All Forum Posts by: Maurice Smith

I was buying 1 multi family a year since 2019 . took 2022 off , now im back in 2023 trying to get back on track 

having trouble with what , coverage? 

i own a triplex in tracy area that i house hack. i was paying $1200/ year with nation wide. They ended up dropping me becasue they claimed it was non owner occupied based off a conversation i had with insurance adjuster. mixed up my words , claimed the ysent notice out of decesion. I had no idea what was going on until i try to file a claim in december. Long story short , im now with liberty mutual and pay around $1500/ year 

2023 update: when i first purchased this 4 plex close to 4 years ago. I paid 369k for it with a 6.125% rate . each unit ( 2 bed 2 bath) was renting for $700. I was barley cash flowing $200. Today it is worth closer to $700k I have a 3.25% rate,  i currently have each unit renting for $1300, 2 of those units are guarenteed by section 8. I collect $5200 / month. My mortage is $1738 and have about $500 worth of expenses including utlities and Pm. cash flowing close to 3k now.  

Despite all the ups and downs and all the doubters, This is now one of my top preforming properties. Never give up and stick to YOUR vision, not others. 

time to change your lease guidelines  then 

How many of you all made an investment purchase last year?  what rate were you able to secure? Homes   prices have been going up like crazy and we are in a supper hot market, How do you think this will impact the RE market going forward? 

Lol Those were the good days ( just a few months ago). Fanny and Freddie  becoming more strict with lending increasing rates. Lenders adding on a extra 2%- 2.5% in fees on top of their original fees.  I hope this isn’t permanent and we can get rates back down for all my residential investors and 2nd home buyers ! 

took me 3 years to own over $1,000,000 dollars in real estate. I live in California though , and have been strongly considering the ohio market 

 i lucked up and closed on a triplex in tracy ...fha 3.5% down with an outstanding 2.6% rate  lol it was suppose to be owner occupied but how this covid is set up right now i dont think that will happen now..so basically was able to get another mf rental without having to drop 25%

just closed on my 2nd small multi family after 11 offers ! Took me 8 months to finally get into escrow on a cash flowing property with terms that met my requirements.  It’s a triplex 3/2 each unit 2 car garage with front and back yards. I purchased it for around 700k located in the suburbs of Tracy, ca. With very little money down,  I got a 2.6% rate locked for 30 years This will be my 2nd property in 2 years... I purchased my 4 plex in 2019 and got my offer accepted on this triplex the end of 2020. I’m on track to by another small multi by the end of the year. So far I have a total of 7 doors and over 1 million dollars of cash flowing property that I control at the age of 28. The Best part is , I was able to sign my closing doc out here in Hawaii while on vacation for my 29th birthday  on the 15th. God Is good ! Brandon from bigger pockets if your reading this I’m in your neck of the woods and it’s beautiful even in the winter lol 

own a 4 plex a in north west vegas. paid 369 back in 02-2019 did a refi back in September got a 3.6% cash flow around  $1,100 after all expenses and it appraised for 490k. so im pretty pleased with that. one of my tenants wasn't paying rent for a few months. they applied for aid and i received all of there back rent that was owed. 

more recently i purchased a tri plex in California for 700k got a 2.6% rate on it! originally plan was to house hack but how covid is set up i may not be able to vacate the tenants, so essentially i was able to acquire an investment property on owner occupied financing