All Forum Posts by: Jay Newman

Dustin Davis Thanks for the input I have a family member who works in the title industry. I'll give him a shout and see what I would need to do. Good call!

@Ray Lai You bring up a good point. I wouldn't really know how to proceed if I managed to find a good deal. I think I had envisioned just bringing a realtor in to take care of the paperwork, but I suppose I need to look into that a little more. I will end up getting my real estate license at point probably, but for now I'm going to focus on trying to get my hands on a good house hackable deal.

@Antonio Coleman I'll be sure to check it out. Thanks for the tip.

@Sarah Hansen Thanks for the tip on the open rentals. I've heard of this before, but haven't been taking note of it when I drive for dollars. I'll be sure to use this going forward. I have one realtor who sends me automated e-mails, but they seem to be the same listings that come through Trulia and Zillow. Has this been your experience?

I've filled out some prequalification paperwork and got an e-mail describing roughly what types of loans I could qualify for, but no sort of paperwork. I'll follow up with my lender to see if I can get my hands on one. I'm not sure if the bank that I'm prequalified through is investor friendly or not. I went there because I have a family member that gets his loans through there. Feel free send to send over some of the lenders you have in mind.

@Megan Greathouse I'm in the same boat as you. I've been looking through all of the small MF listings in my area for a while now and even the overpriced rentals in very marginal areas seem to be getting scooped up quickly.

I haven't considered going down the co-wholesaling route. I was considering trying to wholesale what I couldn't close on myself, but I suppose that would be difficult without a buyer's list of some type. I'll have to keep this in mind if I run into a situation where I can't close on a solid property. Thanks for the info!

I'm looking at starting a direct mail campaign that would aim at absentee owners who own small multifamily properties in the Northwest Arkansas area so I can acquire a solid buy and hold property or two. The first place I pick up I would house hack and I might be able to swing one other rental. I made a post because I haven't been able to find anything on the forums about direct mailing for picking up buy and hold real estate, which I thought was strange. Are there any issues that I might run into when direct mailing when I can't necessarily close fast with cash or assign a contract to someone else who can? Obviously, I wouldn't advertise that I can do these things. I will need to get a loan for my house hacking endeavor. I just wanted to get some feedback on this strategy and why (seemingly) so few people are using it to acquire rentals.

Thanks!

Went ahead and pulled the trigger on this list. Looks like "Residential: Multifamily" is 2-4 units, which makes sense I suppose. I've only looked at a few of the listings but have seen probably 3 duplexes and a quad.

Not sure if this is the right category or not, but I have a question on ListSource criteria. I'm trying to put together a mailing list for small multifamilies. I assume that number next to the selected property type is the number of properties that the website has on file (see picture below). If so, why is it showing zeroes for triplex & quad? I know that there are some 3 - 4 units in the zip codes that I have entered. Is it possible that there is another category that these types of properties sometimes fall under? I included Residential: Multifamily thinking this might be the case, but I didn't want to pull the trigger on some listings that I don't need.

Thanks!

Marcus McCauther I'm not too sure what agents around here use but I'll be sure to take a look at it!

I'm still working on my education as well. Until recently I hadn't been accounting for PM when I analyzed a property, but on one of the recent webinars Brandon mentioned that it is a good idea to include it in your analysis. His reasoning was that once you begin to scale your business you will be able to hire PM so you can focus on running and improving the business rather than maintaining the day to day operation. If you don't account for this early on it is possible that you will stuck managing it yourself, because the numbers just aren't there. As a side note there is a webinar on MF analysis on Wednesday. From what I can tell if you just sign up for it, then you can watch the replay until Sunday. It was like that on the one last week anyway.

Hey there. Welcome to BP! It sounds like you've done quite a bit of homework, but if you haven't listened to BP Podcast show 163 you should check it out. The guest talks about VA loans and other benefits that people that are/were in the military receive. Not sure if I can post links but I've tried to post it below.

https://www.biggerpockets.com/renewsblog/2016/02/25/bp-podcast-163-making-your-real-estate-business-soar-while-still-working-a-full-time-job-with-bill-allen/

Thanks for correcting that @Jeremy Hunter. It looks like a pretty cool website I can use to find deals to analyze!