All Forum Posts by: John Peine

Northwest Arkansas. Land prices are super cheap. There is incredible growth. Fayetteville and Springdale are at 1% an occupancy for multi family. Bentonville is at 5% unoccupancy for multi family. Fayetville is always in the top cities in the US to live.

@Dr. Jordan E Smith I hope I am not reiterating something somebody is already said. To find out what a "Good Deal" looks like in your area you will have to analyze a lot of deals. At some point it just pops out at you. Depending on strategy you might find turn key in a different area to be your thing if you got the money. In my first year I hated that nothing was clear and everybody said" Depends on your situation/strategy." Now the same line is liberating as I am where I am.

@Nick Tzenevrakis great idea if you don't want to live in the building.  Shop around for banks, one will eventually say yes.  It just depends how much you want to shop around.

As for living here usually the requirement is only 1 year.  In November I am looking to move out of my first house, maybe.  Depends on what I find.

@Hy Schmiedeskamp you can have those high level meetings without charts and graphs.  The bankers also know you. You have a portfolio with them, and I assume you have shown a consistent ability to close and follow through.  Nick is not you.  My advise was for someone who isjust starting out, has no previous deals, little equity.  I am a lot like where Nick is.  If I try to walk into a bank with how you conduct business they show me the door. All the bank officers I have talked to said that is how they would take my deal 100% seriously the first time.  It shows you are putting in a lot of effort.

@Chris Purcell, true.  I saw that I used a universal and you almost never should use them.

However, the way @Nick Tzenevrakis described his situation it is a great way.  I can't think of one much better unless he gets a wholesale priced apartment complex with owner financing with low down.  But even that can be riskier if you don't know what you are doing.

For people that are super green like me there is few downsides. You live usually for free (or should), only a hand full of tenants, can be very low money down with FHA. And if you have an FHA loan the building has been vetted for any major structural or utility repairs.

I don't know, can you think of a better one, not assuming he has a lot of capital, or housing experience?

Seems fine just get an estoppel, rent roll, and the book. Make sure you get them in a decent amount of time. Give solid dew dates, stick to it. Good hunting. :)

Seems fine just get an estoppel, rent roll, and the book. Make sure you get them in a decent amount of time. Give solid dew dates, stick to it. Good hunting. :l

Greetings @Tyler Mau do you know what you are exactly looking for in long term growth? Glad you are here, welcome to the board.

@Benjamin Cowles, great job. I would be dubious of anyone who is not willing to give references. I have noticed the more people ignore red flags they more often then not get burned.

The best way to start out is a FHA loan for a multi family residential home. duplex, triplex, or quadplex. Anything larger is commercial. Find a MFR that cash flows with you living in one unit. Rent out the other. It is like land lord training wheels. After a year move out, after you find a new deal. Keep doing that till you got a portfolio. FHA loans have a few hurdles but are well worth it as they are 3.5% down. That is right, less than 5%. I would also say saving up the 25% is great. Worse case you save 25%. Find FHA qualified house. Now you have 22.5% cash in reserve for snafus, and your next deal.

@Shawnette Ashburne, I might also add stopping a foreclosure is something very niche. Every State has small laws that make a huge diffrence. So any advice not given by a pro in your State should be taken with a grain of salt. If it were me, try to get a look at it best you can. Do good dew diligence, see if it has any other liens (that is a huge newbie gottcha). Watch it go on the auction block. If you are brave enough get a price in your head. Not a dollar more. Hopefully it will go higher than that. Getting comfortable with the process will make it easier the next time you see a foreclosure. Bonus: bring a few bottled waters and do some networking. That might be my best tip.