All Forum Posts by: Greg Gibbons

Amber, 

I am not 100% certain of this, but I believe that you only qualify for FHA if you are a first-time buyer, (defined in FHA as not having owned a home for at least two years). So FHA could be a great route for you to take on the first property, but you wouldn't be able to go FHA the second time around (unless you sold property 1 and waited two years to buy property 2). Obviously, this is not your most pressing issue now, but for planning purposes, keep it in mind.

@Sean Williams

 Thanks, Sean.  I hear you - property manegement is not an area where price is king....

There is a place I found on MLS by Audubon Park that intrigues me. I'm not sold on it yet, but I have been running some numbers and will take a look at it today.

Welcome, Ron.  Good advice above.  Keep focused on learning.  You can do this!  

..... and come back here often.  There are so many people willing to help you.

How do I estimate how much property management costs would be?  I want to buy a 4-plex in Louisville, KY.  Initially, I plan to live in it, so I won't have PM costs, but after a year or two, I see myself moving out, so I want to budget for the costs. Make sense?

In a similar question, I am assuming it makes sense to do my analysis based on renting all 4 units?  While i am living there, the rent will be lower, but will go up when I move out and rent it.  (the rent I don't pay, I plan to save anyway - I would pretend I am paying rent, but actually pay it to my savings account)

Thanks!

I am looking to buy my first rental property. Thinking of going FHA and be owner-occupant, self manage the property. I believe FHA requires owner-occupant status on 4-plex. Is there a limit to this? Can I decide to move out and rent my unit after a couple of years?

Thanks!

@Michael Seeker

Thanks, Mike. I see that comment alot as I dig around - not to get too hung up on rules of thumb.  It's good to know them though. And yes, since I intend to live there, it needs to be a place I want to live - at least for a couple years.

Hope I am not naive - but I don't want to be a "slum lord" - I would want to buy decent property - doesn't need to be all swanky, but comfortable,  take care of it, make it a nice place to live and treat tenants with respect.  I hope I can make that work and find the right deals to allow me to do that.

I'm curious - why do you feel like you wished you would have started with a 4-plex?

Brandon, 

Thanks for reaching out.  The small multi-family case study was very helpful.  It was really good to see how a veteran thinks through a deal.  Also interesting to see how your network of people you have come to know played into the deal.

I had already set up keywords and several people from Louisvile have reached out to me already.  Thanks again!

Thanks, Clay.  Just learned about that group today.  If I can make it, I'll look for you.  If not, I will plan to catch a future meeting. I appreciate you reaching out.

Thanks, Josh.  Good advice....

Hello All, 

My name is Greg Gibbons, from Louisville, Ky.

If you have never been here, I can tell you that spring time in Kentucky is really beautiful!

I recently began looking to buy a rental property.  I Googled some info about how to value  rental real estate and stumbled upon Bigger Pockets.  I have been digging around the sight - wow! Tons of information!  It's got my head spinning.......

I am self-employed, so my income is variable. This can be quite stressful. I have been renting an apartment the last few years and have saved a bit for a downpayment on an investment property. I am looking to get my first duplex or 4 plex, live there as owner-occupant, and have the tenants pay some or all of my monthly costs. In time, I would have a paid off property that would help sustain me in retirement. I could see myself accumulating additional properties, but right now, I am mostly looking to keep my monthly expenses down (i.e. take some pressure off my "day job"!),  while building equity for the future.

I starting out looking at duplexes, but now I am leaning toward a 4-plex (living for Free has great appeal!)

I have a couple of properties I am currently interested in. I haven't made any offers, but expect to get financing pre-approved in next day or so. (Leaning toward FHA). I must say, according to the "Rules of Thumb" I have read about in the past few days, the ones that I like may not be the reasonably priced properties I initially thought they were!

I look forward to engaging people on Bigger Pockets.  Looks like a great community, with tons of helpful people.  

Thanks, 

Greg