All Forum Posts by: Hamlin Caldwell

I’m tired of hearing you “why are thinking about a fourplex, why aren’t you shifting to thinking about a 100 unit complex??”

My wife and I just recently bought our first live in flip and renting our old house, with plans to be financially free through RE investing...in due time.

I am writing this post because I became so overwhelmed and tired with all the podcasts and gurus preaching....you aren’t thinking big enough bro!

No, no, I am, long term.

GOALS SHOULD BE GROUNDED IN REALITY. Short and mid range goals should consider your personal limits currently, should push you outside your comfort zone, and should be measured at a 50/50 chance you will be able to achieve them. ....if you’ve never done a RE deal and the gurus are saying you should buy a 100 unit complex!...that’s not reality.

Take your time, know your end financially free number, know it takes a lot more work than you will ever think, and don’t beat yourself up for thinking you should be pursuing the 100 unit complex. Star with the fourplex!

@Account Closed if I run across something I'll keep you in mind. What kind of property type and type of tenant are you thinking? 

This one is in pretty rough shape, it would be lower income tenants but I think you could clean it up a little

https://www.homes.com/property/4100-broyles-ave-sw...

However this one is in a more desirable location, higher rents. Price is too high though

http://www.loopnet.com/for-sale/huntsville-al/multifamily/?e=u

Just shared this on another post but here is my thoughts on the path of progress and general overview of Huntsville being born here and now working here. Hope it helps!

I'd recommend staying away from 35810, but 35801,35802,35756,35741,35763, and 35806 would all be generally safe bets. https://www.zipmap.net/Alabama/Madison_County/Huntsville.htm

The path of progress is really from downtown due West toward Madison. 35816 is in that path, its a lower income neighbor hood now but in 5-10 years you are gonna see that turn around a good bit. I'd also probably recommend staying away from 35805, its lower income, pretty sketchy neighborhoods and dont see it turning around anytime soon even it looks likes its in the path of progress. 

Just staring my investing career but born and raised in Huntsville and currently working at Trustmark Bank in downtnown Huntsville.  I am looking to get into multifamily however I think Hsv is a great place to get decent cash flow on SFRs. Just shared the following with Mora, hope this helps everyone.

I'd recommend staying away from 35810, but 35801,35802,35756,35741,35763, and 35806 would all be generally safe bets. https://www.zipmap.net/Alabama/Madison_County/Huntsville.htm

The path of progress is really from downtown due West toward Madison. 35816 is in that path, its a lower income neighbor hood now but in 5-10 years you are gonna see that turn around a good bit. I'd also probably recommend staying away from 35805, its lower income, pretty sketchy neighborhoods and dont see it turning around anytime soon even it looks likes its in the path of progress.  

Recent Huntsville updates this week

Facebook: https://www.al.com/news/huntsville/index.ssf/2018/...

Hilton: https://www.al.com/news/huntsville/index.ssf/2018/...

Stadium: https://www.al.com/news/huntsville/index.ssf/2018/...

@Bobby Walters I'd stay in Huntsville if you could just depends on what type of tenant you want...I think you can get a more desirable class tenant in Huntsville. 

Just wanted to add to this thread and keep updated. I am born and raised in Huntsville and wanting to start building a R/E portfolio. I don't have deal experience however would love to be a resource for any one looking at Huntsville, and can provide feedback on different neighborhoods etc. If you are looking at a property I can even drive by to take pictures and let you know what the surrounding area looks and feels like. 

I'd also check loopnet. There is 25 unit that went on there this week,  1500 Randolph Ave. It is in a super desirable location, very close to downtown, in a historic district, and could demand a rent closer to $600  to $750 giving you a better tenant.  However from the numbers I have run(run your own though remember I am new!) it looks more like a turnkey instead of a value add play. I drive by the property almost quite a bit and who ever owns it takes great care of it. There is also a 88 unit motel for sale on there that is directly across the street from the University of Alabama Huntsville. There could be some value add by converting it into student housing. I drove the property this morning and looks like its in pretty good shape, new windows etc. The pics on loop net are old as the paint scheme has changed. 

Like I said I am new to investing, but would love to help you guys as much as I can. My plan is to start with a house hack fourplex before attempting any 5+ apartment complexes, however want to keep learning as much as I can in MF space. Please feel free to PM or respond on the thread if you have specific Huntsville related questions.   

Hey new to the site, and to investing! Been listening to the Podcast for a while and looking to put my first deal together. However need some advice on BRRRR financing.

My stratergy/thought right now is to househack a tri or quad plex which needs to be rehabbed, use hard money for the rehab, then (using the 70% rule when purchasing) refinance with a mortgage lender at a 80% LTV over 30 years (since it will my primary residence).

Quick Questions (I apologize if they seem basic)

1. Would a mortgage lender allow a refinance with 30 year term since I own the home already..? I think I know the answer but haven't done this before!

2. Could I get a refinance greater than a 80% LTV on 30 years, say 90 or 95% LTV (since this will be my primary residence)

3. Will a hard money lender require me to put any cash into the rehab myself, or would they just require the 3% financing fee up front?

Any feedback is helpful, thanks! New to investing but ready to dive in!

Hamlin Caldwell