the market rents for the units of the property. Imagine the 2nd property is a 4plex, each unit can be rented $1500/unit of 75% =$1125 x 4 units =$4500 worth of income to offset your that 2nd property.

    @Albert Bui @Carlos Valencia

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    Albert Bui
    Pro Member
    • Lender
    • Bellevue WA & Orange County, CA
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    2,167
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    Albert Bui
    Pro Member
    • Lender
    • Bellevue WA & Orange County, CA
    Replied
    Quote from @Matthew Kwan:

    Indeed, you can definitely househack in a multifamily by living one unit and renting out the other vacant units. The good thing about househacking a legal multifamily unit is that lender allows you to use the vacated units of 75% market rent as an income to offset the potential current mortgage. You can put a little as 5% down payment for conventional or 3.5% for FHA.

    Alternative way, is to acquire the 2nd property as an investment property with conventional, while putting 15%-25% down payment. Down payment can be higher than primary, but the good thing is that you won't need that much income to qualify because lenders can you 75% of the market rents for the units of the property. Imagine the 2nd property is a 4plex, each unit can be rented $1500/unit of 75% =$1125 x 4 units =$4500 worth of income to offset your that 2nd property.

    @Albert Bui @Carlos Valencia

     There is no offset when you live in the 2-4 unit remember its a full HIt to your monthly PITIA and yes you can use the rental income but only as an addition to your qualifying income, you're still taking a FULL hit on the PITIA.

    Its only offset when you vacate or move out or it has already been converted to a rental (pure investment/non owner property). 

    @Carlos Valencia

  • Albert Bui
  • User Stats

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    90
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    Sean Graham
    Tax & Financial Services
    #3 Tax, SDIRAs & Cost Segregation Contributor
    • Investor , CPA
    • Detroit, MI
    90
    Votes |
    199
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    Sean Graham
    Tax & Financial Services
    #3 Tax, SDIRAs & Cost Segregation Contributor
    • Investor , CPA
    • Detroit, MI
    Replied
    Quote from @Sandeep K Mamidi:

    We have over the years bought and sold several rental properties in FL, AZ and TX (Pretty Passive)

    Want to become more active with Flips and grow our wealth using innovative strategies and expand into Multi Family Real Estate

    Congrats. How can the community help you? 
    • Sean Graham
    business profile image
    Maven Cost Segregation Tax Advisors
    5.0 stars
    1 Review

    User Stats

    17
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    7
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    Breeya Johnson
    Pro Member
    • Real Estate Consultant
    • Austin, TX
    7
    Votes |
    17
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    Breeya Johnson
    Pro Member
    • Real Estate Consultant
    • Austin, TX
    Replied

    Amazing, are you looking to invest more in the Texas area?

  • Breeya Johnson