All Forum Posts by: Chris Mayfield

I've got the Realtor, the Inspector, the traditional Lender for the cash out refi, a few thousand dollars, and a lot of optimism to step into the BRRRR game.

My realtor and I have discussed the "fixer upper" homes in the area compared to the ones that actually sell and they generally range from $20,000 - $35,000 for something that could be fixed rather than burned down and the other "normal" properties that the fixer uppers compare to are going for as high as $70-$80,000.  These homes generally rent for $600-$800 a month depending on number of bedrooms and school district.

At this point I need to find some hard money to work with and start this journey.  If anyone has any recommendations for lenders in Missouri please feel free to share!

Sounds like my best bet would first see if they will sell 1 of them instead of both and try the 3.5% down route. Secondly, I need to see what a realistic price to negotiate will be.

Does anyone know if I can have USDA loan and an FHA loan at the same time?

Great insight from all. Thank you!!

Thanks all!

Maggie, I would like to connect in the near future to discuss your strategy and possibly gain some advice or coaching on some of my current ideas.

Jonathan J. Miller, I have seen mixed reviews on getting financing as an LLC but I guess it depends on how well our personal affairs are in order. I have seen a lot of things saying its harder to get financing because lenders don't take your personal info into account because the LLC separates your business from your personal assets.

There is a multi-family deal available in my area for 2 Tri-Plexes, built in 2010 that currently rent for $700-$750 per month.

Each property has Three 3 bedroom 2 bathroom units.

The asking price is $399,000.I was going to start with some single family homes that would be easy enough to put 20% down but I felt this one was sitting there for the taking!

I feel, as a new investor, this would be a great investment for someone that had 20% to put down.From what I have read there are many ways to get creative with financing and being inexperienced, I’d love to get some real advice from the pros on how I could do something to make this work.

The way I see it even if only 4/6 stay rented and it is in rent ready condition it would be a perfect buy…plus I’m sure there’s a good chunk to negotiate.

If I had 20% down my payments would probably be $2200/month and with 4 of the 6 units rented that would generate $2800-$3000 a month.

I’m looking forward to answering any questions or receiving any advice on how to go about this and to see if there is even a realistic way to make this thing happen.

Greetings all! I am a 25 year old husband and father of 2 and am very glad to have found this website. A very good friend of mine that I've known for many years and I have been discussing real estate since we were teenagers in high school. My main question at this point is, where can I find out if we should start an LLC together, advice for how to collect and allocate the money received (business account or personal accounts, or both as employees of the company??) We are both recently debt free and are looking to start with a duplex, triplex, our fourplex. I have a little experience in rental management as my father ha a few single family homes that I have been involved with over the years. My partner and I have much larger goals than just "making enough". Our plan is to put down 20%, which I estimate to be anywhere from $10,000 to $50,000 depending on the number of units we find and the deals available...we're both just having a difficult time figuring out how to be legal and of course develop an efficient partnership. Any advice you could offer on the specifics of the business piece, specific to partners doing everything 50/50 would sincerely be appreciated.