All Forum Posts by: Account Closed

@Joshua Corser , For Jackson, MI check out Jackie Lowder with Century 21. She's awesome and helped us big time!!!

Hello everyone,

I am hoping to purchase two properties side by side to one another, each with 2 homes on them. (4 homes in total). The plan is to live in 1 and rent out the other 3. Here's where I am confused...I know I can get into the owner occupied property with a conventional loan and 5% down while renting the other home. But what happens when I add the other property (2 homes) (that I obviously wont owner occupy) into the mix? Can I use a blanket loan for both properties and still maintain the 5% down, or is that wishful thinking? Any info/insight is greatly appreciated. Thank you in advance!!

@Tracy Minick Thank you for your response. The addendum is definitely a great idea as these are likely to be student rentals. What are your thoughts on requiring renters insurance in conjunction with the addendum to cover my rear-end?

Calling all plumbers!!!

Hello everyone, 

I am looking to buy a couple of homes as rentals on a single lot that are below grade. I.e. they both have pumps to get their waste to the street. The thought of failing pumps or something going wrong and both homes being covered in the back flow sounds horrific. Is this something I should pass on altogether even if the rest of the numbers work out? Is this a not if but when scenario? Any info, experience, stories and or advice is greatly appreciated. Thank you in advance!!!

Unfortunately, that 800k is chump change to too many people these days. Another possible bummer is that it could very well be a 2nd or.....10th home.

From what I have gathered, if a potential investment doesn’t cash flow with 5% vacancy, repairs and cap ex then it should be a hard pass. We are looking at a property that MIGHT cash flow $50/month but I am also allotting 5% vacancy, 5% for repairs and 5% for cap ex which according to BP rental calculator will be roughly $700/month. Is the $8,400 that is set aside for the inevitable essentially cash flow for time being? 

Thank you in advance

This is a first purchase and I am looking at an off-market 2 home lot. A 4/2 & a 2/1 not attached. Together they rent for 3300 and after doing my calculations all said and done I would ‘cash flow’ around $100/month. The purchase price would be $515k. The same seller owns another 4/2.5 and 3/2 on the adjoining lot that I would have first right of refusal on when he decides to sell it in the next year or two. My biggest hold up is that I know I am overpaying. If I was to pass and it were to go to market he would definitely get more than $515 for it as I live in a college town with little-to-no inventory and everything this last year has sold for way over asking. Although many people with millions of dollars would likely overpay for this property it doesn’t make it a good buy for me correct? Or am I missing something? Given its spring is there going to be a big uptick in inventory and then I’d be kicking myself? 

What does everyone think?

Thank you much!

Hi Everyone!

....Thanks in advance..

Just curious if there is anything that has been left off of the BP rental calculator that should be taken into consideration when analyzing a rental property? The property I am analyzing will not be rehabbed and I plan on putting 5% down with a 30 year fixed conventional. That being said, I noticed that PMI wasn't an option to fill in and it got me wondering if there was anything else I was missing in my analysis that needs to be taken into consideration. I appreciate the help!

Thank you!

Kris

Nope!