All Forum Posts by: Esteban I.

Makes perfect sense! Thanks!

Hey everyone - 
Can anyone refer me for hard money loans or bridge financing for tax deeds? Risky business - but was curious if there was anyone in the space. Thanks! 

... wrong forum opps

Hey everyone,

I found not such a great deal on loopnet for a MFH, 6 unit and it had me realize "I" know nothing about financing commercial. I did some reading on here and it seems that average LTV is 75%.

Does that seem right? Meanwhile, if you're in the Tampa area and would like to connect - just reach out! 

6-9%, glad and not glad to see Tampa is talked about on here. :) 

Hey everyone,

So, I need your opinion/life guidance on two MLS "deals."

Ones an expensive triplex in Seattle Area, where I currently work at, and *kind* of want to invest. I'm not a fan of the PNW being from the east coast but my current job is in Seattle and is semi-remote friendly. I'm on my 2nd year in the area and sick of renting/dealing with land lords in King County. The job market in Seattle is strong, and it's exhausting to find a good place to live - both options are affordable and I don't have any liabilities. 

Triplex - Northgate area, been listed for a few months, let's say 775k. Two 2 Bedroom and one Bedroom (where I'd live). cap rate of 6% is met with all three being rented at market rate, but drops when I self-occupy (which is okay.) I'm looking at $1750, $3500 gross for renting out both two bedrooms minimum and living in the one bedroom unit- (where it's about $1500/month for a 1BR). With the addition and final building of the link/train connector in northgate, property value may be solid, but I just think 775K is high to play landlord - but affordable alternative compared to $1500/month for a studio/1BR rental) 

Then, in Tampa, Florida area, duplex. Two, One Bedroom units Maximum rent is about $950-1150- it's right by a university and main artery connecting downtown to another business district and a hop from the local highway. They're about 275k'ish (A local comp I missed last year a 2x 2br duplex for 305k)

I operated an airbnb in Tampa for 3 years and it's an easy $80/night for entire place or $950 minimum for standard lease. I continue to operate airbnb's elsewhere in the world for income/place to crash but it's a bit different looking at a mortgage vs a standard lease liability. Airbnb in Seattle is changing and the norm seems to incorporate an LLC, get a license to operate, register the unit w/ the county and manage the airbnb from that instead where in FL it's pretty much list it and you're good to go. Cap rate is the same, 6%'ish.

One side of the deal is buy where I "work", and yes, I can walk away when I'm done w/ the area, but I'm not sure how much longer I'll be in the area and another year to throw $18,000 is eh. Plus the PNW is a tech hub, the next San Francisco in many ways for tech companies so having a triplex is a nice hedge for the future as housing will be tight. 

Florida is Florida, I like the state, I grew up there and I know the area well and have no shortage of resources to help w/ DIY, renting, airbnb, etc. Tampa is transforming, but no where near the density or tech hub that Seattle is - case in point, my job pays 3x in Seattle then it would in Tampa. 

Other data points: 28, 150k/yr salary, 770 credit, no debt. 

Funny enough, I thought that a 6% cap rate is low and this thread shares the same opinion. Whenever I do CAP rate analysis, all the market rate/MLS listed homes are right at "6%" to seem like a good deal.

Hey all,

I'm looking at quadplex and triplexs, they go for 190-250k for what I'm looking at. 

The local section 8 guarantees payment for $850 1BR/1050 2BR.

I'm just confused though - if section eight guarantees these rates and they're considered below market - why are these places available? They're also MLS, so no pocket deal.

Some common things I could think of:

1. Long term tenants/leases.

2. Maintenance needed. 
3. Locations (they're all fine imo, but average middle class)

Hi all,

What are some common terms/ways when seeking funding/investors where I own the land in a desirable area and want to have on the land MFH? 

Essentially, I found a nice plot of land that to me is in a great area. I want to pop on there a quadplex, live in one unit and rent out the rest. 

I've been to a few RE meetings and the going cost of a quadplex to build is about 250,000-300,000 - which is fine to me, land cost would be about 40-60K. 

Do I just seek out new construction loans, or what do I do? 

Thank you, Brie! :)