All Forum Posts by: Devyn Grillo

I am selling my business and will soon have $850k cash on hand. I don’t want to put it all into real estate, but I do want to invest a good majority, around $400-600k. I really value cash flow. Should I just look for a multi family? Or I’ve read storage units might be a good option. What would you recommend?

Hi guys, I have a SFH rental property that has 150k in it. It only cash flows 200/mo. I feel like this equity could be flipped into a better investment. My number 1 goal is cash flow. How much cash flow should I try to get if I have 150k to put down? Is it safe/smart to go out of state to find something with better cash flow?

thank you!!

Hi guys, I currently have 2 SFH's and my end goal is to make $10k/mo in cash flow.

I’d like some advice about how I could turn these houses with equity into more significant cash flow.

House A is a rental that has about $150k in equity and $250/mo cash flow.

House B is our current residence and has about $70k in equity.

I’m thinking of doing a 1031 and taking the $220k from both houses and using it as the down payment to buy a multi unit complex for around $1M.

Assuming the 2% rule, I would take my time to find a $1M out of state multifamily with gross rental revenue around $30k/mo. I assume from there the net cash flow would be around $10k/mo left over.

These are obviously rough numbers but just curious if you guys think this is feasible?

Thank you!!

Hi guys, I own 2 SFH's both valued around 450k. I have about 50k I can cash out refinance out of both. I want to do something with this cash and need advice on what my next move should be.

I’ve benefited greatly on these 2 houses from the appreciation in just 1-2 years. I want to get into cash flowing rentals but the prices in my area are so high that you just can’t cash flow.

What should I do with the cash I can pull out then? Should I go out of state and buy 5-6 cheap rentals in Georgia or somewhere like that?

That is the most interesting option to me but my only worry is buying cheap older houses built in the 60-70’s that could end up needing a bunch of work that would just wipe out cash flow. 

Does anyone have any recommendations on what to do with cash? Has anyone done out of state investing and can recommend it?

thanks!!

Hello, I am trying to get financing for a duplex and am hitting a roadblock. 

I currently own my primary SFH and I want to rent it out (first rental property) and house hack a duplex.

A decent duplex in the city I'm looking at is around $450k.

The two lenders I've spoke with are saying I won't get approved for another mortgage since I already have one. I was under the impression that I could include the future rental income and that would help offset the current mortgage. The lenders say I need 2 years landlord experience for that to apply?

A little more about my situation: We are moving to this new city regardless and I'd really prefer to house hack instead of having to rent. I have a good credit score and am self-employed, making about $70k/year. Our current SFH has about $60k in equity. My DTI is around 45% including my current SFH mortgage.

Any ideas on how to go about financing a duplex in my situation?

Thanks so much for any guidance!!

Thank you everyone! I’ll plan on getting a property manager. I knew I’d find some good advice here. Thanks!

Hello everyone, I have a SFH that we will be moving out of within the next few months. I've never dealt with rentals or being a landlord, but I do want to keep the house as opposed to sell it since it's in a high-growth area. We'll be moving out of the state though which I'm thinking will make it difficult to manage the property/tenants if needed.

I also don’t have any real experience yet on what it takes to be a landlord so any guidance is appreciated.

I’m wondering if I should just hire a property management company to keep things simple? They would suck up the majority of the few hundred bucks in cash flow we could get otherwise.

Thank you!

Hello, any advice is appreciated. We are wanting to put 3.5% down to build a 4plex where we’d live in one of the units. The bank said they wouldn’t do 3.5% on a new construction 4plex, but they would if it was only 2 units.

What’s the reason for them being ok to finance new construction 2 units but not 4?

Are there any banks that would finance 4 units?

Would a bank finance it with 5% down?

Thank you!

Hey all, I am 21 years old and highly motivated to use real estate as a means to establish financial freedom - primarily through rentals. My goal is to make $15k per month through real estate. So these are my "goal numbers" that I'd like to shoot for to make that a reality in the next 5-10 years:

$1.5M complex
25+ units
$300k cash for 20% down
+$50k in closing/misc.
$8k p/m mortgage
Rent at avg. $1k each

Revenue = $25k
Mortgage = $8k
Management = $2k
CASH FLOW $15k PER MONTH

With that being said, 1) do these numbers seem realistic? And 2) what is my best route to come up with $300k for a DP? Would I be able to get lower than 20% down or is there any creative ways to do a deal like this without having a large DP?

Thanks in advance for any guidance on this!

Hey guys, please read this and help me out. Your time is much appreciated. I’m going to be graduating from college this coming June in one of the hottest markets, Seattle. I love the idea of house hacking but there are very few options on the MLS to even do it, let alone at a reasonable price ($600k+). So what can you do? Not much that i can figure...but real estate investing is all about leveraging time so i dont want to just sit around. So I found Brandon Turners, “Build $1M in Net Worth Through Real Estate With 5 Purchases Over 7 Years” plan. It says step one is finding a property that’ll cash flow $10k/year and you can buy for $80k. When I graduate should I try to do this plan and just rent (yuck).. there’s just not much opportunity for house hacking here but I want to be doing something when I graduate.