All Forum Posts by: Aziz Bangurah

The property is rent ready, someone just move out 2 months ago. The old owner also updated the appliances and painted for me.. Thank you guys for the great advice. I will reach out to the PM company tomorrow and try to get a new bank account setup.  

Hello After 5 years of starting on this journey, I have finally purchase and close on my first rental property. 

I am currently trying to get it ready to rent but I honestly, don't know where to start and what to do as a land lord.

I have had this property management company reach out to me saying that can help and do all the work for 10% a month. is that reasonable ?

also is there anything I should do to the house itself before renting ?

Any beginners tips will help ?

Thank you 

I'm buying a duplex and just got  pre approved for the loan. I have found a property I like and have contacted the agent. We are viewing the property this Friday. What are things I should look for and what questions should I ask ? The rooms are currently rented. Also should I get an agent ?

John Leavelle will it cost to contact and setup a meeting with a real estate investor?

Currently learning real estate investing , gearing up to buy my first property early next year with a 203k loan. My question is how to value a property to make an offer ? The property I'm looking at is listed at 99,000. It's a 4 plex 1 Br 1 bath. It's in a section 8 area. FMR is 570. I drove by today and the place will need a new stairs and new roof. And maybe some other minor improvements. Rent is currently 365, there are also other properties same style just a lot nicer available and listed for the same price maybe a little higher. Im trying to figure out an amount to offer that's reasonable for both.

Bradley Fulp Hey Bradley, I'm in the same position as you. I plan on getting started next year. I've been researching FHA loans and 203k loans. Let's stay connected so we can help each other through the process.

Thank you @Bob Okenwa for the fast reply and great answer. 

I have some follow up questions. 

How would I appraise the property to know how much to offer ?

When you say closing cost can range from1-5 % is that of downpayment or loan amount ?

Could I renovate the storage room first and maybe ask a tenant to move into the newly renovate room while I fix the current room they are staying in ?

After doing some research I've decided to go for a 203k loan to buy my first property. I'm not ready to apply yet, I'm still improving credit score and saving up for down payment. 

The max amount of loan I want to use is 100,000 renovations and purchasing, I choose this amount because I can afford the mortgage, if no one is living in the units. I found a 4 plex 2 bed rooms, 1 bath for 99,000 but Zillow estimated it at 75,000. I notice the owner spent 97,000 in 2011. It looks like it drop in value due to the owner not taking care of it. The 4plex has 3 rooms rented out, the extra is used for storage right now. The tenants are paying 365 a month for rent, that is below average for the area and they pay utilities and a HOA of 81 a month for all 4 units. Mortgage cal estimated 775 a month including taxes, insurance, PMI, HOA.

My plan is to purchase the property or a different property at 65k or 70k use the rest of the money for rehab and live in one of the units.

My questions

1. Does 203k loans work with property that have tenants living in them or will I have to buy a foreclosed  property 

2. How much money should I save for this project ? My biggest fear is not having enough money out of pocket to cover downpayment, closing cost and etc.  My goal is 5,000. Will I need more ?

3. Can I do renovations while tenants live there ?

4.I've notice there are a bunch of 4 plex in the neighbor own by different owners they all look similar . If I fix mine up and raise the rent could that potentially  be a problem ?

Hey guys!

I am Aziz, I've recently just discover the interesting world of real estate investing. I am a 23 year old college graduate from North Carolina. My future goal is to own multiple properties 

After doing a lot of research, I've decided I wanted to purchase a fourplex with an FHA, sometime early next year. I want to build my credit score up some more (659) and make more money just incase I'm unable to rent the other rooms out.

Now I do have a couple of questions

1. What would be a good starting amount to apply for ? I've seen some foreclose 4plexs really cheep and some in D neighborhoods for 65,000 and less

2. What steps should I take before buying my first property ?

3. Is a FHA loan like a line of credit ? Could I apply for a large amount and only spend some on the actually property and some on repairs and such.

4. any book recommendations ?