All Forum Posts by: Matthew Van Parys

@Chris Lopez I plan on turning my property into a solely investment property after a year or two. So when I'm running my numbers I'm looking at it from the perspective of having (2) tenants (in a duplex at least), or as if I'm "paying" the rent on the side I'm living in. 

Thank you for distinguishing between the two though. As I'm not really analyzing anything from the perspective of solely using it as a house hack.

The taxes came from the city's records for the last year of taxes and is pretty average for everything I've been looking at in this area. Again with the PM fee, I plan on analyzing everything for when I move out so I'm not going to put myself in a bad spot if I move out and plan to get a property manager. Finally the insurance numbers are crude and coming from online lending sites, so i can see that being +/- 50% from the numbers I'm using. 

Thank you for your input, I'm in the process of getting pre-approved to even find out what I'm authorized to borrow so i figured after that info comes back I could start getting more serious and leaning more heavily on real estate agents in my area. Do you have any suggestions/tips for finding an agent who has experience with investors?

@Ben Clemence Good to see I'm not alone in the beginning stages haha. I messed with the numbers a lot on this one (changing purchases price, percent down, rent amounts) so I must've forgotten to add it back in on this particular iteration. Thank you for pointing that one out. 

I also plan on self-managing my property, but the numbers I am purchasing off of are going to be as if I'm renting out both sides and using a property manager just to make sure I can in the future.

What are you doing outside of the forums to help move your knowledge and plans forward? Would like to see what some other people are doing in these extremely early stages of investment at a similar point in their lives.

 Could you share some more experience with Turnkey companies. I've just started to look into them as an investment avenue and have no idea what to look for and what to avoid. Also are you Turnkey properties near by or remote for where you live? 

Hi BP Community,

I'm a 26 year old college grad, with $0 in property right now. I've been looking for multifamily homes in my area to either house hack or solely use as an investment property. I've been using the tools and calculators almost daily for a couple months now. I have been analyzing properties in my area and either i'm being way too conservative or I have yet to see anything that is worth buying for what sellers consider market price.

As of now none of my calculator results have shown more than $60 cashflow total for a duplex. So i'm wondering if i'm just doing something horribly wrong.

I've been looking for multifamily homes in my area to either house hack or solely use as an investment property. I've been using the tools and calculators almost daily for a couple months now. I have been analyzing properties in my area and either i'm being way too conservative or I have yet to see anything that is worth buying for what sellers consider market price. 

As of now none of my calculator results have shown more than $60 cashflow total for a duplex. So i'm wondering if i'm just doing something horribly wrong. Below is an analysis I did today.

Rent value & property taxes are from the realtor's datasheet for the property.

I have been using 10% down for initial analysis with 4.5% interest on the loan, amortized over 30 years. I am in the process of getting pre-approved so i do not have any actual loan rates for conventional loans. I have a W-2 so I plan on just using conventional loans for now. 

Do any of these numbers just seem unreasonable? Or throw red flags of any sort? I'm just looking to get any and all input to help me move forward and intelligently (key word here) purchase my first property.

Thank you in advance to anyone who takes the time to look at this.

-Matthew

Hello Keaton,

I'm in line with mostly everyone else in this thread suggesting that the house hacking seems like the way to go. I'm not sure if you are looking for a father son project or a profitable business venture together, but I would think that you guys could both be take part in a multifamily house hack. That should accomplish all of your goals at once.

@Tiffanie Mayo What are you presenting to the banks who won't work with you? I assume you are presenting the numbers for your deals? Or are you trying to take care of all financing prior to finding a deal?

Hi Kevin, to piggyback off of Bertha's comment we are meeting at Biggby Coffee this Thursday, July 13th if you are interested.

@Marian Smith I'd agree with you on the selling aspect, but in most markets (from the limited research I've done) the cashflow is going to be greater than 2x in multifamily than 2 similar SF and cost less out of pocket. For buy and hold the multifamily is going to beat out the SF 90% of the time. If we are talking fix and flip i agree that the SF can be much more appealing.

I would agree that the extra half bath would add more appeal and potential rent to the unit than adding a 4th bedroom. Every potential renter can use a 2nd bathroom, not everyone has a need for 4 bedrooms.

Just my 2 cents. Let us know what way you decide to go!

Thank you for the warm welcomes all. And thanks a lot Jerry for letting me know about the meet up, I'll check out the details and hopefully be able to meet up there