All Forum Posts by: Heather U.

Wondering if someone can give me some advice on what I can/can't negotiate in trying to obtain a 30 year fixed conventional loan for a rental?  I keep hearing people say how low rates are right now and also that they got a very low rate (under 4, closer to 3 or under.) I'm not sure they are referring to rentals or primary and/or if they paid points.  We are looking at another conventional purchase, excellent credit and income and we are quoted around 5.25 to 4.75 but need to buy points.  Thoughts???

@Jason E. Smith thank you!!! I'd love a multi family on sale!!!  I'll keep looking. 

@Shaun Kelly Great info!! Thanks a bunch!!!

@Saulo Cruz Thank you. I think that is what has scared me off. Not sure which areas in Gas. are good ones. Is this Fuse thing complete yet or just starting? Suggestions on areas to look at or stay away from?

@Saulo Cruz Hi Saulo.  Thanks for your response. I have some sf's in Belmont,which I'm a huge fan of but for some reason, Gastonia has scared me away. Not sure why. I know they have this FUSE thing happening so technically should be up and coming but I don't like it. Can you convince me otherwise as I want to like it because it seems reasonably priced with good upside potential! 

Looking at a few multi families in Valdese, Hickory, Statesville, Albemarle.  These seem to be the areas I can afford a multi. I 'd prefer closer to Charlotte but seems too expensive for me.  Any thoughts on these towns? I know they aren't really close enough to Charlotte to attract commuter tenants so I'm worried these towns themselves won't have much demand for tenants. Any insight???

@Mike Cichy @Larry Turowski @Erik W. @Aaron Hollingshead thanks so much for your thoughts. Very helpful points to consider. I was thinking that the roi is the best number to consider.  Unfortunately I didn't make it too clear, but the yearly cash flow for the multi that I stated was before expenses as I hadn't quite sorted out expenses yet... so it isn't as great as it seems and it isn't as far apart from the Sf cash flow once you compare actual cash flow to actual cash flow. Thanks for all of your info.  Appreciate it!

Dear Members, 

I am struggling to do an apples to apples comparison of buying a multi vs. a sf. It should be simple but for some reason it is evading me.  Looking for your input.  Backstory (more or less), I have 4 sf's that I bought for about $120000 each (give or take.) They all meet the 1% rule (give or take.) My payments are about $700 and rent is $1195 so they each cash flow, after expenses about $200 a month.  I think to compare we need to assume I'm buying the properties conventionally at 20% down on a 30 year fixed. 

I'd now like to move into buying a few multi families.  But when I look at the numbers I can't decide if it is a better deal to continue with my Sf's or if some of the multi's are better.  For example, I'm currently looking at a multi 4-plex that is $250000.  Rents bring in $2575. My monthly payment would be about $1325 (plus water for a 4plex-not sure how much.) So monthly (before expenses like saving for vacancies and repairs etc..) I'd bring in $1250 a month. How does this compare to what I bring in for the Sf's? Do I look at the numbers separately for example, per unit I paid $62500 and then if I add 2 units together that is about what one sf would cost me so I can compare those numbers??  

Basically am I better off sticking with using my money to buy more sf's like I already have or is the above multi family a "better" deal per say?? Help!!!!  

Looks like they are currently  processing my sba eidl loan and I will soon have an option to take the loan.  I'm a bit confused and can't find specifics.  What exactly are the parameters of what the loan money can be used for?  If I take the loan I want to be very careful I use it correctly.  tia!!

these updates are fabulous. It has renewed my vigor to continue to invest in that area. I have shyed away from Gastonia proper but have 4 sf's in Belmont. Might need to look closer at Gastonia and also the River District area.