All Forum Posts by: Eric Robinson

Thanks for the definitions and clarifications.  Big help for a new guy.  But classification can seem nearly impossible in some locations & situations.  I'm in the process of buying a 7 yr old 4plex that rents for $950 per unit.  That would probably make it Class A normally, but it's surrounded by lower rent apartments in $500-600 rent range.  Within the half mile around it (college town), there is a wide mix of SFHs, nicer apartments, and not-so-nice apartments.  Could I classify this as a B?

@Zach Sikes

I'm thinking about doing a VA loan for the next one, but haven't talked to a lender about it yet.

@Rhett Tullis 

I'll do that - thanks!  Just noticed I have you both as connections already.  :)

Hi @Zach Sikes - my first deal is closing this month. It'll be a "house-hack" - I'll be moving into one of the units - with FHA loan on a 4plex. I plan to focus on multifamily properties, but I'm open to other deals too.

Hi @Tara Hall - thanks for the welcome!  The property I'm buying now is in Norman, but I've also been looking at Edmond and near-downtown areas like the plaza district.

As a newbie, I basically found my first property (4plex) myself & called up my old realtor to walk me through the process.  But for the future, I'd prefer to find someone that is used to dealing with investors and multifamily properties.  Any help would be appreciated.

@Ricardo S. , Thanks - I do plan on living in one of the units for a year or two.

@CK Hwang , I am highly leverage with very little in assets at this point. Due to the higher cost and difficulty of buying through an LLC, I think I will probably just go the insurance only route for now and move it into an LLC later as circumstances change. Thanks for the advice!

I'm in the process of buying my first investment property - a 4plex. I have heard conflicting views about whether or not to use an LLC to buy properties. It sounds like doing it that way provides an extra level of protection in addition to liability insurance. Is it too soon at this beginning stage to be concerned with this? Can I move a property into an LLC after purchase?

Thanks Bryan and and the rest of you who served for your sacrifice. I'm retired Air Force and a real estate investing newbie in the process of buying a 4plex. Like Kerry (This is a VA loan. Hello? Military...? Duh - LOL!!), most of my overseas time was in England. It's interesting to hear how many people are doing remote deals. I've read books and articles that have advised against it and some that say it's very doable (especially for multifamily properties). The idea is that, with multifamily at least, you are buying an income stream and all that really matters is the numbers. For now, I'm buying local here in Oklahoma, but I would like to do some remote deals in Florida some day - because that's where I want to end up.

Tyler, I've heard that OKC - which is where I am - is a good market.  But I didn't realize it was that much better than places like NM.  Am I sitting on a gold mine? 

Ahh - I know exactly which ones you are buying.  Several 4plexes in a row.  I did a drive-by a few weeks ago.  Solid-looking old buildings, but I chickened out & went after a newer property.  That is a good area - you are right there close to the heart of the plaza district & close to OCU.  I look forward to hearing how it all works out.