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All Forum Posts by: Brandon Dubisky

Brandon Dubisky has started 2 posts and replied 12 times.

Post: 203k advice for a 1st time investor

Brandon DubiskyPosted
  • Rental Property Investor
  • Posts 12
  • Votes 5

I expect this deal to have 33% equity if the appraisal comes in where I expect it to. That is using the average in my market of $100 a sq. ft. The low side would be 23% equity that would be at an evaluation of $85 a sq. ft.

Post: 203k advice for a 1st time investor

Brandon DubiskyPosted
  • Rental Property Investor
  • Posts 12
  • Votes 5

@Bill Rich ok thanks I'll reach out to you.

Post: 203k advice for a 1st time investor

Brandon DubiskyPosted
  • Rental Property Investor
  • Posts 12
  • Votes 5

@Andrew Postell thats kind of what I expected. I also read that the asset manager may be able to accept up to 10% off listing so thats what I plan to offer. Is this common to your experiences?

Post: 203k advice for a 1st time investor

Brandon DubiskyPosted
  • Rental Property Investor
  • Posts 12
  • Votes 5

@Andrew Postell great info! Thanks!

The bank has the property listed at 90k. Looking at some comps and just knowing my area I think the ARV will be 160-170k. I estimate the repairs to be 35k but I will get some quotes from 3 contractors.

My next question is since the property is bank owned, will they come down on the price or do they just list it at their bottom line?

Post: 203k advice for a 1st time investor

Brandon DubiskyPosted
  • Rental Property Investor
  • Posts 12
  • Votes 5

Thanks for the insight Matthew Porcaro!

Post: 203k advice for a 1st time investor

Brandon DubiskyPosted
  • Rental Property Investor
  • Posts 12
  • Votes 5

I'm in Alabama.

Post: 203k advice for a 1st time investor

Brandon DubiskyPosted
  • Rental Property Investor
  • Posts 12
  • Votes 5

I'm looking for advice to acquire a 203k loan on my first investment property. I know I have to live in it and that is my plan, but how long do you have to live in it before you can sell?

Any recommendations for 203k experienced lender in the gulf coast area?

Also my plan is to have 30% equity in the home after renovations, does this seem feasible if bought at the right price?

The house I'm looking at is bank owned. Does that matter? Thanks!

Post: New investor looking for Section 8 advice

Brandon DubiskyPosted
  • Rental Property Investor
  • Posts 12
  • Votes 5
Originally posted by @Casandra M.:
Originally posted by @Brandon Dubisky:

Thanks for the responses! I've had a few people tell me not to start out managing them myself now, so that is the approach I am going to take.

 Just keep in mind what your end goal is with your properties. We personally manage our properties (includes Sec 8 units) because we couldn't find what we felt were responsible property management companies in our area, even though our area seems to be dense in property managers. I've personally found that the learning curve is much shorter as a new investor, if you are willing to put in the work to understand your local laws and tenant/landlord rights yourself and manage your first few properties yourself, before transitioning to a property management company. This would allow you to better understand what you find acceptable while running your RE business. 

Keeping in mind that this advice comes from someone who doesn't necessarily trust property management companies or the quality of their services. 

 Thanks Casandra!

Post: New investor looking for Section 8 advice

Brandon DubiskyPosted
  • Rental Property Investor
  • Posts 12
  • Votes 5
Originally posted by @Calvin Ozanick:

Brandon, over half of our tenants are on section 8. We manage roughly 125 rental units in southern WI and we love our section 8 tenants. Here in Wisconsin, Section 8 qualifications are quite stingy and require people receiving benefits to be people without criminal records or outstanding evictions. This allows for the people we take in with section 8 vouchers to be very good and mild-mannered people. I highly recommend taking on section 8 tenants because of the fact that there is always guaranteed rent coming from the government. However, if there is a change or something going on with the tenants rent, be sure to contact their case worker immediately. Changes of banking info, mailing addresses or other things like that tend to take a very long time with section 8. 

Thanks for the advice Calvin.

Post: New investor looking for Section 8 advice

Brandon DubiskyPosted
  • Rental Property Investor
  • Posts 12
  • Votes 5

Thanks for the responses! I've had a few people tell me not to start out managing them myself now, so that is the approach I am going to take.