All Forum Posts by: Daniel Dunn

Good morning ,

while looking around at properties this morning I saw one that may have the potential to be converted into a duplex, initially looking into it of course I would push for an FHA loan , but thinking about it more - if I went in and tried to do a subject 2 loan providing that once x,y,z is completed it would appraise for a higher value then listing price

My question would be

if the home is currently listed at 270k , and then appraised based on whatever changes are done , then would appraise for more than. Asking (in this example just say 350k) then 80% of that would be $280,0000.

My question is, if I’m going through that process then wouldn’t that also affect the asking Price to match the new appraisal?

Any knowledge shared is more than  I already had

thank you!

Hey Lawrence, thank you for the feedback!

regarding the waterfront property, I honestly had never thought about partnering up to get it done until this post but it does seem like it would be a possibility for sure, since the land istelf is right at 1.0 acre I am considering developing it with two small cabins to convert into the Airbnb route

What type of REI meetings should I be looking for? (also never heard of that until this conversation)

for the Multi - the current listing price is 290,000 for building that would house 4 units. after my realtor and I walked it yesterday we discovered quite alot is needed to be donw so looking at makig a offer at 200 with the list of all the issues and things that are neeeded to done to the property to justify the lower offer. In trying to be proactive I went ahead and reached out to one bank who recommended I file with SOS and start an LLC to turn it into a business loan so I have that completed and under review just waiting to hear back on it. then once the financial statement is reviewed see what is needed to be done for it to be a FHA loan

Shreveport seems good but I havent branched from my city yet and am still looking to build a relationship with a property manager

Good Morning all,

My name is Daniel & I am from Monroe, La -  In 2020 My wife and I had our son and through that I started to view things differently in the workplace as there has to be more to life than just working a 9-5 and read Rich Dad Poor Dad, which completely changed my life. (other notable books that are high on my list are Outwitting the Devil - Napoleon Hill & The Richest Man in Babylon - George Clason). In 2021 I purchased my first home and was able to house hack, the property came with a giant garage that was converted into a studio apartment that has one tenant, which their rent covers my mortgage note.

in the last 5 years I had two pieces of inherited land, one of which was ten acres in a flood zone, in a troubled area & another that is 1 acre on waterfront property. I sold the 10 acres within the last month and am not currently looking to utilize that money paired with savings to acquire a multifamily unit. There is one multifamily unit availed in my area and after crunching the numbers it does appear to be a good deal. The feedback I am looking for is more - If you were in this situation would you go for a multifamily first or develop the waterfront land? My idea regarding the waterfront land would be to put two small cabins on them and either rent them as a vacation spot or Airbnb.

I've been listening to bigger pockets podcast daily for almost two months and when meeting with a property manager was shocked at how much knowledge I was able to comprehend through that conversation. I am eager to learn and quite coachable so any knowledge is a blessing