Excited to expand into House Hack and Multifamily

[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

[Wale Lawal]

@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!

[Savannah Holzer]

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

[Julio Gonzalez]

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

[Jackson Harris]

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

[Gino Barbaro]

@Sandeep K Mamidi

Welcome to the dark side!!

Multifamily is a long term game, but well worth it

Gino

[Malik Javed]

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

[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

[Albert Bui]

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

[Sean Graham]

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? 

[Breeya Johnson]

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