All Forum Posts by: Dan Crenshaw

If there is a basement or crawlspace, I'd also be worried about water leaking all the way down and inviting termites or carpenter ants into the property.  Just a thought.  Make sure that's not overlooked. Good luck!

I am under contract for a 3 family in NJ and the green card inspection is required. Started the process 3 months ago. Still waiting. 

From what I was able to dig up, the CAP rate of that area is right around 6-12%, so I don't think it's too bad. Everything seemed pretty sound, I just wanted another opinion, just to make sure I wasn't missing something. Thanks for the advice, I'll keep my process up to date on this thread.

Im about to make an offer on my first MFH.  I don't know if it's necessarily a grand slam, but I wanted a few other opinions. I found a 3 family property, fully rented with long term tenants. 2 - 1br units and 1 - 2br unit.  1br rents for 800 and the 2br rents for 1050, making gross total rent 2650. 

The property is in pretty decent condition, I figure 5k for repairs, all cosmetic. 

3800 a year in property taxes, 

1200 a year in Homeowners Ins. 

1300 for flood ins.  

ARV is approx 190k-200k

Asking price is 185k. Seller is somewhat motivated.

I'll be getting a conventional 15yr loan with 25% down

Any advice would be greatly appreciated. Im open to any and all opinions/constructive criticism. 

I'll be there for sure!

Well I live on the other side of NJ, and it's much closer to work. One unit of the multifamily property would be my "primary residence" for a while, but I would actually reside at my current location.

Very informative. Thanks guys, much appreciated! I'll look into that.

I recently found a multifamily property that looks like a really good deal. I talked to a few lenders, and it turns out my credit score is too low for an investment loan (mainly due to a short credit history). Even though my credit is gradually going up, I was wondering if I should wait until my score gets better, or possibly look into an FHA owner occ loan. I understand that one of those units would have to be my "primary residence", but I wouldn't be able to live there 100% of the time. I wouldn't want to do anything illegal, and was just looking for some advice and possibly and point in the right direction.

Thanks in advance.

I am currently in the market for my first multifamily unit property. One of my biggest concerns, which I'm sure is very common, is being able to find reliable tenants once I've acquired my property. What are some things I should be doing/not doing when screening tenants?

@Joel Owens, I would NEVER condone anyone to do anything illegal, and I was unclear about the differences of an investor loan and a conventional homeowners loan. So thank you for clarifying that for me. (As I said, this would be my first lease option)

@Prashant P., I completely understand that doing my homework on tenants is a very important part of the process, and I can assure you I will not cut corners on that. Thanks for the heads up! And I'll be sure to have the property thoroughly inspected before I pull the trigger.