All Forum Posts by: Jennifer Dean

@Michael Wilson  Welcome!  I love Multi family and specialize in them myself, both as an agent and investor.  Feel free to reach out if you have any questions or need any help!  Good luck with your goals!

@John Chapman @Matthew A. I can vouch for @Andrew Dean 's numbers. I actually do all of his numbers and manage his books. 

PITI $1600/month

Vacancy $100/month

Management (self managed)

Snow removal $0 tenants are responsible for their own snow removal

Repairs $100/month

Cap Ex $200/month

Water, sewer and garbage $180/month

Equals = $2180 in expenses/month

We were able to rent out the unit in just 2 weeks before anyone moved out, so pricing shows that it was on mark.  We are going to be renting out the other side the same way as we did this side which will bring in $1800/side.  

The projected NET profit will be $1420/month. 

Granted that does not take into account the HELOC, as it hasn't been used yet.. The HELOC is interest only payments for the 15 year draw period which would average about $200/month if the entire amount is used. The property will more than likely be refinanced in the next year or two which would likely add about $200/month to the payment. Either way you look at it, he has gotten access back to all the money initially put into the property, and some, and has created a net cash flow over $1000/month. I think he did a good job!

Hank Wedow my partners and I are looking to get started investing in the Rochester area and Wouk love some insight! We are flying out August 17th to select target areas we would want to invest in and meet up with some local professionals. I would love to hear about the student rental side of Rochester as we have yet to talk to someone about that option!

Thanks @Dave Foster and @Robert Hetsler!  Great information from both of you!  I'm just trying to look into different options with some of my properties and didn't know if there was a way to work this situation.  @Robert Hetsler I would love the name of the company you found!  I'll send you an email.

Anyone familiar with seller financing and if you can use down payments you get for a 1031? Or would you be taxed on the gains?

Hayden Brooks Great info from Jeff Rappaport ! I echo his advice. Networking is huge! Don't just join a club to join a club, join and meet people! Network at the events and pass out your cards as well! You'll be surprised how much you'll be ahead by just knowing who you know. Sometimes starting out can seem overwhelming, I know it did for me. Do some research first, and then choose an aspect of real estate that connects with you and don't give up. Persistence and patience and the 2 p's of prosperity! Surround yourself with people that uplift and believe in you. Succeeding at real estate doesn't come easy. It takes work. Owner occupying or "house hacking" are great ways to get started. By a duplex, triplex or four plex and rent it out. Or find a house that needs work and fix it up while living there. I've never done the "house hack" route but I have bought investment properties and funded them with low down payments by living in them. Meet with a good lender as soon as possible just to get an idea of what you could qualify for traditionally. There are other ways to get things funded, but at least you'd know what a traditional lender could do for you.

The lowest down I've heard of is 15-20%, if you are not living in the property.  I do know of a 10% down loan for Multi-family.  You can start to get more financed if you go the Hard Money route, but it gets expensive as you are paying much higher interest rates and a lot more points up front.  Basically with lenders, the higher the risk, the more money they will charge you.  

Have you tried looking into private money?  Sometimes your own network can be willing to lend you the money to make down payments lower for you.

You could also try asking sellers if they will leave money into the property and help finance the down payment.  That's always a good option and while not a majority of sellers will do it, some will.  You never know until you ask!

Wanting to get some advice on the best way to finance multiple single family homes at one time.  My team and I have just been getting a property at a time, but are looking at buying some portfolios with multiple properties and I am still trying to figure out the best way for the process to work.  Thanks!

My team and I are branching out into the Rochester area in New York and we are looking for lenders that are able to finance multiple properties under a blanket or portfolio mortgage, as we are interested and looking at getting multiple SFH. I have a lot of questions about how this process works and any help would be great, as this is our first step into New York and working with commercial lenders. Is this something that only commercial lenders would finance? How would it work with our LLC and qualifying? I'm assuming you still need to have someone in the LLC qualify for the loan? Has anyone had any good experience with lenders in the area? Thanks!

I haven't had any experience with the 203K loan, but have done the owner-occupied multi-family thing. The MLS doesn't seem to be the best source for deals, but they still do exist, if you have some patience. There are wholesalers who have deals for landlords that will let you obtain financing. I actually have a couple right now that are off market, but they are more in Utah County. I do run into some off markets up in the Salt Lake area every now and then, and would love to pass some on to you when I see them!

There are still deals that make sense for first-time owner occupants, its just harder to find as you are putting a lower amount down, so the cash flow isn't going to be as great as putting 20-25% down. Your cap rates are usually going to be higher in the "bad" areas, but I have found that you get better tenants and investing in better areas, especially if you are going to live there. Having done what you are looking to do, I did quite a bit of research on the owner-occupant loans and financing and have a lot of info that I could share with you if you are interested!  PM me and we can connect!

I love your ideas and what you are looking to do!  Best of luck!