All Forum Posts by: Matthew White

@Julian Lyons, sorry for the delay.  I am still conducting due diligence.

I spoke to some family that are police officers in the area and they informed me that this property is in one of the roughest parts of town.  Currently, there a ton of vacant properties in the area and properties are in terrible shape.

So I do not believe that I will be able to get the appraisal high enough to BRRRR my cash back out. If I was confident that I could get the appraisal, I would probably do it and make it a play to re-stabilize the area and buy up as many as I could and repeat. I just don't want to leave my cash in the property because of the risk of the area.

I hope that makes sense.

Good Day!

So I am currently analyzing a deal on a Duplex in Jackson MS. I may be able to acquire and rehab this complete gutjob for close to $40k (still waiting on a full scope of work from contractor). I would be acquiring and rehabbing with all cash. Once rehabbed, I believe I can reasonable expect approximately $600 per side. The property is located close to the large hospital and university, however itis still a rough area.

My question is this. I don't believe this is an appreciation play by any means, it would strictly be for cash flow. My biggest worry is that I won't be able to refinance once it is stabilized to pull my cash out.

Should I proceed with this "deal"? By the numbers, it should cash flow well. But I worry about the refi.

Thoughts?

Thank you in advance.

@Nathan Rude Thank you for your information.  I guess my information was incomplete.

I appreciate it!

I am analyzing 2 properties in and around Dayton OH.

With aggressive offers on the properties, they could cash flow. Our of the 4 units, 1 is rented, the others are being rehabbed or turned over for a new tenant.

My question is this:

Population growth in this market is stagnant. There is not real growth in large scale employers, etc. Would a property in this market be a good start, or should I look to a better market that shows growth?

This would be my first out of state purchase.

@ChrisMason

Thank you for the response.  I figured as much.

I am looking into a few lenders.  My circumstances are a little out of the ordinary.  I own another business and that is how I have the money to invest.

Good Morning I am looking to make my first multi family purchase before the end of 2018. I am looking to purchase in the GA market. Currently I have a FICO over 800 plus 40k in liquid capital. My question is... Should I first secure a pre approval for what I am qualified for or should I just continue looking at properties. I have had some properties Ibwas looking closely at, but they got scooped up prior to my offer. Granted, these properties were sold OVER value so it is ok that they went, but just curious as to what step I should take first. If you are a lender, I would be interested in talking about your loan programs also. Thank you for your insight.

Welcome @Benjamin Benomar.  I too am in the Atlanta market.  Would love to connect and cuss and discuss the multi family Atlanta market.  I'm just starting as well.

Good luck and I hope to connect.

@Dave Visaya Thanks for the shout out.  I look forward to meeting everyone and taking in as much information as my brain can.

@Dmitriy Fomichenko Thank you for the warm welcome.  I look forward to diving in and getting to know everyone in and around my area.  Additionally, thank you for those resources.  I have been devouring the podcasts as well as checking out the various events in my area.

Best of luck to you.

@Chris Brown Thank you for welcoming me.  I would love to chat with you some.  It appears we are in the same area.  I actually reside in Western Forsyth (On the side of Sawnee Mountain) just west of downtown Cumming.  I am looking to make a purchase relatively soon.  I see you are actively flipping, so we may be able to collaborate some.

Seeing how I am new, I will gladly help out anyway I can.  Just let me know how I can help you.  I look forward to meeting you sometime soon.

- Matt