All Forum Posts by: Jonathan Carter

I like the idea of buying a less expensive starter home (could put down less than 20% if it makes sense). Live there for a year continue saving for your next investment.

Private money is also a good idea for the duplex because the terms/requirements are flexible. But think about how the property would cash flow if you weren't living in one side, would you still consider the duplex a good deal. (If you are planning to live in the duplex for 3+ years this is less important but still you should consider if the duplex is a good investment on its own)

Angel has good points about the relationship aspect of this.

Home Inspection, Pre-paid interest, Pre-paid or escrowed taxes and insurance, closing attorney fees, title insurance.

For a fourplex I think the closing cost would be very similar to a SFH

Here is a sample HUD for an example of some of the cost.

If you budget ~$8,000 in closing cost I feel that would be safe. Most of the closing cost can be added to the mortgage loan.

Nice, this is awesome! I'm working on a 20 unit deal in Graham. I love the "be patient" message. Its taking a long time to work through financing.

I'll message you to see if there are any details about how you financed it with a private lender. And what type or terms you expect when you refinance..

Congrats! A townhouse with a tenant in place is a good easy way to start with your first deal. 

What are you goals going forward?

I'm hesitant to reach out because I dont want to say, hey tenant you're having trouble paying rent I can help. Like folks have said some tenants will try to take advantage. I like @Steve Jeffries approach to let the tenant reach out. Although I feel many tenants would not reach out and will just not pay rent when the first rolls around. But it would be better to work something out in advance. (I'm still on the fence :). Also I will require some proof of job lost, hours cut.

If I reduce or suspend rent for any tenant, I will reach out to the mortgage company and ask for assistance/loan modification.

I hope landlords who are able, will work with their tenants and not evict them in a time like this. I've seen a few post say banks are still going to want mortgage paid so I cant work with my tenant. But I hope landlords actually reachout to the lenders and ask for assistance. Because I've gotten emails from the few mortgage companies I have stating to contact them in hardship. 

I imagine the government will force banks to provide assistance just as they are blocking evictions, both are the human and right thing to do anyway and shouldn't even require the government to step in. (It also can make good business sense.) 

Many online hard money lenders will lend in multiple states. The lender needs to be license in MS if the property is in MS.

I'll PM you lender I've used. they are also listed on this site.

Excellent, I'm planing to go to this BP meeting if you're able to make it out there.

https://www.biggerpockets.com/forums/521/topics/779919-raleigh-durham-and-surrounding-areas-meetup-special-guests

@Vic Oyedeji

Congrats! that's a really nice first year. $50k/month passive income in 3 years!!!! that's great you have detailed and high goals.

Are you still in IT or doing real estate full time? @Chris Levarek

Thanks @Lily S. this sounds great. I've never heard of TAA (Triangle Apartment Association) and didn't know IROs (Independent Rental Owners) was a term had to google.

Link for anyone else interested.

https://www.triangleaptassn.org/events/

I'm a buy and hold Investor. I have 3 SFH and a duplex. I would like to get into multi-family properties but don't want to do it alone.

I'm looking for Value Add or Stable Multifamily deals. 6-25 units under 1.6m.

Prefer deals in NC, but willing to go out of state.

I'll bring capital, credit and help finding and managing the deal. 

Looking for an experience partner that will have some capital skin in the deal. My partner would receive additional equity in exchange for their experience. This is my idea but structure is negotiable.

I want to learn every detail of closing and managing a multi-family property. I have a full time Job, its flexible enough for me to contribute my share in a partnership

If I'm off base or if you have any suggestions or resources for me please let me know.

Thanks!

Keywords: JV Partner NC North Carolina Raleigh apartments durham