All Forum Posts by: James Gilpin

Hi All! I have the opportunity to purchase 3 properties in one deal and get a great discount. I am currently new to the game and have been looking for MFH but the deals I found won't go FHA so I looked at other options. This new deal includes 2 MFH and 1 SFR which is perfect. The properties require different amounts of rehab but are pretty much rent ready. My question is: if I get the deal under a 5 year seller finance deal how easy is it to then refinance them into a conventional loan 2 years down the line? Would it be rolled into one loan? As I said I am new to this and looking for guidance. Thanks!

Joel Florek Please PM me. I am in Grand Rapids looking to get into MFH and Multi Units and would love some help.

Hi All, I am struggling to tie down goodfellas as whenever I make an offer I get beat out by a cash offer. I have around $15k and looking to go 2-4 unit on my first deal. My question is... If I did a direct mail campaign (that was worded to not offer cash) would it then be possible to get an FHA loan through the bank? I am thinking of targeting properties that are 2 years or more behind on taxes. I can use part of my $15k to pay off taxes then tie down property at a good price FHA. Let me know your thoughts. Thanks!!

What are the best ways to find a private lender? If they had money why would they not do deals on their own ?

Hi Everyone! I'm young and hungry with $15k cash and looking to start my real estate empire. I am very intrigued by duplexes as a start off but the deals out there aren't great. Any good deals I've offered on (FHA) I have been beaten out by a cash offer... 3 total. The properties I've bid on so far have all been duplexes that are (2) 3 bed units with cash on cash at roughly 15-20%. As i said I am finding good deals but having to go through FHA is killing me. I also wanted to look into contacting motivated sellers but I figured the would want cash also not FHA... Any help would be great 😃👍🏻

Hi All! I am near to closing on a duplex but just running my final numbers when I came into a struggle... How can I accurately calculate the price of a duplex or any other MFH for that matter?? I understand how to use comparisons for single family homes. (Within 1.5 miles, sold in last 6 months, same sq ft. Bed/Baths etc.) however I struggle to find enough comparisons to even get close to finding an average market price when it comes to MFH. The best I've read thus far was to make the comparisons solely based on a $/sq. ft. value which includes single family homes and multi family but I can't imagine this is particularly accurate. Any input is appreciated. Thanks!

Tony Cook Thanks Tony very much appreciate your input and you seem very knowledgable. I will definitely be looking to pursue this. Thanks!

Sajju Shah Below is everything needed at closing. Sorry I think I got terminology mixed up in my previous post... Sent from bank: $105,000 sale price FHA 3.5% Down $3,675 down payment 1,769 closing costs 199 Coldwell Banker admin fee 3,749 Prepaids (One year house insurance, July 1 tax bill, and monies towards future tax/insur bills) -1,032 credit (est) from seller for taxes (prorated from January 1 – June 30) $8,360 needed at close before deposits, and not counting inspection costs. Let me know thoughts now seeing this info. Really appreciate it!

Hi All, I am looking to buy my first MFH with the view to add an additional one every year for the next 3-5 years, possibly even look into something bigger. Anyways... House listed at $132,000 Got them down to $105,000 Rents would be $750 (2Be/1Ba) & $850 (3Be/1Ba) Needs: New roof $14k, Furnace $3k Touch Up $3k, All in: $125k FHA: 3.5% DP Closing Costs: $8200 House has been appraised by FHA at $105,000 Monthly: Rent: +$1600 PITI: -$780 Vacancy: -$130 Maintenance: -$120 Cash Flow: $570 I realize this may not be the greatest numbers however knowing that I have replaced the roof and furnaces would relieve me of any significant costs for 10+ years. Is it a good deal? Thoughts and advice welcome :)

Loch Mett Hi Loch, that is why I asked before going ahead with it :D I watched a Phil Pusteovsky (spelling!) video where he goes on to explain how there is no need to create a buyers list as the best place to sell is on the MLS. He claims many REI are giving away the 'lions share' by selling privately to investors as opposed to retail buyers. Perhaps I have misunderstood the video but I pretty sure that's what he said... Jake Thomas Thanks for the info Jake. Would you have any interest in meeting up in GR? I'd love to learn more about the industry. Thanks both!