All Forum Posts by: Kevin Beres

Thank you for the advice.

So if I were able to put 20% down on each property that would increase the chance of me being approved for both loans?

Hello everybody. I have a questions about conventional loans for mortgages. I have a preapproval for $200K. As an investment strategy I want to buy two houses, one to live in and one to rent out. If the mortgage for both properties came to under $200K would a bank approve such a thing? How are two seperate mortgages treated compared to one mortgage for the same amount?

If someone could let me know if such a plan is realistic I would be grateful.

Hello I making an offer on a property and I would like some help reviewing this deal to see if I am running the numbers right.

This is a triplex in a C class area that is being revitalized in Richmond, VA
Building is 100 years old but that is typical for the area. It has a stucco exterior and the interior is in great condition with hardwood floors

Property is $100,000
Repair Cost $2,500 - Currently doesn't need any repairs but I setting this aside to be conservative.
Closing Cost $5,000
I am estimating 10% Vacancy, 10% Repair, 5% CapEx, 10% Management

Rent is
1 Bed 1 Bath $500
1 Bed 1 Bath $500
2 Bed 1 Bath $600

Monthly Cost
$490 Mortgage and PMI
$100 Property Taxes
$160 Vacany
$80 CapEx
$160 Repairs
$100 Home Insurance
$40 Lawncare
$160 Management (Undecided if I am going to use this)

Cash flow is about $300 a month.

Can someone review this deal and give me some opinions on it. It is an older home but I will be getting it inspected to see if there is any major issues.

Thanks

You ignore them. You know your current situation better than anyone else. Do not concern yourself with opinions of people who are not involved in your business or have no experience in the area they are speaking of. Their opinions are virtually worthless.

I encountered a lot of negativity from my family when I dropped out college to start my own business. I knew I could be successful in the business I was getting into but my family simply could not grasp my business plans. In 5 years time I am making double of what I would have if I had graduated and gone into my field of study.

Listen to those who give advice based on experience. You know whats best for you, not outsiders looking in.

I appreciate all the great responses that have been offered. I'll summarize the main pointers everyone seems to be giving for making a strong offer on a hot property.

-Come in with a strong offer price 

-Large EM deposits 

-Offer quick closing date

Let me know if there is anything else, thanks!

@Jon Deavers

Haha, Jon you nailed it with that guess! It was the property on Northumberland. I had a feeling good multifamilies are hard to come by in Richmond but I guess there is even more demand for them than I thought.

Any advice on looking for multi's in the Greater Richmond Area? I was thinking of expanding my search to Include the Newport News/Virginia Beach Area as well.

Hello,

Last week I put an offer in on a duplex in Richmond, VA. The numbers looked great, I was planning on utilizes the rent hack method at the place and it was close to my job. I put an offer in that I thought was fair and then started dreaming big for what I thought was going to be the beginning of my buy & hold investment portfolio. Well, they went with another offer. I didn't realize how angry it would make me to lose out on such a good deal! I would like some advice on how to make sure future offers get accepted

This property was a homepath house and I had I put in offer in within 3 days of it going on the market. Side note (They don't look at any offers until after 3 days & don't consider investors until after 20). 

-They were asking $95,000, I offered $91,500
-Asked for 1 point on loan
-$500 earnest money
-Preapproval letter w/ 5% down

In the future, what can I do to increase my chances of getting an offer accepted?

Thanks

Hello All,

I am new to Bigger Pockets and just wanted to take a second to introduce myself. I am a small business owner in the Richmond area and I am currently looking to acquire my first rental property. I hope to utilize the rent hacking approach by buying a multifamily that I can live in and rent out the remaining units. If it turns out to be something I enjoy I plan to buy an additional multifamily the next year with the plan to acquire a large portfolio of buy & hold rental properties that can support me into retirement.

I Hope to get a chance to meet as many people on bigger pockets as I can. See you guys around!