All Forum Posts by: Chase Swanson

We have been happy with my current market for the SFR we have had for a year. Good renters, minimal rehab and all around positive experience with exception to it being a SFR. Looking to get into some multifamily units and Memphis is an area we have heard good things about.

Can anyone shed some light on values, neighborhoods or anything Memphis? Looking for input from realtors, PM or otherwise. 

Thanks in advance. 

@Dana Swanson

Looking to send out mailers in areas that we are interested in locally. I have heard of sending or paying people to send a pre written card out with our contact information out.

Are there some items that have been successful for others

1. Personal hand written letter or not?

2. Buying lists online or not?

3. Any other general information?

All responses are appreciated.

@Dan Heuschele

Being from the San Diego area yourself I assume you are familiar with the properties out here. I have defiantly looked at that idea in the Carlsbad and Oceanside areas and actually looked at a few properties that we could have made that work. Are there Other coastal semi coastal areas you have seen that work?

I do like this idea because this has a potential of keeping the down payment down as low as we are comfortable with.

Thank you for the response appreciate the time.

Sold out primary home in 2019 and have a lot of equity sitting in account ready to be placed. Was planning on seeing the market dive a bit but hasn’t much as far as primary market goes (San Diego).

Only have x amount of dollars for down payment on primary as well as down payment for investment properties.

Is there any advice on which to shoot for first or if there are advantages disadvantages one way or the other. Trying not to miss out one way or the other but really going to jump at whatever makes sense primary or investment comes first; and then follow up with the second buy.

@Jen Arizmendi

Please send me what you can for information on the area. I am working with a guy now that went to Notre Dame as well as his parents, they have a couple of properties there that peaked my interest. I am hearing that there are great areas around the school as well as areas that aren's so great similar to most areas but want to keep an eye on prices in the area. 

Looking for SFH or small Multi Fam properties in South Bend. I am out of state but have heard good things about the area. I would like to know small synopsis of what zip codes / areas are like (i.e. Students, young families, crime, etc.) I have done research on the area but personal experience cannot be beat.

Goal would be to find a property that can be bought rented and held. Not looking for BRRRR or flip opportunities at this time.

Any information is greatly appreciated. 

@Sean Gover the only issue is that I live and work in San Diego. I wish I could make something like that work here for my wife and I.

@Guifre Mora sorry I forgot to mention this property is in Mew Mexico I am looking at. It is in Albuquerque and will be n/o/o we have spoken with two different people about it and they seem to circle around to the same thing that it’s high u til you hit 25% and then it drops down to 5.5 or close to that.

With a 5 ARM option the rates are typically lower for the first five years by that time I would assume with paydown and appreciation I would be able to make up the 5% and then refi before the 5 years is up. Is this something you have seen work or commonly see work with investors trying to keep down payments low.

I am looking to get a loan from standard lender ie (bank, credit union, etc) for my first property. I am planning on trying to keep my down payment on four plex as small as possible while still allowing for cash flow 15-20%.

I just sold my house and rent now have two small car payments and my wife and I have above 800 credit scores. When I got qualified I was surprised to see that the rate I was being quoted was 7+.xxx. When I questioned my lender it was said that since it was not 25% down so we had a higher rate.

Is this something a lot of people run into, is this something that is normal? I was expecting something above the prime rate but not almost double.

@Jaysen Medhurst excuse my ignorance but if it cash flows with small amount down can’t the rate be refinanced as the equity builds. I would be at a 5% delta to make 20% and more than likely be able to drop the 7% to like you said 4-5% with keeping the initial investment small. Like I said I’m new to this and that is what I was thinking but could be flawed. Once again thanks again for your advice.