All Forum Posts by: Jean Scarphens Codio

@Chris Mitkovski

In a good real estate market, there's always an opportunity to buy a good investment. A good investor will still invest in a downward market. Still, he/she will do several things differently in terms of strategy, acquisition, investment models, and others, depending on the real estate market.

If you could get more knowledge and an excellent real estate coach/mentor with experience to help you with acquisition and excellent management company with a good maintenance team that can take care of the property. You should be able to get it done.

Things change—Trends change. Markets change. Investing strategies change! Do your homework before investing to be able to anticipate changes!

What is the best website to manage multiple tenants? I am looking for software that can handle the entire tenant management process from maintenance to accounting. 

@Matthew DeMichele

As a real estate agent, I've done numerous house-hacking transactions. I think 20K is a good amount to get into a duplex. You just have to play it smart.

1) pick a Market you see yourself living in for the next 5 years or somewhere within 2-3 hours from where you currently reside.

2) Your best bet would be FHA 3.5% down

The total closing cost for an FHA 3.5% loan is 7% to 9%, depending on your area.

3) If you buy a duplex for 300K, your closing cost might be $21,000 to $27,000.

- This is how your make it happen; the maximum FHA seller assist is 6%. The seller paid the seller assistance for you.

Suppose your offer gets accepted at 300K with 4% seller assistance.

- You are only bringing $9,000 to $15,000 to closing... Plus, if the other unit is rented, you are getting last month's rent, security, and monthly prorated rent, which could be a $4,500 check to you at closing or reduce your total closing cost further.

I would stay away from triplex and quad depending you your market price range since they have more requirements, such as having reserve and FHA sufficient test for 3-4 units.