All Forum Posts by: Blake Burnett

Hello everyone, 

I have been buying properties in OR and TN and am looking to expand into NW Arkansas after reading up on landlord laws and recent growth in the area. Does anyone have a realtor/property manager recommendations. Any investors or locals care to share some insight on Fayetteville, Rogers, Bentonville, and surrounding cities? 

Thanks!

Just closed on my first duplex in Fairview, OR. Both units are occupied and on month to month leases. I would like to keep both tenants in place. One recently adopted a pitbull without notifying the previous owners. I am willing to keep the tenant IF and only if they agree to rehome their dog. What is the best approach if anyone has been in this situation before.

Looking for advice and feedback. 

I will be getting out of the military in 11 months and am going to be using my GI bill to pay for schooling. I am returning back home to Portland, OR. My BAH (housing allowance froM the G.I. bill) is over $2200 a month where I'm attending and I will have that for 3 years. This does not count as income so it will not help me qualify for a larger loan. I plan on buying before I get out so I can still show income. My question is, would it be better to buy or rent in an expensive area like Portland. I know most memebers here are against condos, but at this time, price wise that's about all I qualify for in the area. On most condos PITI + HOAs will run anywhere from $1150-1300. The ones I've looked at have no rental cap and would rent for $100-$200 over that which leaves no room for reserves or special assessments. Would it be better to bite the bullet and spend the $35k (will be using conventional loan) up front as a down payment and have a home that could potentially be a rental when I move out in 3-4years or rent and pay someone else that $35k in rent over the course of the next few years. Any advice, thoughts, or alternate ideas are appreciated.

I am looking for at least one single family home in the zip code 23605 as a rental. 3 bedroom preferred, but 2 could work. I have all financing lined up, just searching for the right one. 

@andrew 

@Andrew Kerr do you account for less on both cap ex and maintenance because this is a condo and all outside major components are covered?

I'd like to get some opinions on a condo deal, which I know few of you recommend. I'm active duty military stationed in Norfolk with plans to move back to the west coast in about a year and a half, which is why I'd like a property that is more hands off. I'd like to purchase something in the market here because it is much more affordable. Here's the deal in which I would owner occupy for about a year.

It's a 65000 condo that only requires 5% down. HOAs are $230.

PITI+HOA = about $670/mo

Current rents in that area range from 900-950. This unit has been updated so I'm shooting for the 950.

After a management company charges about 10%, that will leave me with $180 which definitely isn't much to work with. At closing with down payment and some closing cost assistance I'm only in it about $7k.

Would anyone recommend this due to the low initial investment, or pass it up and wait for something better?

​What type of insurance is required on a multifamily property? (2-4 units) is it any different if you occupy one of the units? Also, what do insurance companies look at to determine your rate? Are there any factors in your control? Also doesn't anyone know of any websites to get quotes on insurance? Thanks

I haven't been able to tour the properties yet, so I'm unsure of the interiors. I've only been able to run numbers. Here's the first one which definitely needs some cosmetic work on the exterior https://www.redfin.com/VA/Hampton/9-E-Cummings-Ave-23663/home/52046211 And the second http://www.realtor.com/realestateandhomes-detail/1203-Victoria-Blvd_Hampton_VA_23661_M54776-86930

I am currently looking at two 4plexes for sale in Hampton, VA. Most construction over here is older. One was built in 1918 and the other was built in 1927. Ive ran all the numbers on them and on paper, they cashflow. I'm not sure my 10% for repair costs is enough on an older property. I know it depends what has already been upgraded or repaired. Does anyone have experience in these older properties and knows what to expect in terms of repairs or any other issues?

I've found a 4plex than I am interested in. I spoke with the realtor and was informed that the property was inherited and from the looks of the place and the rent being under market, the owner doesn't seem too present. I wanted to present the idea of owner financing, so he could keep some income and at the same time I couldn't buy the property without a traditional loan. How do I go about reaching the seller to ask about seller financing?  I'm assuming the realtor is not the one to go to though.