All Forum Posts by: Stephen Torti

Plus the areas of foreclosed multifamily homes. Ehhhh Central Falls, South Prov. Etc.

Hahah this is a great thread. Bryan McKeen I've been hammering away that gov program for a few weeks now. I think I've decided not to go with it, the inventory in the area is too picked over for a multi family house and I don't care if I live in it or not. Being tied to something for 5 years is a lot right now for me

Hey Samuel Carmichael. Sounds pretty good to me, I'm working on something similar in RI but I really want to go 3-4 units. Get that cash flow going ASAP. Keep in touch would like to bounce ideas off each other since we're in the same market.

@Chris Mason Ok, makes sense.  I'm trying to work around the 2 yr limit on taking commish checks into the equation.  Just looking for someone to help finance a rental, I'll search around.  Thanks

@Chris Mason How would I find someone that can finance this loan?  Also is this financing based on the property not the individual?

Thanks @JD Martin, the other thing I'm not putting here is the rehab cost because these properties need work but this is the feedback I need.  Almost everything I've come across here passes the 1% rule which is a big reason that this path makes sense for me but this is a gross overstatement of the property.  Anyway, Providence is a small city but there are just so many people living in this little state that rents are way higher than buying.

@Anthony Thompson @Andrew Brockway

Thanks for the input and how do you estimate repairs?  Basically just get an estimate from a contractor?

Also, is there ANYTHING I'm missing in line items on this sheet?  I know that the costs are low on the ones I have but is there anything I'm not thinking of that should be in this sheet?

Thank you all so much for this help.

Hey-  I just took 3 properties that are for sale in my Rhode Island area, I know there will be renovation costs with these but just looking at the asking price what am I doing wrong?  These numbers can't be right and you're looking at my first time ever running a cash flow analysis so be easy haha.   

Feedback much appreciated. @Mike Abramowitz

Thanks,

Steve 

Thanks Anthony! I'm very excited to get started, I've really always known I would do this at some point in my life and right now I'm finally in a position to get it done.  Anyway, I do have a question posted here: https://www.biggerpockets.com/forums/50/topics/314...  

Any advice?

So looking for some advice...

I'm trying to get financed for my first property, so a little about me:

1. I'm 27

2. Have credit in the "Excellent" category

3. Have been at my job for 18 mos, work mostly in commish and on pace for $70k Gross in 2016.

My Problem:  Lenders will only look at my base salary until 24 mos on the job, I can wait, but I don't want to and I'm good for this loan, my credit rating says that so I need to find a way for lenders to look at my income over the past 18 mos on top of rental income and base my buying power off of that.  I've only been able to get approved for an $80k loan so far which does me almost nothing.