All Forum Posts by: Louise A.

@Rico Stewart

Don't listen to the naysayers about steering clear of multi-family.  Just as Erin says, there are great multi family investments in better areas of town!  

Come to our RE meetings!  CIREIA, INREIA, and Alpine are the ones I attend. There's also a north side BP group that I haven't been to yet.  It would be great to meet you.

And I know everyone on here is jealous that you're starting so young!  I certainly wish I had! 

@Ryan Daniher

30 year fixed rate residential mortgages cannot be written in the name of an LLC. Do some reading about the due on sale clause. Different folks have different opinions and tolerance for flipping mortgaged properties into LLCs.

@Steven Donohoe

That's such a tough situation to be in!  I think there are good arguments on both sides and I'm sure you'll do the right thing for you and your family relationships.  When I first started buying investment properties my day job colleagues were always trying to send me their friends or children to live in my properties and seemed surprised when I told them that I didn't rent to friends and family.  Hard to be a firm and fair landlord if there's a problem when you have a personal relationship!  Best of luck.  Sounds like you're making a great financial decision.  

@Aaron Cullen

I pay the water/sewer bill on one of my duplexes (with laundry machines in both units) and am paying about $95/month.  If you're going to hold the property for long enough, I'd say it is definitely worth the up front cost ($2K/$95).  

@Account Closed

Ha!  I get a lot of breathless postcards for my $40K Indy properties!  Would love to hear what the Indy wholesaler is going to offer on your $1M property.  Maybe they'll be breathless when you tell them the value of the property?  

@Aaron Cullen

Hey!  I split the water lines on one of my duplexes.  But we didn't sub-meter, we actually ran another line with a second meter to the other side.  Is that what you mean?  I think it cost me about $2K.  If you're talking about sub-metering, I haven't found anyone that will provide that service for a reasonable cost until you get to about 50 units.  Not cost effective for smaller properties.  Unfortunately!  PM me if you have specific questions.... 

@Zatch Jason Pouchprom

I think that you've got the facts straight here. Are you house hacking a multi family or a single family? Are you using a 203K loan? If you're buying a single family, I think you can get a conventional loan with less than 20% down. Another option is to put a HELOC on the multi family if you're living in it. That way you can recoup about 15% of that 20% down payment. Owner occupied HELOCs are at about 95% LTV currently (Huntington). No charge to set up the line. PM me if you have specific questions! Good luck. House hacking is the way to go!

@Greg Zunich

Both strategies can be excellent.  Unless you buy your live-in flip in 2007 and try to sell it after rehab is complete and you've lived in it for 1 year!  I lost $25K getting out of the property - in 2012!  If the market stays strong then flipping is great, but be aware that if we have a softening or correction you may not be able to sell easily for a profit.  House hacking multi family is safer because tenants are plentiful at the moment!  Good luck.    

@Mary Lou Moffat

Hey!  Awesome to see someone from Victoria on BP!  I live in Indy now, but grew up in Victoria and visit as often as I can.  Maybe we could grab coffee the next time I'm on the west coast or you're out here!  

@Alex Kouvatsos

Yes on the duplex.  More expensive units and fewer of them is a win win.  Better appreciation on the location too.  Good luck!