All Forum Posts by: Jacob Hornberger

I would look at what is typical for the neighborhood. If every other house on the street has central AC then I would probably go that route. If they don't, I would consider it more. Having central AC would bring in more demand for the unit, and possibly higher rent dependent on the area.

The FHA program does not have to be for your first home. You can own other properties and still get an FHA loan but, you can only have one FHA loan at a time.

In my units I do not provide the washer and dryer, the tenants always bring them. I pay the water bill and it stays consistently the same weather there's a washer hooked up or not (could just be the way my City bills it though). I do not like providing them because it is just another thing that can break that you will need to fix/replace.

Did they provide you with the previous inspection report? That is sometimes enough to satisfy some buyers but, I always recommend having your own done, especially if this is your first property.

I am not familiar with the area you are in but, be sure to check the zoning to make sure adding another unit is allowed!

I like to use light neutral colors (typically a beige or gray) with a fresh coat of white on all the trim. Stick with colors that most people will like. You don't want to scare off a potential buyer just because of a crazy colored wall.

Learn as much as you can, there's tons of resources here on BiggerPockets. A lender will be able to tell you how much you can afford. Be sure to shop around a couple of lenders for the best rates/terms. Once you're preapproved, you're ready to find an agent and start looking at properties. Finding a good agent is very important, they should be able to walk you through the entire process step by step.

Hope this helps! 

If you are interested in small multifamily, have you thought about living in one of the units? If you owner occupy that would help you get in with a lower down payment.

It all comes down to if you can afford the extra payment or not. If the extra payment isn't an issue and you're wanting to get the rehab done as quick as possible I would most likely take the assistance. 

Welcome! 
I think property management is one of the hardest parts, and you should already have that covered! Learn how to properly run the numbers on potential investment properties and you should be good to go. BP offers great calculators to help with that process.