All Forum Posts by: Robert Freeborn

I've thought about going OOS for this. I've seen some of the market posts by Shawn Ackerman and they look great. But not knowing the area at all... I'm left at an impasse. As you said, the houses in the sub 50,000 range tend to be in "bad" neighborhoods. The last thing I want is to get bad tenants in a bad neighborhood for low rent!

It always depends on the area, I love Country Financial. 

@Julian Sibley, @Natalie Kolodij, @Julie Marquez, @Jay Shuler, @Bobby Wakeland, @Adam Pearson, @David Worst @William Sumner, @Patrick Britton

I'm tagging all of you because you expressed interest in a skagit/anacortes meetup. I can't speak to meeting in Mount Vernon, but if we want to meet in Anacortes I can offer the conference room of my branch. To use it, we would have to meet during business hours, but it is completely free. I would also have to meet in my role as a banker/lender, not an investor. I can promise though that there will be no sales pressure from me for our services at the bank. (Though if you have questions while you're here, I'll, of course, be happy to answer them!). 

I would provisionally set the time for 3:00pm the 2nd or Monday of every month. For instance, this month would be 9/11.

Whether we want to alternate months between here and Mount Vernon, or hold two, separate meetings, doesn't matter to me. (I'm up for more meetings!) What are your thoughts? 

Thats the biggest problem I see with this listing. The price seems to be based off of market rents, but it isn't renting at market value. So you are paying for value that simply isn't there yet. And, based off the lease agreements, it could be months before you could get that market value? 

Or am I completely wrong about that?

Unfortunately, I think the loan is in both our names.  I'd have to double check on that.  

I had ignored FHA because I though we couldn't use it since we already own our condo. (Which we would rent out once we had the 4plex)

I would far prefer to own it without anyone else in the picture.  

Thanks!

@Andrew Cushman great advice! I already have two lenders that I've spoke to about different things.  I'll have another conversation with them. I'm already a member of a local rei group, but the landlord idea is stellar. Thank you!

Hi BP Fam! My wife and I currently own a condo, but I'm looking to rent this out and house hack a 4-plex. With the price of units in my market, it would take me years to save up the down payment for a multi. I realize that there are ways to get a residential loan that considers rental income (if someone could elaborate on that, it'd be great) but I don't know how or what questions to ask to look into it properly. I was thinking of ways to creatively finance this. My thoughts were as follows: I get a third party lender/investor to come in with the down payment of 10-25%. I take the mortgage out in my name. We would then live in one unit, use two units to pay the debt service and operating expenses, and the fourth unit goes to the lender/investor to pay off their position. Obviously, I don't have any numbers, this is just a general idea. Of course, it would only work on a limited number of properties, but it should be possible, right? Does this sound attractive/doable to anyone? If you were an investor with funds, would you go for something like this? Do you have any suggestions or improvements to this idea?

Thank you everyone. Some really great tips to follow here.

Steven Kennerley Welcome to the area! I've been looking into multi families for a while now. Your post said you were looking for out of state multis, but then other parts made it sound like you were looking in your area. I'm a little confused on which. Regardless, send me a direct message. I'd be happy to talk to you about it, or to meet up somewhere for coffee. There is a Bellingham group of investors. You should join us!

@Rick Versace Thanks. Do you know if its possible to get a list of multi-families from the city/county?  Or do you get your lists a different way?