All Forum Posts by: Adam Spencer

The numbers all look about right to me. I am in the same boat looking to buy a 4plex and live in one unit. I asked a few people around the site and they say to run the numbers as if you were not living there. Personally I am looking for something that will even out with me living in it. I would say get financing in place then put in an offer. Thats what I did and may have my first by oct 1st.

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welcome to bigger pockets and REI!

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You could use your cash to buy the property then once you prove that It cashflows after 6 months go to the bank and refi. Check out info on the BRRR strategy. I would also look into getting a HELOC on your home. You have a lot of equity in there that you could be using on deals.

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I'm looking for a quad in Ypsi and surrounding areas. I am really flexible on area as I'm really just in search of a good deal in a good area. I'm using a 203k so am looking for something that needs work but not in horrible condition. PM me if you know of anything thats worth looking at

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Well I got the inspection done on Wednesday and he recommended that I back out of the deal. There is a lot of unknowns and code issues. I am happy that I had a pro in there. I'll keep on searching

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Originally posted by @Netnapa Woods:

Hey Congrats! I'm also looking to invest in a duplex, triplex, and or four plex. What kind of loan are you using? Business or personal?

Good luck on your search. I'm using a FHA 203k

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Originally posted by @Barbara G.:

so it's better then the 2% rule so that's very good. Your cash flow should be really good. We don't have anything as good as that. We are around 1% to 1 1/2%

yes it is close to 3%. I do expect good cashflow from this deal. Also a side note this is not a typical deal around here. Most that I have seen are 1.5-2%

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Originally posted by @Barbara G.:

I think if you are living without cost you can figure your rent for at least $500 and that would bring your cash flow up considerably. What will the rent roll be for the 3 other apartments?

That is a good way to look at it as well. They 3 others should bring in about $2000.

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@David Zinn

good luck man hope it works out...are you buying a SFH?

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Originally posted by @Barbara G.:

How much is the quad and what will your cash flow be? Is any of the quad currently occupied?

What rehabbing will you do and how much have you budgeted for the renovation?

The price will be 70k with seller paying closing. The cashflow will be small to start since I will be occupying one unit and kicking out some people for the renovations. Once all 4 are renovatied though I am looking at about 400-600 cashflow plus living for free. Reno buget will be 30k so all in for 100k and the ARV is around 130k-140k...

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All Forum Posts by: Adam Spencer

Adam Spencer has started 21 posts and replied 82 times.

Post: MFH analysis - what do you think?

Post: New Member NC/SC Beach

Post: Using personal funds for entire house purchase - it is smart?

Post: Looking for quadplex

Post: 4 unit under contract

Post: 4 unit under contract

Post: 4 unit under contract

Post: 4 unit under contract

Post: 4 unit under contract

Post: 4 unit under contract