All Forum Posts by: Dylan Anderson

Oh and these would be 1031 exchanges as well. 

Hi all, both properties are available but not listed. I just started the process. I would only be interested in a full sale at this point. Not doing a DSCR from me. I am working with a broker on the OR property which will list at $569k. The MT place would need an offer prior to inspection and I will probably list it in March/April or unless something comes along sooner.

Sure its real. thought I was pricing it competitively. Interested? 

Hi there, I am an out of state investor selling a small portfolio of 2 Multifamily Properties with 10 Units (Duplex and 8 Units Plex). 1 Unit is in Warrenton, Oregon, on the amazing Oregon Coast, and the other is in Culbertson, MT (near the Bakken oil fields and tons of growth). I am looking to do a 1031 exchange. I have zero problems owning them and leaving it all to each property managers, in place for a long time. 

The specifics....

10 Units

$134k in Annual Income (100% Occupied)

9.1% Cap

Property Management already setup and easy to transition.

New Units - Warrenton built 2005 and Montana built 2015

Warrenton, Oregon - 6 Bedrooms, 5 baths (both 3 bedroom units)

Built in 2005, Fresh Paint. Been fully occupied its whole life I have owned it throughout. Near Coast Guard, Home Depot, Astoria, Seaside, Costco and walking distance to downtown.

Culbertson, MT - 8 Units, All 2 bedrooms, 1.5 Baths. Stainless Appliances, Washer / Dryer in units. Fully occupied. Great Property Management. Near Bakken Oil Fields, Williston, ND, general lack of other options for nice rentals in the area. 

Both cash flow very nicely obviously. If interested please let me know.

2nd unit rented at $1,950 now. Cap Rate is actually 8.2%. Easy to manage. 

Hi there, I have a duplex in Warrenton, Oregon (across the bridge from Astoria and close to Seaside and Gearhart on the Oregon Coast). I am exploring sell the units. I have 13 other properties across the US as an individual investor. Is this the right place to list it. 

Cap Rate is 7.6%

6 Bedrooms, 5 baths (both 3 bedroom units)

Built in 2005, Fresh Paint. Been Fully occupied its whole life I have owned it. First unit is leased at $2,200 in one unit and second unit could lease from $2k to $2.4k. Near Coast Guard, Home Depot, Astoria, Seaside, Costco and walking distance to downtown. Would want to do a 1031 Exchange. 

Originally posted by @Jerry Padilla:

@Dylan Anderson

How are these properties financed? Conventional or Commercially through your LLC?

Conventional will require new purchases to be placed in your individual name. Was your previous lender using rental income that you are currently receiving in addition to potential rental income on the future purchase? 

Many lenders have an overlay and don't use this income - which can make or break you getting qualified. 

Jerry, they are conventional through personal and then I transferred to multiple LLC's in each state. Yes, they were using rental income, my point being that its kinda low income last year, should be higher since I have paid off a few properties. So I can still do this but its always a hassle based on my personal income / lower rental income when I have assets to pay off all of these props 3-4X over. I think I may go commercial and look at larger places. Would you or anyone you know recommend anyone. I really look anywhere in the US so location is not an issue and I always have property managers. Thanks for your response. Hope that makes sense. Thanks.

thanks to both of you for great responses. 

I think I may go the commercial route. Another response was that someone could qualify for a large commercial but not a conventional based on Debt/Income.

Sorry, wasnt clear that they are using current and future rental income. Its counted on taxes as well on C. 

Just wish they based it more on assets (liquid, cash, non-house). I am only leveraged at 20% to my equity/liquid assets (non house assets). Thanks.

New to BP. Cool site. I have been prop investing since 2008. 3 places for 7 units. Going great. Only issue is qualifying always is based on personal income and reaching my max ability to qualify based on income not on assets but they never use assets. I put all my places in separate LLC's but I know I can't loan against these. How do people qualify otherwise or am I missing something? Obviously prefer the fha conventional loan so always invest below a 4plex. The income from the units is not enough yet to be substantial, say gross of $7k and net of $2k per month for all places. Any advice really appreciated. Thanks.

New to BP. Cool site. I have been prop investing since 2008. 3 places for 7 units. Going great. Only issue is qualifying always is based on personal income and reaching my max ability to qualify based on income not on assets but they never use assets. I put all my places in separate LLC's but I know I can't loan against these. How do people qualify otherwise or am I missing something? Obviously prefer the fha conventional loan so always invest below a 4plex. The income from the units is not enough yet to be substantial, say gross of $7k and net of $2k per month for all places. Any advice really appreciated. Thanks.