All Forum Posts by: Jason Fender

@Zach Shahan

Hi Zach, I invest in Indy as well. To try and help with some of your questions. Yes, FHA is only for primary residence. Otherwise, you are looking at 15-20% usually for SFR and 25% for multi.
https://www.fanniemae.com/content/eligibility_information/eligibility-matrix.pdf
Try and use bank financing as much as possible. That way, as you said, you have more capital for more properties. However, some sellers will require cash only offers and also the amount of rehab needed will determine if you should or have to purchase with cash. Of course, you would refinance after. 

The 1% rule is your total rent should be at least 1% of the all-in price for the property. This is just a rule of thumb. Run the full numbers for each property to fully understand the financials. 

I tried to use them and they were very unprofessional. I spoke with a representative and let him know what my scenario was. He goes ahead and pulls credit without my approval. Only to tell me later, their minimum loan amount is $75k. I already told him the value of the property was around $70k. Obviously, he should have known he's not going to loan $75k on a $70k property.

I tried to use them and they were very unprofessional. I spoke with a representative and let him know what my scenario was. He goes ahead and pulls credit without my approval. Only to tell me later, their minimum loan amount is $75k. I already told him the value of the property was around $70k. Obviously, he should have known he's not going to loan $75k on a $70k property.

I tried to use them and they were very unprofessional. I spoke with a representative and let him know what my scenario was. He goes ahead and pulls credit without my approval. Only to tell me later, their minimum loan amount is $75k. I already told him the value of the property was around $70k. Obviously, he should have known he's not going to loan $75k on a $70k property.  

@James G. I am in search of a hard money lender that will lend less than $100k. Can you message me with info on who you used? 

@David Baier Hi David, sorry for interrupting Andrew's post but I thought I would reach out to you as I am in their same situation. I am considering investing in the Orlando area market. I am out of state (Hawaii) and the research I have done so far has lead me to believe Orlando is a good market for what I am trying to do. Plus, I have family in southwest Florida so it would give me a reason to get that way more often. I have done a few flips here in Hawaii and I have some rentals in Indianapolis. In Orlando, I am looking for buy and hold properties that need work with good price to rent ratios. With that said, I would love to hear your take on the Orlando market. Please feel free to PM as well if you'd like. 

Thanks!

@Shane Pearlman

Hi Shane, I'm trying to better understand seller credits. In your example, why not just ask for the full $70k price reduction as opposed to the $50k price reduction and the $20k credit?

Feel free to check out Paul Reese with Dawn til Dusk pm. I've been using him for about two years and have been most pleased with him out of the, unfortunately, three others I've had to suffer through. Best of luck. 

Hi Mark, I looked into it as well, never purchased though. Occupancy rates can fluctuate mainly depending on the quality of the unit and building. You can go on to the vacation rentals websites and most have a calendar of their availability so that is a great way to check occupancy. Their are a only a number of buildings in Waikiki that allow short term rentals (less than 30 days). I'm a big fan of the Waikiki Banyan. Nice units, nice amenities, low maint fees. Management companies will eat up a lot of your return as they are usually 25%+ but obviously offer a more passive approach. Hope that helps. 

@Rusty Scott what are you finding in town that rents for more than $800-$900+? Just multi-units?  

Thanks