All Forum Posts by: Maurice Nix

I don't totally disagree with a lot of the comments but do believe that you should get your feet wet when your ready. I purchase C and D class properties and the key is to have a property manager that knows the area to worry about collecting your rents. My tenants are paying on time for the most part and most are older collecting retirement and in need of lower rents. So assess your risks based on the area your in and make a decision. If you can't afford a class A or B property, don't stand by and don't make a move! Grab something in your price range and work towards what you are looking to invest in, this is nothing more than a stepping stone to get you where you're trying to be. Trust me we all want class A properties!

Yes a very easy no brainer, but my appraiser used a condemned property on my report. This property was also sold last year and has a tree that fell in the center of it. It sold for 25K and has since been vacant. Last month a four plex 1.5 miles down the street sold for 133K. My place is fully occupied as well. I've also been working with Tom on this.

Hi, so I'm looking to rehab a new four plex property and I'm having problems with the loan terms that's being offered to me. So 7 months ago we purchased a four plex across the street from where this new property is located. The area isn't great and a lower income area but the property will cash flow around 1700 a month. I used a personal loan of 38k to acquire the property and I need around 30k to rehab it. I normally wouldn't have gone this route but due to the foreclosure cash only, bank owned purchase terms I had to look outside my norms. All in all a Great deal so I had to make a way to bid, and win. So I've considered putting a mortgage on the other four plex to gain the capital to pay off the loan and complete the rehab but would rather not go that route. I'm not into flipping that's not our model, we buy and hold for cash flow. So I need a good bank that's 30 year fixed 75-80 LTV with a minimum of 70k loan amount. Currently a couple other four plexus in the area have sold for 120-135k. Thanks for reading my post!

No problem anytime!

Bobby, I agree with Chris on this one as well. Remember when you applied for the loans you didn't mention the others as a liability so essentially you will be committing or close to committing loan fraud. That's like going out and  buying two cars at the same time also the debt won't show up on your credit and you're hiding it from the bank. Also, ensure that your careful when splitting a mortgage because in most cases these are long term investments and when times get ruff,, your out of luck. I'm also active duty, If I were you I'd take more consideration in finding a duplex, triplex or quadplex and focus on that business model getting started. Good luck

Yes I'm looking for value add properties new development is and area I'm not to familiar with. Thanks!

Thanks for that feedback I appreciate it!

I will look into that as well and thanks. I’m studying different loan types and the benefits and drawbacks of each

I'm looking to move into multi family investments and I don't have the experience to acquire a 30 unit plus apartment building with the loan requirements of Fannie Mae and Freddie Mac loan programs. Is this the requirement for private lenders as well? I'm looking for passive investors as well as acquiring multiple units annually (East Coast). I'm working on a couple of four plexs to tackle the experience deficiency of the loan approval process. I am also looking for an investor that currently has the required experience as well. Any support will be greatly appreciated, and thanks for taking a look at my post. 

Hi,

I'm Maurice Nix and I'm currently looking for investors on multi family deals as well. I operate on the East coast from Virginia to Florida. We currently have SFH's and four plex units. We are currently working on three four plex unit deals as we speak. I don't operate in the Texas area but I am willing to consider the location. Let's chat for details.