All Forum Posts by: Kyle Spinale

@Darren Budahn

So would you have to pay interest for the $50k or no because you've already paid it? 

Thank you for the example.

I'm not totally 100% sure what a cash out refinance is. 

I understand that it's a way to extract cash from property but how can it help you?

Could someone please explain what it is and how it can be helpful. If you have a personal experience please feel free to share. I'm new to this and I'd like to know more. 

@Christopher Phillips

It sounds like there is plenty of risk for a small payoff. It also seems like if things play out in your favor, it can have a generous windfall. 

Would you say that these properties are better for flipping, renting, or to just leave them alone?

Also, there are lot numbers but no addresses. Where could I find the addresses for these lot numbers?

Thank you 

I was looking in my local newspaper and I found a section that's titled "Notice of Show Cause Hearing and Judicial Foreclosure Hearing Non-Payment of Property Taxes". 

In a nutshell it says that properties with unpaid taxes were forfeited to the Treasurer. It says that there are 2 hearings to finalize the foreclosure process and parties involved can try to get them back. They said the purpose is to provide additional notice to parties of interest in the parcels so they can redeem their property. 

They mention that the properties are not yet for sale and a process to sell them is to be determined. Finally it lists the properties. 

My question was: would I eventually be able to purchase one of these if they're foreclosed? Also, has anybody seen anything like this before?

Hearing success stories from ordinary people motivates me more than horror stories scare me. 

Thank you everybody. It seems like the larger the unit, the larger the economies of scale. A larger unit would also allow me to save for another property much faster.

@Matt Lefebvre, thank you for the helpful advice. I think the number one thing is maintaining a business relationship with the tenants and making sure that they understand that. If you act professional, they will (should) take you as a professional. 

I will look into all of the options @Peter Mckernan. Thank you for all of the resources. Are there any that you have personal experience with?

If I own a small multifamily (2, 3, or 4 units) and I occupy one of them, what is the best way to collect rent from tenants?

Since it's so small should I just knock on their door, or is there a better (and less intrusive) way of doing this?

I plan on moving out of my parents house sometime next fall. I don't want to get an apartment, I'd rather house hack. This will be my first real estate purchase, ever.

When it comes to small multifamily properties for first time buyers, is there a certain property that I should go with? Or should I go with whatever I can find the best deal?

I would prefer to buy a duplex, triplex, or quad because the financing is similar to getting a regular home mortgage.