All Forum Posts by: Bridger L Logan

@Anthony McEvoy

It will be a temporary primary residence and I'd like to simply buy and hold. I am working out the financing aspect now with a VA loan and a cosign from my pops. I will get an appraisal and a professional inspection before hand considering the age of the property. Thank you very much Anthony!

@Tamara Deering

Thank you plenty!

@Pat L.

Wow sounds like she found a great opportunity! I am going to have trouble finding financing now that I know VA and FHA only allow max 4 units. What about a hard money lender?

@Tamara Deering

Do you think the best option for this 5-plex would be a hard money lender to help or a conventional loan?

@David Kelly

Thank you for your input, very much appreciated!

@Tchaka Owen

Thank you very much for your input! I was unaware of the amount of units being more than 4 is an issue for VA and FHA. What do you think of having a hard money lender purchase it and repay him with bank loan?

Hello, I am closing in on my first real estate deal in Butte, Montana and would love any input! I am graduating May 2020 with a degree in civil engineering. I have gone over 50+ multifamily properties that could be an owner occupant scenario and have decided a certain 5-plex. My questions are: Is starting with a 5 unit building too large? (What was your first deal size?) The of the property is 325,000 has a monthly expense (Mortgage, Operating costs) of 2200, but has a monthly rent of 3500. It was built in 1900 and has had an incredibly strong rental history considering its location to campus and the hospital. What type of things should be checked for due diligence? I am leaning towards a VA loan as well instead of FHA. Any thoughts or opinions would be greatly appreciated.

@Brandon Sturgill

Thank you for this info! I appreciate it. I'll definitely keep this in mind before diving into the first deal.

@Wyatt Postal

Ya that's also what I read. Would be great to see that go into action. I appreciate your input!

I have been saving up for my first real estate deal. I have read a multitude of books and steadily soak up info from podcasts. I have enough knowledge about what I'm looking for to take that initial fear out of my first deal.

My plan is to purchase a quadplex with a FHA loan and live in one of the units and manage the property myself for the first year or two. (PM costs placed into cashflow analysis though).

I am currently in school and will graduate spring of 2020. I have around two years of work experience in my related degree but not consecutively (Summer internships). I will make my first purchase after I get a job. I assume I should be able to get qualified considering I have previous job experience in my degree specific line of work and will work right away in the same field.

What amount of intial capital or percentage of purchase price should have readily for a 189k quadplex (class c property in class b area)?