All Forum Posts by: Matthew Meikle

@Don Draper You have to keep shopping around. They will keep asking you to make personal guarantees. Refuse. Keep shopping. If the deal you're funding isn't a dud, someone should take it on. I haven't done this yet personally, but this is the advice that I was given.

Also, you need open lines of credit for your LLC. So, open them. Buy things through trade lines from vendors and suppliers. Make payments early. You're in luck because there are endless options for you out there in that regard and everyone is happy to take your money in exchange for goods or services. They have Net 30, Net 60, or Net 90 terms. Always pay immediately and you'll have the highest possible business credit score.

Matthew Meikle

@Amber Linthakhan I'm new to investing as well, but I currently have my personal home on the market in Oregon. I'm totally with you on the urge to jump in. Gotta defeat that analysis paralysis.

I have my eye on a 3 unit north of Walla Walla.

Have you guys been to any real estate meetups yet?

@Jonathan Robinson Two more options:

Contractors License - At the very least you'll be able to negotiate from a position of strength and have a realistic scope of work.

Real Estate License - Save 3% on every transaction. Have a better understanding of the complexities of the laws in your area.

I hope you kill it out there!

Matthew Meikle

P.S. Putting up a picture and profile helps drive people's response rates on BP.

@Joe Gilroy Put it out there among your friends and family. You may be able to offer equity in trade for someone to commit their credit to the endeavor.

And, always sign contracts or even better enter into an official partnership, if you do deals like that.

Best of luck to you!

Matthew Meikle

@Jacob Camilliere You'll want to start with the smaller local banks and shop around 3-5 of them. It's a relationship business. So, it will take time. Big banks aren't as hungry for your business. 

Consider living in one unit of a fourplex for a year to qualify for an FHA owner occupied loan at 3.5-10% down depending on your credit.

Good luck!

Matthew Meikle

@Amber Linthakhan I'm also considering properties in the Columbia River basin. Are you looking into multifamily?

Matthew Meikle

@Taylor Kochenderfer This depends on your access to capital and level of credit, whether you're after long term appreciation over short term cash flow, and your risk tolerance. There is no one size fits all answer.

Will you be living there? (ie House hacking) If so, you can narrow your search to cities/neighborhoods you'd feel comfortable living in.

If you're not living there, how will you manage the property? For example, if we look at Peoria, Milwuakee, or Chicago, the prices are low, but the management could be difficult from a distance without a good team. 

But, to better answer your question, search for "price to rent ratio" as that will likely help narrow your search. Also, look into the owner occupied FHA loan option for up to four units if this is going to be your route.

Good luck!

Matthew Meikle

@G Todd Welcome to BP Todd. You're in a great position to be a valuable contributor to the site and I look forward seeing your input. As was suggested to me, you will want to upload a picture of yourself and fill out your profile. You'll find that people on BP tend to ignore posters that haven't put in this effort. Good luck!

Matthew Meikle

@JC Tomines You're going to want to search "How to legalize unpermitted work in" and add your municipality. If it's possible, you might be able to come up with a rough number for costs. You might need a local architect or structural engineer to tell you what things have to come up to code. 

Unfortunately, as the new owner, you are likely to be held responsible for this work. Good luck and let me know how things pan out.

@Keith Odom FHA will do owner occupied loans on up to four units. The terms are very appealing.

If you do a loan with them, you'll need to live there for a year minimum.

As far as viability, many on BP consider the owner occupied plex to be the best place to start for a new investor.