All Forum Posts by: Manny Cirino

   The highest amount of multifamily inventory you will find in Central CT are New Britain, Bristol, Meriden, Waterbury & Hartford. They all have there pros and cons, and are fairly rough areas but, the quality of the property attracts your renter.

   In other words if you cheap out an want to be a minimum land lord. Then expect to attract low quality tenants. But if you decide to be one of the rare few who choose to up your standards, update these old 100 year old houses and bring them in to this century.  Then you will likely see fruits for your work.

You can always attempt to contact a commercial broker to help you find comps. Or you can find out what the Net Operating Income of the properties is and price it based on the comman cap rate in the area or a cap rate you are comfortable making annually. I can elaborate if you'd like just message me.

I'm not sure if you are getting any seller concessions, but the closing cost of $5,000 on a $320k property seem extremely loan. Repair cost also seem low unless the property is turn key. 

$150,000 can go a long way out side of L.A. 9f coarse. Use it as downpayment of about 20%-25% and you can purchase a sizable property. I'm sure the vultures already envaded you inbox, so be careful who you listen to. 

  You don't really need to join a syndication just take your time looking at different markets and see where you can get the best bang for your buck. Once you find it seek out the best property manager in that area, Realtor, attorney/title company. They can walk you through the deal.

The lender would never really find out about this arrangement(unless they read BP) so that is the least of your worries. The bigger concern here is that you have no way of controlling the agreement. Everything will  legally be in his name and he could switch up on you at any minute and you can't do nothing about it. You know your brother better than any of us just be sure it's a loss you can afford, because money makes people do strange things.

  Your Realtor is clearly not investor friendly. He is demonstrating that he is afraid of what he does not understand. There is nothing wrong with house hacking and starting off with a duplex/triplex as a first purchase. There are many more pros to buying a duplex over a condo. A stove would be the least of your worries.

  Also when you buy multifamily you are able to claim 75% of the cash flow as income to help you qualify for more expensive properties. And when you buy multifamily the rent and taxes will be prorated which will give you a decent credit at closing so you will come up with less out of pocket. A good experienced agent can help you buy right. Negotiation is everything.

Anywhere outside of Tampa is good, plant city, Brandon also look in to Polk County, Lakeland, Winter Haven, Auburndale, Bartow. Your best bet is leveraging the $200k to buy something decent and desirable. And be prepared to act fast multifamily doesn't come up much and when it does it sells extremely fast.

I am not all suprised to see this question as I am seeing many new Guru's popping up pitching the idea of renting properties on a Master lease and subleasing them on airbnb. Nevertheless it is a very effective strategy. Use them with a lease options and you will get some good deals under you belt.

Seeing as you are in Cali I would strongly recommend checking on the economic conditions surrounding the property. PA is a tricky place renting out a home is one thing but finding stable tenants for a mixed use rental can be difficult.

Scrap them ASAP! Call The Mortgage Firm. If your credit is good you could get a HomeReady Conventional with 3% Down, and FHA is 1-4 units under 10 acers.