All Forum Posts by: Braden Taylor

@Robert Biggerstaff Definitely! 

@Thomas S. I am going to talk with a loan officer that I have a good relationship with after I do another walk-through of the 4-plex tomorrow. I work for an architecture firm where I create budgets, cash flow projections, prepare and analyze the financial statements, create A/R receivable schedules, etc. The nice thing is that the guy I will be going to for the loan has seen a lot of my work because we had to do some financing for the firm. I hope that, a credit score above 750, and my business plan will be enough to win him over.

As far as the numbers, starting at $200,000 pre-negotiations. They have never listed it on the market, so they have been dealing with private offers (I got lucky and found out about it). I was told they were once wanting $250,000 for it, but at this point they are just ready to let it go. It has some sentimental value so they said that they will not be going lower than $200,000. I am the only serious buyer as of now and don't want to poke the beast with a stick if they've already dropped it by $50,000.

4 units, 1 $500 per month, 2 $550 per month, and 1 $750 per month, all currently rented out. Research shows that market could support a 10-15% increase in rent payments and still stay competitive. Right next to a university, very nice neck of the woods. Decent condition both inside and out, on boiler, no central air, and planning for no property management services. 12-month leases, $29,700 per year (including a garage that is rented out to another entity) subtracted by annual expenses (including taxes, insurance, mortgage @ 4.5%, waste/sewer/water) should amount to around $17,782. Monthly profit of about $993.17. Then, I have a payment plan set up to repay the DP, which will take the majority of the profit. Not planning to be making anything significant until the DP is paid off in about 3-5 years, depending if I want to throw some of my salary at it.

*Starting with the quad, not the duplex.

@Jaysen Medhurst Thanks for the input! Starting with just the quad is what I'm leaning towards after some further consideration. It'd be nice to take on everything at once, but slow and steady wins the race. Was considering house hacking, and may still keep it on the table, but the 4th unit just filled. Think I'll wait for the next opportunity to do that.

I am brand new to the game and have an opportunity to get off on the right foot (or so I would like to believe). There is a 4-plex as well as 2 duplexes for sale in my area, and I could potentially snag all three of the properties for under $365,000. More than likely going for a 20% DP, so that amounts to $72,000-$74,000ish. I believe seller pays closing costs (correct me if I'm wrong). These deals are all somewhat time-sensitive and they are off the market so not much (if any) competition at the moment.

Currently, I am a senior in college going for a double major in accounting and finance and plan on going for my MBA, sitting for the CMA and CPA, so I would like to think that I can handle the financial responsibilities. Not only that, but I took a 4 month class completely dedicated to creating a business plan, which is now coming close to around 25 pages with all details considered.

I believe I am ready for the first jump, but I'd like to hear from the community if buying all three would be too risky. The 4-plex is a DEFINITE "must buy" for me. Too great of an opportunity to pass up. As far as financing the down payment, I will most likely be using a business-minded and generous family member, but please feel free to throw out other financing advice as well such as HELOCs and such. I've pretty well decided not to go below 20% DP so I can avoid PMI. Any advice would be much appreciated! Thanks in advance.

@Bryan Witters Sage advice! I may have to look into house hacking for next year (I'd do it this year but I am on campus housing). Would you happen to have a recommended $$$ figure that you might need for reserves to take care of the unexpected events? 

@Matt K. Will do! I appreciate it.

@Matt K. I appreciate the advice! Very simple, but very true. I'm trying to keep my debt as low as I can. I don't even have a credit card yet, but I probably should to start building credit. When it is all said and done, I'm hoping to have a little less than $10,000 in student loans, and then getting those paid off ASAP. I have a few jobs: I do some bookeeping, budgeting, and business consulting for a local architect, I work at at CPA firm during tax season, and I own a little side business with my friend doing pressure washing and sealing driveways, patios, sidewalks, etc. Very fortunate to have what I have. But that FHA loan, I just heard about it. Don't know/think it would apply to me. Was just curious.

Hello all!

I am currently a sophomore in college going for a double major in accounting and finance. I recently discovered the "real estate realm" and I am incredibly interested and fascinated. My question is there any way that a college student can start investing? And if not, how do I get started as soon as I have graduated? Also, I've heard about loans where you only have to put a 3.5% dp. It seems too good to be true, but could someone indulge me on that as well? I know very little about all the possibilities out there so feel free to list off some tips and tricks. I already have a feeling that most of the comments are going to swim around the lines of, "Focus on school first" or "Learn as much as you can while you're young." I just want to say for the record that I am putting school as a priority for now and that I am trying to learn as much as possible on this subject. I just want to know if there are ways to get started ASAP.

Thanks in advance!