All Forum Posts by: J.T. Economos

@Jimmy Bell - DM me your email. I work more on the residential side so can’t help w/ guiding you through the process but my company has 500k sq ft of retail so can send along a few examples.

@Junard Lane Depending on how large of a portfolio you’re talking about I personally think Entrata is much better

@Thomas Lowe - this is (unfortunately) a fairly common practice in MF real estate. When the properties get big enough you can spot it on the income statement, as when they increase market rents, theres an associated jump in the vacancy line. Good luck

@Aj Parikh

Good grief that is terrible, yikes

Great, thanks John! That helps me with putting together a game plan 

@John Warren

I’d be open to a 4 unit, 3 units is a little skinny if I’m living in one of the units.

Conversely, if I bought a 6 unit as a pure investment property using conventional financing could I expect to have to put 25% down and pay about a 1% higher interest rate than the current market rate?

I have another 2 unit that I have about 35% equity 65% debt on and a credit score of 800+. Thanks

Hello BP,

Was looking at acquiring a 6 unit property but I would live in one of the units and rent out the other 5. This would also be my new primary residence as I'm in the process of selling my current primary residence. 

Would need to go through the commercial lending route due to the number of units. How much would I have to put down in this situation? I could swing the deal at 15% down but anything higher I would have to save some more cash. The property would be located in the metro Chicago area if that matters. 

Any thoughts/tips/help would be appreciated!

Thanks

@Jeff Taylor

I lived in Bend for a while, miss it out there. If you’re uneasy about it its better to get it checked out and be safe rather than sorry.

@Isaac Lozano

I could not recommend anything more than a Tesla. I have a model 3 and its amazing. You’ll feel like you’ve been driving a flip phone for your whole life and now you have an iphone.

Ive had mine for 2 years. Was spending $150/mo on gas and my electric bill on avg has gone up $30/mo.

Only maintenance Ive spent so far is to get my tires rotated. Its seriously the best. Charging at home and not going to a gas station is very underrated.

@Nick Hastings

I agree with the above posts. Not sure of your situation, but I purchased my first home with 3.5% down using a FHA loan. I had two friends move in with me to help pay the mortgage. That lasted for a while and then I ended up moving out and renting it for several years and did well with mortgage paydowns + appreciation. Good luck