All Forum Posts by: Max Emery

Thanks to everyone for your insights!

@Erik Estrada Thank you sir!

@Jack Mawer I would say so. But, I am trying to make the decision whether to maintain my current property and turn it in to a rental(and then go FHA into a quadplex), or to sell my primary in order to make a downpayment on a nicer/more valuable quad or tri. Reason to let my primary go is flood insurance - way more per month than I expected it to be. Apparently with flood mapping changes in 2021, prices went up as well. The expectation was $35-50/mo but its more like $200 - cashflow killer if it is a rental. On the flipside, how much $$ do I pay in fees to sell a property. Thanks to everyone for their input here!!

@Nathan K.Thank you for that perspective, makes a lot of sense. I talked to a lender about cross collateralization and we calculated equity in each property, LTV was roughly 75-80%. He said I don't have enough equity just yet for that to be possible. Maybe that is a consideration for the future(Although I'm looking to make moves in 2023).

I was able to purchase property 2 and 3 with HELOC funds from 1. So, I am stretched and perhaps should just be patient. Not my strong suit.

Is there a typical % that folks usually shoot for with seller financing or is it completely what the two parties agree on?? Loan assumption is similar to subject to? I'll read more on that. Wrap-around is also something I'm not familiar with but will be. 

Thank you guys so much for helping me think through the next move!!

@Katherine Blazer Thanks for your response! My question is what would a seasoned investor do in this situation to maximize growth? Househack w FHA/conventional vs DSCR vs options I don't even know about? My longer term goals is to build equity in a quad and convert to something bigger like a 8-16 unit complex.

What is up BP?!

Scenario here to get some input on:

I plan to purchase a quadplex(a tri might be okay) in 2023. I moved in June and a few lenders have told me to hold off when I asked about loan options because one of the considerations is FHA. DSCR has also been discussed. 5% down for owner occupied multi as well. My plan would be to sell my primary(cash poor but own 3 properties) when it is ready to go and use that equity for downpayment on a multi. My goal is to use the equity in this house to scale up as much as possible. What sounds like the best course of action to make this happen? I'm interested in any advice that you guys have!

-Max

Thanks a bunch! I definitely have a lot to learn about zoning. 
These properties in East are super valuable but doubling down could be a game changer 

Did you get any advice around this? I moved out of my place off Dickerson and set it up for rental. I’m wondering if DADU makes sense as well. Cost of building may eliminate this as a possibility…