All Forum Posts by: Kristal Matthews

It's definitely an older property in Saint Helena, CA. Looks like the owner has done some recent renovations to the property about 6 years ago. I do know that the current rent he has been asking is way below market value and could be rented for more. I'm lucky I even got the unit based on the amount of interest when it came on the market. From the calculations I had done based on the numbers I had provided, I would be able to handle the costs of ownership as the other two units would offset my own portion of the mortgage for my unit. If I decided to move out, and rent my unit, the property would cash flow $1000 after operating expenses.

I can only be pre-approved for about 160k, the triplex is probably worth more like 800k, the current landlord bought the property in 2006 for 545k. I could afford a downpayment for an FHA at 3.5% but I don't think I can be approved based on my income limitations- not sure what the other units are renting for and how that might supplement the loan qualification part.

After listening to a bigger pockets podcast on how one investor was able to utilize seller financing for multiple properties, I was wondering if anyone had any advice on how to approach my landlord on possibly selling and if I couldn't get an FHA loan how to approach him about possible seller financing and if so how to negotiate with possibly no money down? Trying to house hack for my first investment opportunity as I am currently renting!!

What steps should I be taking for best negotiation/offers?

Thanks Jay! I really appreciate the information and quick response. Going to continue with this area as it sounds like there is potential here :-)

I am currently looking at this area to do my first investment but concerned with the clientele and population growth. Does anyone know anything about this area when it comes to investing? I currently live in Saint Helena, CA where properties are too expensive for me to invest for the first time. I would like to eventually grow into investing in my neighborhood but have found this county only one hour away that seems more affordable for me to begin. Any thoughts?