All Forum Posts by: Matthew Kelly

Late response, but great thanks to everyone foe your prodding and advice. I think the property is a little over priced and will offer lower if I move forward, as they have been sitting on it for a few weeks now and haven't taken any offers that were made. The property is in pretty good shape, the owner is a contractor and has a tendency to try to make things perfect. The rents are around market rates with about a 100 window to raise the rents over the next couple years (maybe more) (they are pretty comfortable apartments with two bedrooms and washer and dryers inside. I put the numbers into the BP calculator and got that it cash flowed a little under $300 after deducting 10% for repairs, CapEx, and 8% on vacancies, and all other costs considered (including property management which I will not be paying initially, but want to include anyway just for an idea of what it would look like if I moved out.

Hey everyone- thanks for the advice. I've been doing some research on the whole FHA stuff, and I have to find a gift for the down payment, I will look into FHA. Let me clarify about the rents- I meant for just three of the four units the rent is at 1900, which is right around what my mortgage payment would be, I would be living in the fourth unit. I will raise the rents to $700 the first year and up to 800 the second year. So I'll get it up to $2100 minimum for the three units while living in one (basically that would cash flow me 300 plus the rent I am currently wasting) also I plan to rent out the other room of the unit I'll be living in for an additional 400. If I was not living in the unit the rents for all three units would be around $2500, but I will raise the rents to $2800 ($700 each minimum). Do you still think it's tight for a first deal? I feel it could be great, after a year I could get start house hacking something else and still be cash flowing $900 off the property before capx. What do you think? Thanks!

Wow man, way to go!

Ps - there is another cash flowing quad I found as well, maybe there is someone who might be interested in some kind of mutually beneficial deal.

Hi everyone! Not sure if this is the right place to post this, but here I go. So I found this amazing quad, it is about 240 K and the rents are right now total 1900, but I know I can raise them to 2100. I want to house hack this, and live in a unit. I have good credit but not a lot of cash saved up- I wonder what creative strategies there are to get the 8500 FHA down payment covered? .... thanks! Will FHA allow owner financing for the down payment portion? #sickofpayingrent

Hello amazing BiggerPockets community! I figured since I moved to College Station, TX, I would step onto the scene online once again. I am very honored to be able to learn so much from all of you! I am a beginning investor looking to house hack a multi family (of which I've located a couple of them locally) and grow from there. I've just been devouring podcasts and books. If you are in the area, and I can serve you in any way, please don't hesitate to contact me. 

שׁלם שׁלום 

Matthew 

Thanks you two - for the welcome.  Yes Houston is a strong market and I am excited to jump in.  

Hi all-

Came across this impressive site as I was searching for some information about owning real estate.  I am new to real estate investing and trying to learn as much as I can.  My friends and I are getting together to do some investing around Texas and as we find opportunities.  I wish you all the best of the best as you seek to improve your world. 

Matthew Kelly 

Prov 10:22