All Forum Posts by: Jennifer Dargento

I would need more information.  Will you be able to qualify for a mortgage after moving?  

Mortgage application checklist

• W-2s for the last 2 years (or 2 years of tax returns if you’re self-employed)
• Pay stubs for 1 month
• Bank statements for 2 months
• Driver’s license or government-issued photo ID
• Child support or alimony payment agreement (if applicable)
• Other income information

These are general for any mortgage.  

As far as multi-family in Las Vegas, I wish there were better choices, but there are not.  Class C or below or too far from cash flowing in better areas.

Single family fixers with the FHA 203k loan are a possibility. A little more effort, but might be your golden ticket.

If you have specific questions, let me know.  Happy to answer any questions, the more specific the better. 

@Jennifer Dargento, Love the planning ahead. Really home this is not taken the wrong way but at the same time do not want to beat around the bush. I do not think that strategy is realistic.

-203k loans are a PIA. Need preferred contractors and requires a lot of government paperwork. Contractors hate paperwork.

-You can not get hard or private money loan for a primary residence

- Why BRRRR and HH? You are already getting an amazing deal by purchasing an investment property with 5% down

There are a lot of nuances when it comes to financing for a multifamily if it is your primary residence that I wont get into. 

What a lot of our investors here in Denver do is buy single family home with some form of separate income suite to rent out. Works excellent and can typically get in for less than 25K. Hope this helps :)

I'm not sure any tool exists to "weed out the properties in headache neighborhoods"  From your profile it looks like you are in Chicago.  Our tool when working in certain neighborhoods in Chicago - Google Street View- If there's more than one vacant/boarded-up property on a block or cars parked on lawns we will take a hard pass.  The exception to the hard pass is if we have a plan to purchase more than one property on the same block. 

Regarding pulling a list or opportune properties in B & C class neighborhoods, I'll send you a DM on the software that we use.

Hey @Jennifer Dargento, congratulations on getting started! A huge first step that most never take.

I'd recommend trying PropWire first. It's free and operates much like PropStream. You can search by zip code and filter through different motivators (foreclosure, probate, absentee, etc.). 

If you're looking for properties in Chicago, you'll know what neighborhoods are B and C class.

I don't believe there is a filter to sort by neighborhood grade - after all this is subjective. 

I would do a couple of things - first locate the areas you know are "good" - by schools, crime, amenities, access and just your general knowledge and feel for the area. You can call PMs and see what areas perform well for them, what areas are bad/they won't manage in etc

Now pull your list (filter by zip code)

Then mail out your flyers - see what sticks and what you get contacted about. From here filter what you would be interested in based on location/price. 

So you end up sending out a few extra flyers but you have narrowed down the properties to people who actually may be interested. Gives you a lot less to sort through - and you're doing something you'd be doing anyway. By that I mean you're likely going to look into every property you get contacted about anyway - but this will be your smallest list to actually look into. A lot less work/time consuming

 I don't have experience with those services so I can't say if there is a filter you can use to do that, but I'm a fan of this website https://www.niche.com/places-t... for grading neighborhoods.

You will have to filter this through the ZIP Code.