All Forum Posts by: Jonathan Thomas

@Andrew Postell Thank you for the detailed response. That's a good point about HML on primary residence, I hadn't thought about that. I don't need this to be a primary residence but had thought that may be a good way to lower my cost to enter. Maybe looking at this more traditionally with hard money then a conventional product like a DSCR or something would be a better path. Tracking the self-sufficiency test for FHA. Ideally I'd be able to buy at a deep enough discount to pass that.

 Thank you for this detailed response. I'll definitely get started using your suggesttions.

Are there any recommendation for lending options to BRRRR into a house hack? Basically I'd like to buy an off market multifamily, rehab it, and then refinance it with a primary residence loan.

My contractor brought me a potential deal for a multifamily near where I live. It needs a decent amount of rehab but it may be possible to get a good deal on it while it's still listed. 

I probably won't be able to move quick enough on this one but it made me think about looking for this in the future.

Does anyone have a recommendation for software to setup, register, and manage your small real estate business?

For background I currently self manage a quadplex I live in located in DC and I have a property manager for my SFR in GA.

I don’t plan on getting into property management myself. I think my goal right now is managing property managers in up to three markets so it’s more about setting up the framework for scaling if I ever get to the point where I have an employee. 

Thanks in advance.

I am in a similar position. If you can share that fee sheet with me as well I would appreciate it.

I'll definitely be looking out for more comments on this post. St. Louis seems to have good cashflow potential. l'm looking at a deal in South city so we'll see how that goes.

Edward good questions and I definitely agree with the responses. Especially that time in the market is more important than timing the market. If you analyze a deal in Lawton and the number work I recommend going for it then analyzing deals in San Antonio once you're there. 

Something to keep in mind is that you may be able to use the VA loan multiple times. I used it on my home when I was stationed at Ft. Stewart, GA and then used it again for a quadplex in DC now that I'm stationed here.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $930,000

House hacking a 4 Unit multifamily in northeast Washington DC. Currently the rents are well under market value so it would not cashflow. I plan on adding value to the property while I live there so that it can cashflow once I move (I'm military and expect to move within 2 years).

What made you interested in investing in this type of deal?

Listening to the Bigger Pockets podcast then connecting with a good lender. I wouldn't have gotten into multifamily without knowing the full power of the VA loan.

How did you find this deal and how did you negotiate it?

I found and negotiated it through my real estate agent.

How did you finance this deal?

VA loan

How did you add value to the deal?

I was able to include enough seller credits to cover closing costs, VA origination fee, all my credit card debt, and still get some back to make immediate repairs and improvements. I'll be landlording while I live there as well.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

My agent Thaddeus Underwood from Samson Properties and Jane Han of First Heritage Mortgage.

@David Pere thanks. Right now the rent is $1500 with the mortgage right at $1000. 

Investment Info:

Single-family residence buy & hold investment in Richmond Hill.

Purchase price: $187,000

Bought as a primary residence then rented once I was moved for the Army.

How did you finance this deal?

VA loan