All Forum Posts by: Dakota Burkeen

@Karen O. A local real estate agent should be able to give you an idea of what it is worth based on comparable sales in the area. It will be cheaper than an appraisal, possibly free. 

@Justin Knighten I just got a 3.65% rate on a 30 year cash out refinance on my investment property. I would call around your local lenders, mine is from a local credit union. I've also seen personal residence refinance below 3%. Good luck!

@Beverly Gutman No that is not always correct, I know US Bank will do a multifamily loan for 25% down. I would call small local lenders and build a relationship with them. Some smaller banks may do a 75% LTV where, if you got the triplex at a discount, you may be able to put less down!

@Joshua Cochran Loan officer, Contractor, home Inspector, insurance agent, property management (employee), CPA for Investors. I recently became an agent to get out of my job, it isn't easy but it will be rewarding. I have never been comfortable talking to strangers and in general I'm not a good salesman, YET. I know that to be successful you have to learn to talk to people and get over your fear of rejection, that's why I decided to just jump in!

@Artem Shum I would definitely add property management fees to your expenses. You may self manage now but what happens when you have 50+ units and can no longer self manage? The deal looks a little thin to me, is this a class A, B or C property?

@Bradley Raynor It really depends on the area your house is in. If the rental is in a low income area and rents are say $500 a month but the appraised value is 30k, it may be advantageous to sell it using a cap rate assuming another investor would be willing to pay the premium for turn key (but it cant be financed because of the appraisal). If rents are $500/mo but appraises for 75k..... you get the point. It is not typical to sell a SFR using Cap rates.

@David Nelson Awesome, I had a lot of sweat equity in my first one as well. Now, with your knowledge, the next one will be that much easier. If you are ever in Missouri, send me a message! Good luck going forward!

@David Nelson Congratulations on making it out with a free education! Did you do the work yourself? 

@Tim O'Rourke I typically use 5% vacancy, 5% repairs, 10-15% CAPEX (depending on age and condition of existing systems), 10% management, 2% on property value growth, income growth, expenses growth. Your selling expenses will be 6-9% depending on what the real estate agent charges when you sell the home.

@David Brackett Jr I also recently became an agent and I will say that it is hard to find clients even when you are full time, just starting out. It is going to be difficult to work a full time job, be a real estate agent, and have any time left over for family. Not impossible, but not easy. I would suggest joining a team if you can find one that is ok with you being part time, that way you can learn from someone successful before you make the jump. Read "the millionaire real estate agent" and "the one thing" they are both great books on mindset and strategy of building a profitable real estate business. Good luck!