All Forum Posts by: Brian Salame

I would like some advice on my current plan. Background info:

Credit score is around 740

Job gross income: $45K

4plex property info

Current gross rental income is $2450

Net is about $900

Current mortgage is $1163 @4% but paying PMI(FHA)

Current loan amount: $167K

Property value: 300K - 350K

Purchase date: may 2015

Ok so my plan right now is to do a cash out refinance to buy another investment property(fourplex). I was taking to a lender today and he said that he could get me a 4.5% interest rate with $80K cashed out. New mortgage would be around $1500. I was then looking at buying a another fourplex for $400K and living in one of the units. I calculated the payment on Zillow and the mortgage for that would $1970 plus $400 for HOA so $2370. I was looking for the lowest market rents for 2 bedroom units and I saw it was $825. The fourplex I'm looking at has (1) 3 bedroom and (3) 2 bedroom units. Lowest market rent I could find for the 3 bedroom was $950. My concern is would I be paying to much for this property. Do you think this plan is risky?

Hello Everybody,

I was just wondering will I be able to buy a property house with a 5% conventional loan. I think my DTI is about 25%. That is only including my mortgage and utilities for my FHA loan. I dont know if I have to count repairs or vacancy estimates in there.

I know an agent who would love to help you. Her name is Martha Ortiz. Please send her an email to her email address at marthaortizrealty @gmail.com leave your number and your price limits and she will give you a call! You can also follow her on Facebook at marthaortizrealty Thanks!

Jill DeWit Thank you Jill. That's one of the reason why I created an account because I saw how much this site has. Also it seems like your doing pretty well for your self as well. Good luck on your future endeavors as well.

Ayodeji Kuponiyi Thank you Ayodeji!! That's the plan. I want to learn as much I can because purchasing this fourplex got me hooked and I want to buy more!!

Vamshi Ananth Thank you very much!! :)

Joe Ellis how I found was because of my fiancés mother. She is a real estate agent and we looked every week for potential properties and we had two potential properties, this one and another property that had six units but was considered a fourplex but the seller and I weren't agreeing on things and the 2 extra units were studios, which would be hard to rent out but operating income was going to be great with all six units rented out but it didn't work out. So we settled for this property I have now. This one was not easy either because the seller was in another state and the realtor that was selling it was so flakey. It's took us literally 3 months to close because this realtor was not doing what she said. That 3 months was totally worth though for what I have now

Joe Ellis Thank you but I am currently managing the property. I have lived in it since June and I am about to move in with my fiancé. It is about a 10-15 min drive to CSN Cheyenne. The expenses are $1150 for my mortgage(includes insurance and taxes) about $100 for property utilities and $100 for me to live. Income is $550 per unit with only 3 rented out that $1650 and minus $1350. About $300 net profit with me living in it. Now that I am going to move out of it the income would be an extra $550 a month so total net profit with all 4 tenants is about $950 if everything goes well and no repairs. I paid $183500 for this property and the property needed a little work done in 2 units and the laundry room. Spent about $3000 to fix the units and make them look better.

Walter Purdy that would sound great man. Can't wait to network and meet maybe future partners

Hello

My name is Brian and I have lived in Las Vegas all my life. I am currently attending UNLV for a bachelors in Finance. I recently purchased a fourplex in May of last year and it has been one of the best decisions I have made. I made an account with BP so I can learn more about investing in real estate. I think I want to invest in commercial property but I have heard that it is very difficult. I'm just going to snoop around the forms and learn.