All Forum Posts by: Joseph Duenas

I've been real estate investing for about ten years. I've had as many as five mortgages, but never went over $1M in debt.  Question for those who own many rental properties, how much debt is too much debt?  Is it common for investors to have over $1M in real estate mortgages? I look forward to the feedback. 

Is anyone renting homes out as short term rentals, i.e. Air BNB?  Is there a formula one should use when calculating how much to rent the house for a day? Thank you. 

I'm told I can get an FHA Loan with 3% down for duplexes, triplexes, and four flexes if I live in one. Question, if I finance a multifamily with an FHA loan, how long would I have to live there?

I'm looking at the possibility of purchasing 10 condos from a single owner that need a lot of work. My plan is to either BRRR them or buy, renovate and flip them. Any recommendations on how to finance the purchase?

I'm looking at purchasing 10 condos for $40K each or $400K for all 10 (single seller). The condos need quite a bit of work (approximately $12K each). My total investment will be about $520K. After repair value will be about $79K each or $790K for all the condos. I have a HELOC for about $150K that I can use to renovate the place, and $150K in credit cards.

If this opportunity were before you, how would you finance the acquisition ($420K), and then exit the deal. I'm thinking to either renovate and sell each unit, or possibly even refinance them all and rent them. Can I get one loan for all ten units? Or will they require 10 individual loans , one for each unit. Thank you in advance.

I'm looking at purchasing 10 condos for $40K each or $400K for all 10 (single seller). The condos need quite a bit of work (approximately $12K each). My total investment will be about $520K. After repair value will be about $79K each or $790K for all the condos. I have a HELOC for about $150K that I can use to renovate the place, and $150K in credit cards.

If this opportunity were before you, how would you finance the acquisition ($420K), and then exit the deal.  I'm thinking to either renovate and  sell each unit, or possibly even refinance them all and rent them. Can I get one loan for all ten units? Or will they require 10 individual loans , one for each unit.   Thank you in advance. 

Thank you everyone for the information. This message board rocks! 

Please help me with my first offer for an apartment building: 

Subject: Six Unit Apartment building on the market for $800K. Only three of the six units are occupied. I believe I can get $1,000 for each unit after some renovations. The building is actually set up as condos, so the six units can eventually be sold individually 

Offer: I would like to offer $510K for the building. If the owner accepts this, It will give me a great positive cash flow once all units are rented. 

Questions:

1. Will the bank require a down payment of me? If so, how much? 

2. What kind of loan and terms will the bank give me on this building? 

3. How will the bank determine the appraised value of the building? 

4. Will the appraised value of the building go, once all the units are rented? If so, should I refinance it at that time and cash out? 

Thank you. I look forward and appreciate the feedback. 

My wife and I own about ten rental properties. They are all under our name. I spoke to my accountant about putting the properties under an LLC, but he said he didn't see any real advantages. I'm thinking about putting the properties all under one business, so that I can use the business to write off expenses, that I'm not currently writing off. My wife is also a Realtor and this also falls under our personal income. Any advice on what I should do? Thank you!

@Don Harris Thank you for the great advice!