All Forum Posts by: Jason Chopin

Hello, I'm currently looking to purchase and live in a multifamily property in Raleigh and I'm looking for a Realtor with house hacking/investment property experience. I've also received the following from my loan officer and would prefer someone with experience with conforming loans vs FHA.

You can put as little as 3% down with a conforming loan (a loan backed by Fannie Mae or Freddie Mac). The reason I recommend this for you is:

1.With an FHA loan, you not only have monthly mortgage insurance, but you have an upfront mortgage insurance premium which is rolled into your loan amount which is 1.75% of the loan amount

2.With an FHA loan, your monthly mortgage insurance is the same whether your credit score is 620 or if it's 850. This is good if you have a lower credit score, bad if you have a high credit score as you're subsidizing the lower credit scores monthly mortgage insurance.

3.With a conforming loan, you do NOT have an upfront mortgage insurance premium.

4.With a conforming loan, the mortgage insurance is risk based, meaning the mortgage insurance companies price the mortgage insurance based on your credit score and down payment %. With your mid credit score, I would strongly recommend a conforming loan.

Please send me a direct message if interested! 

Thank you!

Jason Chopin 

@Clint Galliano, I've been running numbers on properties in the on in the Thibodaux area with my cousin who lives in Houma.  Do you have a realtor you could recommend with investment experience?  

Also, congratulations on your deal and I look forward to learning how it turns out! 

@John Upperman, great story, I'm also looking into flips in Raleigh.  Who did you use for your construction contractor and loan and would you recommend them for future projects?  Also, did you have a full time project manager during the rehab? 

Thank you! 

@Mark Senecal, try this link to the file on Google Drive and let me know if it works:  link

Also, by turnkey I mean a contractor who can handle multiple aspects of the rehab:  plumbing, electrical, roof, etc. under one contract then hand the keys over as a finished product. 

@Alex Corvin, I agree that the CapEx would normally be higher but with the rehab budget of $30k I lowered the monthly CapEx estimate. Do you have any recommended insurance agencies?

Here's more information on the property:  link

I appreciate the feedback! 

Hello, I've recently been looking into foreclosed SFR and multi-family real estate investments in the Raleigh area, where I reside. Currently I'm running numbers on properties to get a better feel for the area.

Below are some images of the calculations I ran for a downtown property in Raleigh and here is the ad:  link, I can also upload the excel template if to Google Drive if anyone is interested.  I generally use the first scenario "A" for the asking price and a conservative rental amount.  

My main concern is the cash flow for the first scenario, but the BRRRR equity looks great.  Any advise here or comments on the calculation sheet would be much appreciated. 

I'm having my realtor research some comps to help verify the AVR appraisal and the monthly rent.  As this is my first investment property I'm still feeling very risk adverse...

Also, could anyone recommend a turnkey contractor to quote the rehab?   

Thank you and I look forward to being part of the community!  

Jason