All Forum Posts by: Nick Dunford

I too am interested in understanding how to take title of a property with a partner. Am I eligible for owner-occ financing AND have a partner share interest in the property if he does NOT reside in property? Not trying to butt in but curious on partnerships too...

im a vet too and the VA loan is great because no money down. You must intend to live in the property though for at least one year. After that, you can backfill with tenants. Also, you can use VA loan for multifamily properties (up to 4 units). Live in one, rent the other 3 out. Im a newbie too and I've been considering this method for startin

thanks. You can tell im a newbie. I have 0 experience, just lots of reading, no doing yet. I've considered researching 203k more, especially because the number of homes available that may come out soon. Even some now. Should offers be near comps then, put under contract, and then during due diligence renegotiate price down for repairs? Or offer at a price before repairs costs?

110% of appraisal before or after repairs

thanks Troy. My intention is to do exactly that, pay rent as if I was a tenant. I've seen a few $200k fourplexes with rents 550-600. 26000 income, 13000 for expenses (50% rule) leaving my debt service at 13000. FHA 6% range gives me negative flow though. My credit is low 700's though so I use 6% as estimate. I want flow though. And I anticipate mortgage rates to rise. There are of course some under $200k that may work better but either way, I'm worried about competing with cash and conv loan offers. And investory is tight. What investor is going to want to tie their property up with a FHA offer? Furthermore, I have VA eligibility as well but was considering FHA anyways to have the option of 203k if needed...

Also, I've been reading some anticipate inventory to be on the rise. This is great. Is this just resale SFRs though? I can't imagine fourplexes inventory to increase....and if they do, aren't cap rates shrinking. I see fourplex listings that give 5% and below cap (NOI / Price). I don't want that. And any realtors tht I've worked with in the past are not interested in submitting multiple offers, especially if/when I ask them to submit offer that is subtantially lower than listing price. In my opinion, listing price means squat. If I want cap rate of 8%, and I know rents and expenses, then my offer will based on that - not an over-priced listing price....

thanks. I guess you can tell I am anxious to buy. Want to get started. I no longer have MLS access so i have to rely on Realtor.com and others just to find rents in areas and asking prices and recently sold data. Other than MLS, what sites might you recommend? I've been told Realtor.com is a day or two behind MLS and isn't completely accurate, but it's somewhat close. I need to spend some more time on this site and do some more research...I've heard of some REI clubs and groups out here in LV too that regularly meet. This might be a good place for me to invest some time before jumping the gun. I want to get started off on the right foot. My first home I want to be as an investment purchase although it will also be my residence.

Thanks guys. Yea, I have looked at fourplexes here. And I'm not pleased. Looks like I may have missed the boat on fourplexes (2011-2012 would have been nicer than what I'm seeing now). Maybe 203k on a HUD that gives priority to owner occupants (cant compete with cash investors otherwise). However, that may change if investors start dumping inventory. I've been hearing some wide pessimism lately.

Like @Ellis said, I too do not want to wait. However, faced with competing cash investors and low inventory, it is difficult to be selective. If I wait for better Cash Flow opportunities, I'm afraid I'll miss the continued uptrend that would have given me the flip opportunity. If I buy for flip, I'll regret not looking fourplex cash flow if inventory rises and prices level or fall.

Hello all, I stumbled across BP and haven't been able to stop reading everyone's and opinions regarding a new, but passionate investing subject I'd like to get started in - Real Estate. Particularly, in Las Vegas where I've been living since 2010. I got my NV license in 2011 but did nothing with it.

My question: Is anyone else optimistic about the market in the Las Vegas? Many believe we are in a mini-bubble and I'm convinced the market may remain strong or semi-strong (although appreciations will decrease in rate).

If/When shadow inventory is finally released (eventually), it may not cause a "flood" to the market which I've heard over and over again. Rather, depending on the volume released and when, supply may increase JUST enough to meet the demand, which would result in balance and steady price increases.

I prepared to enter the market by way of SFR or multifamily with owner occupied financing (VA of FHA) with as little money out of pocket as possible. I'm being advised to wait it out til inventory increases to get a deal (its not like I can compete with cash investors now though).

Thoughts? Market predictions? SFR of Fourplex? When inventory starts to increase should I be patient and wait for the "flood" to take place and buy at bottom? Thanks

I