All Forum Posts by: Levi F.

Small multis is all we own, 20+ units, less than 5% vacancy.

I think your on the right track.

Go for it!

I was 23 when I bought my first duplex. I wish I still had it. I really started getting serious about REI in 2011. If I could go back and change anything it would be not increasing our living standard so rapidly when income increased for the years 2010 -present. If our lifestyle would not have increased until now we would have double the properties making money and the compounding effect would allow more financial freedom. Our business is now buying properties with profit but we could easily be 1 - 1 1/2 years ahead of where we are today.

good luck

I'd shoot for 50-55. I use my spreadsheets to justify my offers if I get push back. I show them my minimum cashflow, ROI, CAP and explain that's how I have to value thier building. In the most polite and respectful way. Based on $100 per door or % ROI.

Good luck

following

We've realized closing one per month is a lot of work. We are setting up a procedure in steps to simplify the process. Just a step by step checklist taking us from accepted offer through to setting up utilities so nothing gets missed or even causes delays.

@Jerry W.

I plan to build luxury units in Alaska on a famous salmon river. The plan is to have an Alaskan retreat forever that pays for itself or even costs a bit . I will always keep a unit for myself, friends, and family. That way I can live on an expensive lot for less than the cost of our recently sold 2200 sq/ft house. We will be moving back south in a few years but want to secure a riverfront asset before we move. It's this 20% financing hurdle I need to get past. I may have to refi a rental in TX for the down payment but getting 10% down and leveraging is my plan.

Thanks for the input

@Account Closed

Thanks, do you think that might get to to the 10% mark?

I am working on financing an owner occupied 4-plex construction project. Is 10% down realistic?

My plan was to bundle the lot and construction together. The builder will buy lot after pre-approval and contract. He will then build the structure and apon completion I finish the loan and pay him. Builder is on board but bank is asking for 20% down. The project is upward of 700K and 10% makes a huge difference. We just sold our primary residence to fund the project so we no mortgage other than two rentals which have 28 and 27 months of rental history and are in LLC's.

Opinions please

thanks

My partner and I started out in a similiar way, confused, even after reading hear. I suggest consulting law firm that specializes in business. Sit down and decide what direction you and your partner want the business to go and take those ideas to the lawyer. They should be able to structure an entity to fit your business plan. Setting up a strong foundation will make future grow easier.

If you mean inspection, they run us $300 for single family and then about $50 per unit on up. As far as estimates go, that's another story. I would suggest a mentor or partner with experience. Cost of rehab is a HUGE factor.