All Forum Posts by: Josh Bowser

Hey @Annette Barnett - speaking WRT Atlanta here.

It's pretty tough to find meaningful cash flowing small multifamily at 20-25% down here within the metro, but it is doable. 

When a small multifamily gets listed here, there are a ton of eyeballs and real cash buyers that are happy to be the market comp and earn a 5-6% yield.

The low supply and the fact that cap rates < mortgage rates is going to make it difficult just about anywhere right now. 

Hey @Tyler Ferguson - please don't spend 10k on this guy's course.

In a real estate transaction, you can pitch anything. However, the likelihood of a seller reconfiguring the house for you is loq if you don't have a previous relationship or they are in a dire situation. I can't speak for Austin, but in the Atlanta market I cannot see this working if you're asking for this straight up.

With that being said, it isn't that uncommon to push up the purchase price within reason to ask for the equivalent in credit back. If you're putting 10% down on a 100k property it could work something like this:

Asking Price 100k with a 10% down loan -> Offer at 110k and ask for 10k in credit back. In this case, you could receive a credit for 9k towards closing which frees up 9k of your down payment money to fund the renovation of reconfiguring the walls.

I'm not entirely sure what your situation is, but if you can put 15-20% down on a house hack deal you may want to consider hard money for a medium-heavy rehab to perform the reno and reconfigure the walls and refi into a conventional after the fact. 

FHA 203k is another option - but I have been told that process is slow (have not done one myself)

If qualify for conventional - you may be able to get a construction loan + mortgage to help get you through the rehab. Feel free to reach out as I am happy to chat through my thoughts on this!

@Ian Porter is this in your realm?

Happy to help - feel free to reach out. You have my contact info

Hey Jen! 

If your DSCR is around 1.4-1.5 this looks like a dream MHP for an individual investor or a few partners.

What do the utilities look like? Feel free to reach out if you have any questions!

Hey Ruchit - I've got a guy for you. Send me a DM

Hey Sung!

I would imagine going the section 8 route would be a huge headache for a house hack. There are certain liberties you can take when you are an owner occupant - such as setting 'house rules' ect. Not sure if you will get those same liberties while house hacking. I'd reach out to a PM that specializes in vouchers - they should be able to help you out. 

You can get a lot more than you think for a single bedroom in the Atlanta area by advertising on FB marketplace and housing groups. There are a ton of young people moving to ATL like yourself that would be happy to pay $1000 / month and make some friends along the way.

Hey Annette - you should be able to qualify for 4 unit within the ATL metro or go up to an 8 unit in submarkets like Rome or Macon. 

We get some of these off market / pre-market deals passed around our office. However, these smaller multifamily properties are ultra competitive and are mostly cashflow neutral to negative between 150k-225k / door.

Happy to help if I can - feel free to reach out!

Hey @Ethan Rafferty - attend meetups in the Atlanta area and try to meet them in person. Talk to other investors in the area and see who their go-to guy is for off market deals.

You need to make an honest effort to get in front of good wholesalers. Once you get in front of them, try to help them out in any way you can and keep in touch. The good off market deals go to the buyers that are top of mind and well liked. The scraps are sent out to the lists.

New wholesalers might market directly to a list, but the experienced ones have a few buyers that take down 80% of their deals. You need to work yourself onto the short list to find the good deals.