All Forum Posts by: Adonis Yancey

Hi there, I am in need of some advice. I am interested in house hacking and I've been in search of a multifamily property to jump start my investing Journey. I recently found a multi family property that I am interested in. But when I applied for a mortgage I was told that I did not qualify for enough to purchase the property. I have enough saved for the down payment but I can't get approved or make an offer on the property using my agent because I dont qualify for enough. What could I do in this situation?

That is really good advice. We are looking into it just to see if its a possiblity but we are not afraid to walk away if the numbers dont work.Thanks. 

So the wife and I found a new construction Multifamily property that we are interested in but its pricey and we were wondering if it was possible to negotiate the cost of a new build. Also if we were to get approved for the FHA loan then the downpayment would still be a hefty amount so we were also wondering if you guys knew of any helpful options that could be good for us if we were not able to come up with the full amount needed for the donwpayment in time. Also we were wondering if there was any options available to help us if we for some reasons wasnt able to get approved for the cost of the property.

Thanks for your response. Very Helpful. 

So I'm looking into a duplex that I'm interested in purchasing so therefore I check my county's appraisers site to get some information to help in my evaluation. I had a few questions about what I saw on the site concerning the property so I reach out to an agent from the appraisers office. The agent was able to tell me that the Total Market Value of the property was $200,930 for the 2021 Tax year. The breakdown is that the improvement value is $120,043 and the land value is $80,887 which adds up to $200,930. This information was also on the website. I asked the agent does it make sense to pay more than the Total Market Value that they have on the site. He said that he wont be surprised if the owner asks for 300k for the property. So my question to you guys is can the information on the property appraisers website concerning the Total Market Value be trusted and If so should I be willing to pay more than the amount that they have listed? If so how much more should I be willing to pay? Is there a range? If the Value is truly $200k I'm not sure that paying upwards to 300k would be a good idea but please help me understand. Thanks. 

Does anyone know of any Developers/Builders who specilaizes in multifamily properetries. My wife and I are interested in seeing what the cost of building a small multifamily property would be. We are in the South Florida Area(Palm Beach County). We are interested in House Hacking and we looked at some of the Multifamily properties that are on the market in our area but we wanted to also see if building a new property would be of similar cost. We also wonder if there are any builders out there who build spec multifamily properties the same way that some buildiers build spec single family properties. 

@Stephanie P. Good stuff. Thanks

@Bradley Dosch Thanks for your response

@Joe Splitrock Thanks for your response

@Zack Karp Thanks for your response