All Forum Posts by: Dan Desler

Thanks both for the input

Dan

Hi Everyone

I am researching buying my first multi family investment property and I asked my current lender (who I use for my personal home) about the lending criteria and whether it is any different with investment properties. He told me that it would require a 25% down payment. Is 25% down if  you're doing a conventional loan standard with investment properties or do lenders differ? Should I talk to other lenders if I want to only put 20% down

Thanks for any input!

HI Everyone

I'm looking into investing in my first property and I'm specifically looking at Multi-Family Rental Properties in the Aurora Illinois market. 

I'm doing analysis on some properties that I think look like they have potential and I'm wondering if anyone uses % factors as a general rule for expenses such as Capex, Maintenance & repairs and vacancy rates. I know this depends on the market/property etc but if any one has any thoughts I'd love to hear.

I've been using 5% of net income for capex, 5% for maintenance, 10% vacancy,  plus mortgage, insurance, taxes, lawn & snow, advertising, license fees. 

When I compare the same property but instead using the 50% rule (income minus mortgage, tax & insurance) instead of breaking everything out my cash flow is $100 per month higher, so thought i'd ask.

Any thoughts appreciated!

Thanks

Dan 

HI

My name is Dan,

I'm a new Bigger Pockets member and think the forums, podcast, and blogs are absolutely incredible resources.

I am educating myself about real estate, something I previously didn't know much about, but I am very interested in pursuing.  

I work full time so I'm primarily interested in buy & hold strategies, primarily single or multi family rental properties and specifically in the Aurora Illinois market.

My short term goal is to get that first investment property bought, occupied and making decent cash flow (while learning how to be a landlord/investor). 

Eventually I'd like to build a portfolio of properties that will eventually translate into excellent passive income when I retire (and the houses are paid off) 20-25 years from now.

If you're in the Aurora / Batavia area and want to chat, please contact me, I'd love to learn from you 

Cheers

Dan