All Forum Posts by: Account Closed

@Albert Bui thank you sir for this reply. 

Luckily we meet all those requirements if any come up. 

We are 145 miles from this area. 

She can qualify w/o the rental income. 

I read an article on BP about SS rule which I had never heard of. Most likely yours! The numbers also meet this requirement

So sounds like we can make it work. Thanks again. 

Just want to make sure I am able to do this.

I have owned my primary residence since 2008, before I was married. I am the only one on title and FHA loan.

Wife owns a house, free and clear, out of state.

We are attempting to buy a fourplex under her name only with FHA. If it matters, it will be more than 50 miles from my house.

Thanks!

...and yes we will owner occupy for at least a year.

After 4 years, I have taken some action this past week. Here are some things I learned, that no book taught me...

1. College rentals cost way more to insure and only some companies insure them.

2. There are different ways to insure properties (actual cash value, replacement cost etc)

3. South Carolina's taxes suck. Non owner-occupied properties are taxed at 6%, compared to 4%. Which in some many cases makes or breaks a deal as far as numbers go.

4. North Carolina taxes them the same.

5. Accounting for lawn care makes numbers go south too. 

6. Trust information but verify.

7. A sale can trigger a reassessment of taxes (can be based off sales price). So if you are looking at a property, you may be paying more taxes than the current owner. (In some cases, much more)

8. It's very easy to get estimates on taxes and insurance.

Hi. I am looking for a realtor in or around Charlotte NC/Rock Hill SC that is experienced in small multifamily. Thank you for any recommendations.

I have finally started. Did loan app today for a cash out refi (~30K). But I don't know what would be a better option with the money.

Option 1: Build a Garage with a 2BR apartment on my primary residence property. Similar to this: 

https://www.behmdesign.com/product/apartment-garag...

Rent it for $450-$550/month, cashflow $200-$300

OR

Option 2: BRRR a 30K house

It seems it might be smarter to do a BRRR just because I imagine it would be easier to pull the money back out this way to do it again.

Any thoughts?

While I liked the episode ok,  it seems that BP podcast has lost its greatness over the last year or so. In fact, I can't make it through a whole episode anymore without fast forwarding or turning it off.

I think it is partially due to the frequent changing of hosts and the loss? of @Joshua Dorkin I also think it is due to some lack of a plan (outline). Unless I am remembering incorrectly, it used to dig deep into the specifics of how the guest ran their business. It also had more of a structured timeline of the guests REI story. Nowadays, it just kinda flows wherever the guest takes it.

This guest was still awesome, so it is not a dig on him by any means. 

You're right. Doesn't matter!

Right...I didn't consider that. I suppose I needed to understand both metrics a little more.

Thanks Joel. And of course, I don't really want to buy on speculation so I suppose the answer to my question is no (but yes). Haha 

Thanks Ben,

that makes a lot of sense.