All Forum Posts by: Kera Covani

Is it ok to pay above appraised value? I have offered on a 4 pleX - all 3/2’s. Good area and school district. Was under contract but buyer couldn’t come up with extra down payment. An appraisal was done at 390k - owner wants at least 425k and will not reduce to appraised amount. Appraiser couldn’t fine enough comps because the others that have sold in the complex in the last year have been 2/2 and not 3/2. Comments, thoughts, suggestions.

Thank you all, for you comments and suggestions!

Hello All, 

I would like to BRRRR a few SFH's. After further research, I have been told by more than one lender that you have to wait one year to refinance the property to get the initial cash out. This explanation for this was that the house can not be reappraised at a higher value related to purchase price, for one year. Any experience with this and does anyone know of a way to refinance to get the initial cash investment out before one year?

Thanks in advance for your comments and suggestions!

Kera - RN, fulltime mom and newbie investor

I have a potential partner for the down payment, but what is the typical process for getting his money back to him?

When the property is sold? Do I pay him an annual interest payment for his investment? 

Hi Bigger Pockets Community,

I want to increase my portfolio (one SFH at this time) by adding a small multi unit rental. Two of the units I have looked at range between 400K-1Mil and are both Quads. What are the best ways to obtain financing utilizing OPM? Do I use OPM for the down payment and if so, how and what should I expect to give in return? At what point would they receive their down payment back or would I just provide an annual/monthly interest payment to them?

If I were to put my own cash in then I would essentially lose all my reserve. The properties don't really need much rehab so a BRRRR is out of the question.

Since both of the properties are 4 units, I was of the understanding that a commercial loan would not be an option. 

Any experience/advice on the subject would be greatly appreciated. 

Thanks, 

Kera 

Which type of financing are you using on a multi unit with only 5% down, as an investment.....or are you house hacking it? 

Thanks for the info, @Veni F.. Looking forward for more to come within the BP community!

Hello BP community. My name is Kera and I have one rental property looking to expand and grow within the South Tampa market. I currently work full time as a nurse with the goal of partnering with my husband as a REI's full time. We are interested in single family homes but would love to expand that to multi-families as well (although there aren't many in my market). We are working on financing for a second home now and hope for at least 5 more properties over the next 4-5 years (if not more).

A few questions: 

Would you recommend a business license to get started? We are thinking of forming an LLC after we acquire more properties but it just didn't seem necessary at this time? Do I need to form a business to have a business name, website, etc?

Any recommendation for Real Estate Attorneys in the area?

Is it beneficial to have a real estate license for multiple buy and hold properties or are there other avenues to access the MLS first hand and reduce commission costs?

Has a Tampa BP group been formed and offer any regular gatherings for networking opportunities?

I look forward to networking and hopefully partnering with the BP community!