All Forum Posts by: Caleb Brown

Praying. Reminds me to have the right perspective in life

To do any additions you will need an OK from the city along with permits. You also need to know if zoning allows it. Some people get away with doing it under the radar but eventually they will get caught, fined and shut down. One other thing to consider is utilities, that can be expensive. 

What are some tips you'd give in finding solid builders? I've had clients interested and have no clue where to start in that niche. Definitely a great opportunity and avenue 

Happy to connect. Not sure if there is a way to tap into that equity, I don't think 40-50K would be enough to do a HELOC or a refi. Can you save for a down payment to do a house on a duplex? Those are lower down payments.

Seeing the same. I think it is partly due to the weather. Also seems buyers that were waiting in 2023/2024 are getting in the mix of buying. Only so long people can wait before they have to buy/sell. This year does seem like it'll be better compared to the past couple but we'll see

There is a million markets out there. Midwest is very common. Maybe look at states right outside Florida to keep it close ish. Happy to chat on Kansas City if you look in this area.

Can you do a hard money loan to tackle it? This can be an answer if you want to tackle it yourself. If you bought then immediately resold you'd need to know the rehab and ARV. Every investor ranges on what they will buy for but a broad range is 70-80% of the ARV. Basically investors want to be all in on a property within that percentage. Once you determine ARV and rehab then you can base your offer on that and what you'd like to profit.

My first thought is to have him owner finance to you. Before going down that rabbit hole, do you have money set aside? A lot can go wrong with 5 units and honestly you need capital and a good understanding before diving into something like that. If you want to get into investing look into a house hack, basically what you'd be doing in this scenario but way less risk and you don't have to worry about a partner. If you don't have a down payment for doing a house hack(these are lower down payments) then I would focus on saving

I am in Kansas City but I assume your area is similar. We have many early 1900s builds. Foundations are normally stone but they hold well. They do allow water to squeeze in so having sump pumps and sealing the walls are something I'd budget in. There can be settling and the floors uneven. It's a case by case basis with the homes, I would never finish these basements on stone foundations. Also check electrical and plumbing on the older homes

I would not jump into a 32 unit with being fully leveraged including the down payment. If you had the down payment/reserves then it'd be a different story. Start with a single family or 2-4 unit. Get your feet wet then scale up.