All Forum Posts by: Christopher B Shires

@Bill Goodland Yes, I would be house hacking.

@Tyler Labelle I got my letter yesterday with rate and down payment. I have to show 3 months mortgage in the bank.

Property

The building has three 2/1 units leased at $1,146 (Rent & storage/garage) a month. The other unit is ready for move-in. The location is downtown Westminster CO, new residential development and commercial real estate are on the rise. It’s 5 minutes to highway 36, and 20 minutes from Boulder, CO (College Town).

RentoMeter says I can get $1,300 a month, I looked at other similar properties in that area, and they are much newer with amenities.

Rental Income

The market may crash, we don’t know how bad just yet, but it’s going to take a hit. However, multi-family homes that are 4+units are they more likely to keep most of their value? One primary concern is how bad will unemployment be, and how does that affect getting tenets that can pay?

Is it smart to purchase now? What happens in June, July, and August when we ALL find out who can afford their rent? I would hate to buy this property only to find out that these tenants can’t pay rent because they lost their job.

Lastly, the building was build in 1962, how do I find out about lead paint and asbestos?

Loan

Listed 675K

Offer 630K

Target purchase price-650K

Down payment 10%

Rate of 2.6%

Monthly Cash Flow $1,472 /mo

Income $5,000 /mo

Expenses $3,527 /mo

CoC ROI 34.88%

Purchase Cap 8.21%

Apartments in this area that rent of $1,300.00 Look like this. 

@Tony Robinson Thank you for sharing such an aspiring story. One question for you, how did you find a bank and realtor in that area? 

@Jessica Stevenson Thank, you. I'm based out of LA and Denver.

@Aaron K. Thank you for the good advise, Aaron. That's exactly what I needed. 

@James Wise  Thanks, James. 

@Abel Curiel I'm all over it buddy! Thanks! 

Thanks for helping @guifremora

.  The location is Arvada, CO, and we were looking to put down 10-15%. I'm a first time buyer and that played a part two months ago, however, I'm not so sure that is the case now. It is not under contract, we submitted an offer.  

Would you recommend I look for a broker? If this is an investment property, will the lender look at the cash-flow to determine qualification? 

This is my first investment property, I have a opportunity to purchase a 4plex with a partner. I'm securing the loan and he is helping with the down payment. The property is 675K and after analyzing the deal, it cash-flows. I originally qualified for 680k with my lender two months ago, they are now saying because of the pandemic, they are only comfortable lending me 480K. 

My questions- Is there other ways I could get this deal done? 

Should I try and get another partner to come in me? 

Should I try another lender? 

Thank you for feedback. I looked at 4-5 because I thought some would partner differently than others. I wasn't sure what the right number would be exactly as I'm new to this. - @Aaron K. any suggestions on how to get 1-2? 

Hello BP family! I just joined Bigger Pockets and I'm super excited to get started on my journey to building out my portfolio. I'm looking for some guidance on finding 4-5 investment partners, and 4-5 investments friendly agents. I thought it would be a good idea to identify COI's now that can be somewhat of a dream team in the coming market. 

Many thanks, 

CBS