All Forum Posts by: Ebony Calloway

I am in the process of finding a multifamily as well to live in one unit and have a lower down payment. Reach out to lenders to get a good idea of down payments and closing costs, Philly has a transfer tax that I was surprised by compared to other markets.

I would say using the 30k to purchase a property may not be the best because then you don't have much in reserves to pay for something that breaks or PITI if you currently don't have any income. If you do have income to pay at least the PITI and repairs maybe start with 20k down or less if you plan on living in the property and have some sort of steady income to pay for the new home. You could also purchase the house and then get roommates to offset some of the cost of owning a home or maybe even live for free.

Congratulations on getting started. When first getting started it is important to be specific with the area(down to the zip code or neighborhood), the price range, rehab you want or are willing to do, and the cashflow or other metrics you are looking to hit. I have put down 20% on all of my properties so far and will continue to do so until I purchase a primary residence, so I don't think it is a disadvantage but some areas it may be. In terms of property managers, I look for someone who will communicate and take care of the tenants and units. The particular property manager will vary by the state, county, city, they have an area that they work within. Once you have narrowed down the location where you want to invest contact a few real estate agents and go visit and look at as many properties as you can t get a better idea of looks and costs. You can also do searches on loopnet which has multifamily properties as well.

Welcome and good luck with your REI journey. There are no bad questions if you don't know, especially as a rookie. Try reading books and listening to podcast/watching videos to get some of the basics. Asking questions adds value and responding to people's posts does too, everyone has some knowledge that would be helpful.

With that many people not in one family there may be issues with it being considered as a boarding house and only being rented out by the week may push it into short-term like vacation rentals which is another situation entirely. Just like a couple people mentioned before from that 1500 repairs, Capex(roof, water heater, HVAC, etc.), utilities, and management once you move out will need to be subtracted.

That's good, always good to shop around especially in times like these.

That seems a bit much, I have gotten a couple of pre-approval quotes that have been pretty reasonable. What area are you looking in?

I have setup two in the states where I would be purchasing property. I have used lawyers, a real estate attorney the second time, both times. Depending on how big you are planning to grow a website may be sufficient. If you have more than one member the structuring would be something to definitely discuss with an attorney, I've only had one member so I couldn't say. The LLC was not specifically tailored for real estate, I believe the attorney just asked what the business would be doing. Both times the cost was around $500.

Hey everyone,

I am coming up on my first year of owning a five multifamily properties in Southern Indiana. I was going to reassess each property and get an overall look of how the past 12 months were. How often do I need to/should I review my portfolio? This year won't really be indicative of most years hopefully but is a yearly checkup too frequent? What metrics should I look at? I was planning on recalculating estimates for vacancy, cap rate, monthly rents, equity increases, and taxes. Any suggestions of frequency or things to consider to determine if I need to make adjustments in my strategies or anything else would be greatly appreciated.

-Ebony