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All Forum Posts by: Chance Monteith

Chance Monteith has started 2 posts and replied 6 times.

Post: First Investment

Chance MonteithPosted
  • Surprise, AZ
  • Posts 6
  • Votes 1
Originally posted by @Aaron Smith:

Look into FHA financing, its 3.5% downpayment. They also have their FHA 203k program, which finances renovation costs into the loan, still with 3.5% down. If you go that route, you can save the other money you have for other investments. Its a great way to avoid paying rent, and have tenants pay your mortgage for you. Max is 4 units for an FHA loan.

I did a 4 unit FHA house hack about 5 years ago. Its not too bad filling those extra units, just follow the tenant vetting advice on this website. I would personally go 4 unit. If one tenant moves out, you only lose 1/4 of the property income, so its much safer.

 I had thought about using a 203k, but haven't really looked into it much! Thanks man 

Post: First Investment

Chance MonteithPosted
  • Surprise, AZ
  • Posts 6
  • Votes 1
Originally posted by @KC Zhang:

Chance, 

I suggest you start small with a duplex, then move on to 4 plex or even bigger complexes. 

As for your question about the 4 units, you need to check how they are deeded. If they are all on one title, then it's a 4 unit. I'm not a title expert, so please check with a local title officer. 

Good luck!

Casey

 I appreciate the info and advice, KC!

Post: First Investment

Chance MonteithPosted
  • Surprise, AZ
  • Posts 6
  • Votes 1
Originally posted by @Brian Adams:

@Chance Monteith, welcome to BP and make sure you check out the various forums, resources, podcasts, etc. 

Lots of good info on this site.

I focus on 100 to 400 unit deals, so probably not the best person to answer your questions. 

Good luck on your journey!!

 Geez! Must've been quite the journey to get there. Thanks!

Post: First Investment

Chance MonteithPosted
  • Surprise, AZ
  • Posts 6
  • Votes 1

This is my first ever question posted to BP!

Anyways, by the end of the year, I plan on purchasing a multifamily property to house hack. My brother and I are going to live in a unit, and rent the other(s) out.

My question is, in your personal opinion, what type of property should be a first purchase? Should I plan to buy a Duplex, Triplex, or Fourplex? I understand there are more factors that can go into making a clear-cut decision, but right now I just want to know your advice, assuming I'm able to afford the fourplex.

Another question: I have found a small complex composed of townhouse units, and a seller is selling 4 of these, 2 bed units together at $175000. 

Are these type of units considered to be the same as a fourplex,  or something else? I'm not sure how to describe the complex they're in, as they are townhouses in an apartment-style area.

Post: Learning to GO

Chance MonteithPosted
  • Surprise, AZ
  • Posts 6
  • Votes 1

@Michael S. I appreciate the support dawwwwwg

Post: Learning to GO

Chance MonteithPosted
  • Surprise, AZ
  • Posts 6
  • Votes 1

It's been a year since I first joined the forums, and I've regularly checked up on posts, blogs, and most recently, the amazing podcasts I can easily listen to on my phone or in my car! Unfortunately, I never jumped in to discuss any questions or input my own solutions to some peoples problems.

My experience in RE spans back to my childhood, but not as hands-on as a lot of prodigies you hear about on the web. My mother is an agent (now going on Broker) here in my home state of Arizona. I've spent plenty of time in my early years going through open houses, listening to phone calls, and seeing how my mom hustled the business. As I grew up, and she inevitably grew confused/frustrated with computers, I had to help her understand the technology side of real estate, and I became more & more familiar with the transaction process. 

SO, last year after I graduated High School, I knew 2 things: I had NO idea what I wanted to do, or what my passion was (still trying to figure that one out, haha). Out of curiosity, I guess is what I'd call it, I went and got licensed as an agent. Through this process I learned more and more about the game, and began to feel as if working as a realtor really wasn't for me.

Now, mid-2016, I feel as if I know the first step towards a future I can create: REI. Of course, like the cliche beginner I feel inclined to start with market wholesaling, but my original plan was to just pick up my first investment property (Tri or 4-plex) in PHX along with my brother whom I currently reside with. However, even with an 3.5% FHA, I still need just a tad bit money in my savings to be comfortable paying for earnest money, closing costs, etc.

As in addition to this, I am currently back in RE School and working on getting my license as a Loan Originator.

So I guess that's the basics.

 I am tired of constantly waking up in the morning having nothing to work towards but the next day. I am writing this post as a means to tell myself its time to GO, it's time to get up. I want to actively engage in a business that's exciting. I want to finally experience my Life, by my Design.