All Forum Posts by: Mark Pelc

@Pat KlugYou may very well be right on all accounts. 

@Account Closed It's in a highly desirable area of Pearland, TX. Walking distance to a beautiful church. Close to the most popular restaurants in the area. Excellent schools. It seems like an excellent deal I'm just new at this and am not sure about how to go about taking advantage of the opportunity.

I can definitely get an FHA loan but I'm fighting the Mrs on selling our place and moving into a 4 unit and I believe you have to live in one of the units to utilize the FHA. I'm fairly certain I can get a HELOC but can you purchase multifamily properties like that with less than 20%? The owner carry may be a solid option. I'll have to look into that.

I'm trying not to get to attached to the deal. When I was flush a year or so ago I tried to get the owner to sell it to me without any luck and now that I'm cash poor she decided to let it go. HA! I guess that is the way it goes.

Hey there Bigger Pockets folks! I've been lurking on this forum and binging the podcast and youtube content for a year or so now and am eager to get started. I've worked to dramatically decrease my debt over the last year with the intention of banking my cash until I found a property I could move on but something stressful has happened. . .I just stumbled upon what I think is a gem, that is off market, and exactly what I was interested in getting started with. The problem is I've been dumping every bit of cash I have into getting rid of debt so I'm cash poor. Here is the deal:

Quadplex in 77581 in a highly desirable area (amazing schools)

2 900 sqft 2/1's renting for $1100 each with one car garages

2 1500 sqft 3/2.5 for $1300 (seems low) with two car garages

Units are individually metered

Owner is asking $480k but seems willing to move. All units occupied until at least next spring.

My first thought was to get an FHA and house hack it and sell my house ($50k net equity), but my wife isn't too hot on the idea of moving down the street and sharing a wall with someone. I've played with the numbers and it works as a house hack but it leaves a lot more wiggle room if we leave all 4 units producing. If you were in my situation would you just stick to the plan and save until you can write a check for a deal or would try to jump on something like this? I'm open to any wisdom that you good folks could bestow upon me.