All Forum Posts by: Justin Vaughan

Hi Paul! I'm a loan officer in the DFW area and I would be more than happy to help, I'll PM you my information.

Do you have a link where we can see more information?

@joe funari I agree. I have looked into some smaller multifamilies but everything I was finding was pretty close to the same price as what a 4 plex should be going for so it didn't make sense. As far as financing goes, I was hoping to find a bit more distressed property and do a 203k loan and wrap the repairs up with the mortgage. I came across an absolutely ideal property at $90k a couple of weeks ago but it was only available at cash and I'm just not in a position to make that happen. 

@Caleb Heimsoth Yes I am. 

@Larry Turowski I've been sitting back reading books, listening to podcasts, learning as much about real estate as I can for the last 4 years. I think it's about time I made the move don't you? Also, my living situation will be in a car within the next couple of months up until I find a property so the sooner the better. (Decided to let my lease go for motivation to find something.)

Alright, I need help. I've been running the numbers on several four-plex properties in the Dallas/Fort Worth area trying to find one that I can pull the trigger on ASAP but the numbers I'm putting together just don't look right. Or maybe they are and these people just want way too much for their properties. Everything I've put together has a significant negative cash flow. If I could get some help confirming my numbers I would greatly appreciate it.

My favorite property, here are the numbers:

LP- $249,000

Rent- Units 1&2 $695, Unit 3 $525, Unit 4 $845

Estimated repair cost- $10,000

Down Payment- 3%

Unexempt Taxes- $4,288 (MLS)

Gross Expenses- $7,535 (MLS)

Interest rate- 5% (30 year fixed)

Closing costs- $7,000

I have no idea what I'm doing wrong so any help is appreciated. I was planning to live in one of the 2 Bedroom units, rent out the second bedroom and still pay rent myself as if I were living in someone else's apartment. Also planning to wrap the repair costs into the mortgage. Is this a good property? Is it a really really horrible property? I'm calculating a monthly cash flow of $-865.19!?

I ran across this video on YouTube today. The gentleman in the video laid out a glorious plan promising easy riches. Now, I'm quite skeptical of the entire plan because several questions jumped to my mind, but I'd like to here from more experienced investors. What do you think, is this a truly feasible plan? 

https://youtu.be/AznS8kO77hw

Yet another example of how easy it is when you actually make more than $20k-$40k a year. I'm not saying it's easy, I'm just saying it's a lot easier when you make $100k/year. Congratulations man.

@Dave Foster what is FF&E?

The best thing you can do is leave a brief email. If it's too long the realtor will open it and see how long it is and think "I don't have time to read this right now, I'll read it later" and then they forget. I would just say Hi, my name is ____ and I'm looking to buy a home in ____ area. When would be a good time to set up a phone call to discuss the process and parameters? Also, a proactive step to take to make you seem very appealing to work with is talk to a lender about your loan options and get pre-approved first. Realtors aren't really the ones you want to talk to about va vs 203k vs conventional etc, the lenders have the real value there. One last thought is maybe you should seek out a new Realtor, one hungry to close some deals. Alot of people avoid this approach, but there's real value in it. For one, it hasn't been deeply engrained in them that the only way to do things is to work with people only buying primary residences. It's also much easier to train a new Realtor how search for investment properties and build a real working long term relationship with them.