All Forum Posts by: Frank Patterson

@Filipe Pereira I do. I plan to build more apartments in the next few years.

@Nneka I. It was on MLS. But the agent had several things about the property listed wrong. The lay out of the rentals is odd and it was not promoted very well. This reduced the amount of interest drastically.

@Michael P.

I thought about refinancing, but the closing costs would be a waste. The way I financed and the interest rates I received, it wouldn't make sense. I will have all of my cash back through cash flow in 13 months. So I plan to go that route.

@Nneka I.

I split the parcel into 2 loans. One conventional (Main home) and put the bulk of loan on this to assist with down-payment (5%) and lower interest rate(3%). I will live here for a time to satisfy lending requirements. The rest of the property is under a portfolio loan with a local bank at 4.5% 20 year am with 25% down.

The main home has an attached MIL Suite, that I will occupy. This allows me house hack and maximum rental units.

I would like to say thanks to this group, Bigger Pockets pod cast, and all of the helpful members.

I have been researching, following posts, and listening to podcasts for several months.

I took the plunge last week with my first property(s).

I bought a property with 8 apartments, 2 SFHs, and 10 acres of land for expansion.

Total cost of about 450k after closing and insurance.

It will cash flow at approximately 3300 per month after all expenses, with room to raise rents as vacancies come up. The property appraised at 160k over purchase price.

Again thanks for all of the guidance and help from everyone.

From Zero to 10 in one fell swoop. Here's to the next 10.

Happy Thanksgiving

I am struggling to find a company to offer umbrella coverage for properties that I am buying.

The property is being divided with main sfh(which I will live in) on its own. 4plex and 3 sfh under an LLC. I reached out to Hartford and was told a limit of 4 units can be covered.

Any suggestions for coverage in Alabama?

@John Warren yes I am working with an agent. She recommended updating. I have a friend who does brrrr and flipping in the area, who recommended the opposite. So I am trying to get some kind of consensus.

@Chris Gawlik I sent you a connection request. I will take any tips you can offer. This will be my first flip. I want to mitigate as many mistakes as possible. Thanks

Is the expense of replacing older working windows with new windows worth it on the resale value?

@Ned Carey Thanks for the feedback. I will definitely look into this option, if I move forward.