All Forum Posts by: Account Closed

 Thank you for the information.  Has State Farm opened up their offices yet in Florida? 

 Hello Nicholas 

Every program is a little different but here is the industry standard. 90% of the purchase price and 70% of the renovations cost. The ARV value here is super important, this is what the house will be worth after repairs are done. You will pay anywhere from 9 to 13 percent interest only payments until you refinance with a bank. Hope this helps

 Please explain that more, what does that mean if the tenant gets their own renters insurance, compared to the insurance the landlord already has. 

 Just to make sure, to make things simple. You will be purchasing a multifamily. Do not think about friends/family moving in covering rent. Do the investment without thinking about them.  Friends/girlfriends change overtime 

Whats the market rent, can it easily cover your mortgage etc.  Glad to help you out best i can, learn from my mistakes. 

Are you purchasing something with partners?

Are you using an agent? 

 Indianapolis is a very interesting market to me, low crime, low prices and high rents 

I would make sure that the contract states that the property will be leased as promised, that seems to be a big one. 

Document anything that may go wrong with the property, always be suspicious of the seller, they could be hiding something big, but of course that should have been caught during inspection but you never know. 

Thats a good first step, that sfh will help you learn the market of the area, and create connections. 

Piece of advice: start thinking big very soon after you do this. Enjoy the first one but dont get stuck and keep moving

8% is good rate for 25 doors. All those things you described most pm companies will do for you 

What would get expensive for you is the new lease fee. Some companies take the whole 1st months rent, others half, i would ask for half of first months rent and 7% fee.