All Forum Posts by: Jeroh Odafe

Hello, anyone work or currently working with any lender that offers 10% down payment for 2 to 4 units properties?

Can I please pick your brains a little? Here it goes. I currently have a 4 Plex under contract for $750,000 in a nice part of Phoenix. The arv will be around $1,050,000 on the extremely low end.

To finance the deal, I'm thinking of using hard money and heloc from 1 of my properties. Hard money loans are crazy at this point and the numbers don't check out with a hard money loan. Which is making me second guess it all. With hard money loans I'm getting 10% interest rates (wish I could find something in the 7% range, with 10% down payment). If you can get me something in my range, please shoot me a DM.

My exit strategy is to refinance ASAP when all the work is done to a 30 year fixed as the property is off market.

It can rent for up to $6500 to $7000 per month for all 4 units when fixed up.

Is this a solid deal?

@Dylan Nice Phoenix is nice. There are lots of MFH in extremely great neighborhoods but they're a little price. Either ways, it's your first deal. No one expects you to hit a home run. I'll literally stay away from Garfield, Roosevelt etc. Focus on these zip codes (makes you my competitor but it's ok) 85013, 85012, 85014, 85016, 85018. These 5 zip codes are a little pricey but they're safe, appreciate like fire. Stay away from anything or any street that has a presidents name lol example Roosevelt, Filmore, Adams etc.

I do not know if this is allowed but I will go ahead and try. Does any investor have any multi family (no sfr please) they're looking to sell in Tucson Arizona? If so let us chat and see where it goes. I will buy directly from you and I am not a wholesaler.

@Mary Jay it is literally very risky. If she wants to do a 1 year lease and pays 4 months up front, you just might never get the remaining 8 months rent. Then you'll have to spend more money evicting her.

@Mary Jay I actually don't like prepaid rent and funny thing is that what's the probability of the business crumbling? You just have to weigh it all. If you're desperately looking for a tenant, go to the housing authority in your city (section 8). They do have great renters and pay good rents too.

@Austin Kinchen hey Austin. How's laffy taffy? I did my undergrad in ULL. To your question, yes it fraud. I do section 8 tenants too. Just ignore that tenant and go for one that is qualified for your rental amount. You do not want trouble with the city housing.

@William H. If you've any multi family flips in the Phoenix area, I and my grand papie will "love" to buy it from you. Please keep me in mind before listing.

@Nathan G. Quick dumb question, does your homeowners insurance cover bio hazmat cleaning or do you have to come out of pocket? I know there's no straight answer to this but what have you seen before?

@Dakota Rholetter I'm a guy and as long as you don't see any personal and financial reason as to having a mixed (male and female) living in your sfr, I'll go with it. At the end of the day, you're house hacking to make money and that money is green. It doesn't matter if it's coming from a male or female. Main thing is that the money is coming. You will also learn a lot if you've both genders in a sfr.