All Forum Posts by: Jacob Powell

@Art Perkitny thank you for the chart. Do you by chance know how to look at the different markets?

Hey guys and gals,

Iv been looking around and I'm trying to figure out where do you look to find property's out of state do you have to look for an agent in the area your looking to buy an investment property in? I know about Zillow but my experience with that is they are quite a bit slower the the Actual MLS sites. I think I'm looking to buy out of the state I live in just because the cost of homes are extremely overpriced right now and I wanted to see what other states are going for see if it's something I can afford. Any thoughts/ Ideas?

@Jerry Padilla

I looked it up so my limit it’s $725,400 for a 4 plex. I talked to my loan officer they qualified my and my wife for $265,000. That to be honest higher then I though we would get, but I’m still unsure what to do to get started on my first owner occupied property. Me and my wife have about $15,000 saved that we could use for a down payment. But there’s not much in the the range that we qualify for. I want to get into something, the only owner occupied rental that is remotely in our range is $300,000 it’s a duplex that brings in 800 a month out of the basement. I’m worried though that once we move out that the property won’t generate a positive cash flow. The mortgage would be about $1900 a month. So 1100 of that we would be paying for our “rent”. Would it be better if I tried to bring on a partner to get something better? What are your guys thoughts?

Talked to a loan officer today let’s see where is goes🤷‍♂️. Any advice would be helpful.

@Margaret Johnson

I was figuring that I would have a cash flow of 500 to 1000 bucks living rent free witch doesn’t sound bad considering I pay 1300 now for our apartment. So I would be saving 1800 to 2300 a month while is still work my job. Plus the units I was looking a purchasing are with in 1 mile of a university, so I feel like they should rent really pretty easy each one is a 3 bed 2 bath with an attached garage.

@Jerry Padilla

If I did a FHA loan witch is probably what I would have to do cause I don't really have a high down payment that I can Put down. Is there a limit of a FHA loan? I have figured out I either buy something or lease one more year and try and save for a higher down payment. I'm just wanting to start putting Equity into something.

@Anthony Wick

Do you think a duplex is better or if I have the chance for a 4 Plex should I go for it? I’m trying to stick closer to the university me and my wife attend.

@Margaret Johnson

What kind of cash flow did you experience? and what kind of 4 Plex did you end up with was it like a typical 2 units upstairs 2 units downstairs? The 4 Plex I’m looking at is 4 town home style each next to each other. My worry is it might be a bit too much but this is also a place we would be living for 2 to 5 years and possibly having kids during this time. But I’m wanting to go talk to a loan officer to see what my options are.

How do you feel about an owner occupied 4 Plex or duplex? Iv been looking around for places in my area my wife and I are wanting to buy a place while we are finishing up school. What have you guys experienced with starting your first property those of you who have lived in your first one?

@Geordy Rostad

Good to know iv had my eye on a 4 Plex. That would be something I feel like me and my wife could live in one of the units for 3 to 5 years And just be my own onsite manger. The building was built in 2015 that would be my next question is newer better? I know less Maintenance right now but is something that’s 3 years old ideal? And how do you justify that when wanting to get Pre-approved for a mortgage that I know Is clearly out of my range. The 4 Plex I’m looking at is $815k, each unit is a 3 bed 2.5 bath with attached Garages. Most places that size are renting between $1300-$1600 a month in my area. With a 30 year loan the mortgage would be about $4000 a month. So I really feel 3 units could make that and I would start paying myself rent to set aside money for costs to fix or replace things. This what my thinking on this place is my logic sound? And where do I go from here?