All Forum Posts by: Colleen Prescott

@Jaysen Medhurst I have fsmilynin Atlanta so I was thinking that might be a good place to start.

@John Warren thank you for the advice!!

I just got a Bigger Pockets email with an article about all the reasons I should not invest out of state. I live in the SF Bay Area and can not afford to buy in state and that article scares the s*^+ out of me. If I don’t invest out of state how do I ever become a REI? Could use some help and advice. I’m feeling a bit discouraged here. I simply cannot afford California yet. Any help is appreciated. I’m going to go have a glass of wine to help calm my nerves. Cheap wine of course because I’m saving for a down payment on a MFP!! 😜 By cheap I don’t mean cheap because I love wine too much to drink the bad stuff!

@Chris Mason Thanks Chris! We wish we could live in an MFR but we have way too many dogs to share a property with someone. Looking at duplexes and triplexes preferably. Just curious what we need to come up with for a down. Thanks for your help!

@Tommy Ishida thank you!

I’m curious to know what lenders usually require for a down payment on multi family properties? Is it usually 20% down with a certain amount in the bank in case renters are not immediately found? Also, do loans differ depending on the size of the property? Like is a duplex loan going to fall under the same category as a quadplex or a 5+ unit property?

@Shawn Ackerman thank you!!!

@Shawn Ackerman this is exactly what I needed! Thank you!

@Shawn Ackerman Buy and hold seems to be what may work best for us. I have the beginners guide... need to print it out. I hate reading off of a computer :)

@Shawn Ackerman Yes! That’s where I’m lacking.... real estate numbers. I’m trying to read up about that as much as possible. I have to admit... the numbers scare me but I’m slowly starting to understand them. Any suggestions for books to read that may help me more with that part of REI?