All Forum Posts by: Adam Spencer

I do not have FHA financing in place yet so I am not quite at the looking stage. @Jerry PadillaI will be contacting you in a few weeks to talk financing...

@Jerry Padillayes that is what i am hoping that there will be someone moving out of the unit.  Is this somthing i could ask the seller them?

@Rhondalette W.I am very exited to start this way it will be a good first step.  I looked at one 4plex online that when I ran the numbers would cashflow a few hundred with me living in one unit and renting out the extra bd. Its close to a good size college so don't think i would have a hard time renting.

Ok so I am starting to look at 2-4 unit properties to be a live in landlord. I will be using an FHA for the purchase. I have zero experience. I have a few questions regarding this plan.

First off as I'm learning to do the numbers using the buy and hold calc on here. I've found a few that look good but am not sure if I should use all rents I will recive fully occupied? Or should I put the gross rent as the amount I'll get from the other units? I'll also be renting out any extra rooms in my unit as well. 

Another question I have is if I'm looking at a 100% occupied multi how can I live in one unit? Can I ask the owner if any leases are up soon? What strategies do you guys recommend? What pitfalls should I look out for with tenants that are in place? 

Thanks in advance for the help guys  

Welcome @Nicholas Agnetti I'm a newb as well in the area

Well didn't get the home the bank said I was to low...oh well on to the next one

thanks for the great info guys. I think your right @Michael Noto is the deal is good it will be fine. I may look into a privacy fence if I get the place. That could cut down noise!?

yes there's a fence and you can't really hear it with the windows open.  Really you only hear it on the back porch or in the back yard. I am not sure how good of a deal I can get depends on how flexible the bank is. 

I looked at a home that has good potential. Its a bank owned with a nice lot only downside it the back yard has maybe 50ft of woods then backs up to the freeway.  This is in a sub so theres lots of houses backing up to freeway as well.  I want to here what the pro flippers thoughts are on buying a flip that close to a freeway? Is this going to be hard to sell?

Thanks

Thanks Steve again for more great info! 

Thanks for the info guys.  I have no home so the heloc is out right now.  I did just get a couple of cards with 0% on them for 15 months so I will use those if I run out of savings.  I am also starting to ask friends and family if they want to get in on the action.  I really just want to do a succes flip before I ask for money.  I am also looking to get into a multi unit and live in one rent the rest out!