All Forum Posts by: Anthony Pinto

🤔Don't know the first thing about trying to finance your multifamily deal? If you are a beginning investor, this is the call for you!

💥Julie Anne Peterson from Old Capital Lending will be breaking down your finance options as a multifamily investor and cover the recent changes to regulations with Covid-19. She brings a 💰WEALTH💰 of financial knowledge to bear.

💥With 30 years of real estate transaction experience, Julie Peterson does not just source funds; she consults with her clients to help solve their immediate needs. She works with all types of income producing real estate and at all levels of the “capital stack”. Old Capital is a premier provider of commercial Capital solutions and advisory services for commercial real estate investors of Multifamily, Retail, Office, and Industrial. Old Capital brings an extensive network of equity and lending sources and structured finance experience with a focus on acquisitions. In 2018 & 2019, Old Capital closed over $1 Billion in loan transactions.

⏰Set your schedule, grab a pen and take notes. Spotlight Sunday is in session!

Network with fellow MF operators in the Hampton Roads area during our virtual networking meetup. You've never seen a virtual networking event like this!

So...
Grab a drink.
Breakout your virtual business cards.
Turn your cameras on.
Bring a pen.
And be on time.

Register Here: https://us02web.zoom.us/meeting/register/tZUqdO2trz8iHdEtynvhqklUXRVsD7FNHbq4


Also join out FB Group for Hampton Roads Multifamily and More https://www.facebook.com/groups/hamptonroadsmultifamilyandmore/

@Snehann Kapnadak, I have a property under contract in KCK and I like the area personally. As Overland Park wealth grows, more and more of that wealth is pushing north towards northern OP and KCK.

@Meaghan Simonich, my company has a property under contract in KC. Message me for more details if you are interested.

Hey @Chris Parrish! I did this exact same setup (for a triplex) a couple months ago. Shoot me a DM and I can walk you through the process.

@Kevin Andreani

Welcome to Hampton Roads! If you are looking to network, there are a ton of meetups in the area. I would specifically look under the link below. @Melanie McDaniel is an amazing realtor who hosts the Hampton Roads Real Estate Investor's Group. I've bought two MFHs with her and that's only the beginning! She has a great group of military investors whose experience ranges from flips to apartment buildings and everything in between.

https://www.biggerpockets.com/forums/521-events-an...

@Bobby Njoo I may be a little late to the party here but I had two loans go at once and both were approved. One was a residential loan using my wife's VA loan (our quad that we are house hacking) and the other was a commercial loan with two other partners. I just drew up terms and formed an LLC for the partnership, got a lawyer to gather and sign the paperwork and voila--we were a formed partnership and purchased the triplex with the commercial loan. It took some time to negotiate the terms and I can give you some tips if you want to DM me.

Also, understand that with a residential loan, your bank may require that you have proof of the funds in your name (as in your account) for up two months prior to closing. So having a partner move the money over, unless they are your spouse, would not be allowed. That way I got around that was using a commercial loan from a local credit union. Again I can give you a recommendation for a local bank that can give you a competitive rate and terms.

@Christopher Boyle Thanks for the support! The house is about 120 years old so I'm finding issues here and there but nothing too major so far. It's a pretty solid house, just needs to be brought into the century.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Portsmouth.

Purchase price: $287,000
Cash invested: $7,000

This quadplex is our first investment property. One unit we are house hacking; one unit is an AirBnb and the other two units are long term rentals. Since we are house hacking, we are not cashflowing on this property but we pull enough rent to cover the mortgage. Once we move out, we potentially stand to cashflow about $400 total ($100/unit).

What made you interested in investing in this type of deal?

I wanted to buy our first investment property using our VA loan which needed to have an owner occupied property. We wanted a MFH because you can get more units (and rent) for the price of a SFH.

How did you find this deal and how did you negotiate it?

We found this deal on MLS because it was listed about 60k higher than market value. We originally offered 290k (asking 350k) and they counteroffered with 325k, then we counteroffered with 310k and they walked. About a week later, they came back to the table and agreed to 310k. The VA appraiser came back with an appraisal at 287k which was a welcome surprise. We agreed to pay closing costs (~7K) for 23k off the mortgage!

How did you finance this deal?

Financed through a local bank with a VA loan.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Recommend anyone looking for a realtor to use, Melanie McDaniel is your woman. She also hosts one of the few Hampton Roads meetups on BP.

@Miller McSwain Welcome to the path towards financial freedom! I was in a similar situation as you a few months ago. The two biggest things that helped me get to where I am now was 1. learning, learning and more learning and 2. find mentors (unpaid if you can) that are available for questions, partnerships, comments, etc. I've found a solid group of military and former military investors in the Hampton Roads area that have run the whole gambit: from flips to apartment buildings. Also that extra introduction at a REI meetup may lead to a lifelong relationship and a plethora of great deals.

I completely agree with house hacking as your first step in investing. My wife and I's first investment property was a quad that we house hacked one unit, AirBnb'ed another one and long-term rented the last two units. 

Good luck with everything and I hope that helps!