All Forum Posts by: Jason Bowles

Next week, we should be closing on properties 4 and 5. Despite having to chase climbing prices in a seller's market, we have been able to find a few deals for the fixer-uppers that we tend to buy. These two will be our biggest rehabs. Excited! And nervous.

Probably not based on the income from that property alone. If you have 6 or 8 or more units, then that looks more like a business income to lenders than a single unit.

In our market, multifamily units are not on the market with any great frequency. I'm looking for examples of letters to send to owners of multifamily housing in hopes that may consider selling. Or, suggestions for other approaches which you may have found succesfull are welcome as well. 

Personally, I would only do it upon the expiration of the base lease and treat it as a you would a rent increase. As your 12 month leases expire, renew with the new terms. Provide an estimate or average of expected water bills to your tenants and maybe even consider offsetting that amount with a partial reduction in base rent.

@Dmitriy Fomichenko

It's not technically a re-finance for us. We use HELOC funds to buy and rehab, then get a mortgage once we rent it. At 80% LTV, we haven't had any cash to pull out.

 Thank you.  Sounds great. Maybe we can get together after my family vacation.

I've considered the idea that Columbia needs an investors group of some kind. Do you have any thoughts on that? Are you aware of one that already exists?

@Bill Regan I have three kids...two of them teenagers. I'm frequently in need of a vacation. :D

My wife and I have successfully purchased and rented two SFHs in Columbia, Tennessee. One required lots of rehab and I did most of the work myself over about 11 months. We have about $165K invested in these two homes that are probably worth about $200K. We're clearing approximately $350/month after all taxes, insurance, maintenance, and mortgages from $1820 gross rents. After our upcoming vacation, we'll be looking to get our feet wet in multifamily units in the same area. Slowly, we're building relationships with lenders, attorneys, and contractors in hopes of accelerating our processes.

I live in Franklin and do my investing in Columbia. I'm finishing a fix & flip and will be looking for duplexes, triplexes, etc within a couple months. 

Welcome to BiggerPockets from a neighbor to your south. Well wishes in your real estate future.