All Forum Posts by: Joshua Janus

If you experiment enough and are patient, hiring a virtual assistant from somewhere like Upwork would be a great move. You just need to train them on how to find the numbers manually, and once they understand your good to go. Try multiple and continue to hire the best one. Your numbers will be much more accurate this way and will probably be a cheaper cost in the end due to the amount of time wasted with wrong numbers.

Good luck, Josh

I like to use the One Percent Rule (monthly gross rent is >=1% of purchase price) as a rough rule for my market in Columbus, Ohio at least. Some areas that is never possible, and others it's every single property. Take into account all of the other expenses associated with the MF property as well. Does the area have high property taxes, hoa fees, condition of the roof, appliances, units etc. 
Are you asking whether lenders require a larger return as it is a multi family property versus single?
-Josh

Negative cash flow is putting yourself in the hole from the start which isn't the goal. I'm slightly confused but would it cash flow well once turned into a triplex? How much capital investment is required for that transition, and what financing are you currently applying to this deal? Seems like there is room for other choices but at the worst, choose another deal. 

Getting yourself into a turnkey, or close to, property that is your investment in definitely a smart way to ease into this game. How are you finding the deals to analyze, and where are you from? Pinpointing newer buildings will definitely decrease your chances of major repairs, but checking in with the current owner and paying close attention to the inspection seems to be the best bet to make sure you know what you are buying. What expenses are you referring to covering completely in the first year with cash?
-Josh

Try wholesaling, or do as much research as possible to setup yourself up to be eligible to house hack for an FHA loan in 1-2 years down the road. Save up money for the small (3.5%) down payment, find every way possible to build your credit, and develop a consistent income or stable work history. All of this setup will help you in the future.

Good luck, Josh

Here is a general rule that you would want to meet for a rental property: 
One Percent Rule: You want the monthly gross income to be 1% of the property purchase price. The utility of this rule fluctuates with numerous factors such as HOA fees, high property taxes etc.

-Josh

Do you have a w2 job, or 2 consecutive years of tax returns as self-employed? If so, you can go with a conventional loan , FHA loan (3.5% down, you need to live in it for a year) or a non owner occupied loan (25% down) and get much lower rates than the hard money route.

*this is not legal advice as I am not an attorney and this is not loan advice as I am not a licensed lender. 

Yes, I would definitely sell the condo. Depending on your flexibility with your dogs and upcoming baby, house hacking a multifamily with an FHA loan but would be great way to utilize the equity that you have in the condo. This would jump start your wealth building process much, much faster than waiting 3 years to rent out the current condo.
Good luck, Josh

Columbus, Ohio would be a great place to find a multifamily property in that price point and would be a hybrid mix of cash flow and appreciation. This is what I am doing early 2022 and know plenty of others in the area that do as well. It's a solid area to take advantage of the population growth, capital investments into the city and the companies that are moving here. 

Something appears to be off with that high of an APR in relation to the interest rate. Do you have a low Fico combined with the lowest down payment possible?
A townhome that cheap should cash flow and shouldn't be too difficult to beat the One Percent Rule. 

-Josh