All Forum Posts by: Mike Heth

Awesome, thanks @scottseaman !! Is there a way to find all the 4-plex buildings in the area/county instead of just searching one address?

Hey everyone, I'm looking into purchasing a 2/3/4 unit complex and living in one unit for a while. This is kind of my way of getting my foot in the real estate door. I have a couple questions:

1. I am not finding very many of these buildings in my area for sale, but I know there are plenty around not on the market. As I'm sure a good majority of them are investor owned, I have a feeling they would entertain an offer if contacted. I have read a lot about "going to the courthouse" to find out about things like out of state owners, owners late on taxes etc. etc. for wholesaling purposes. I would like to find a list of plexes in my area so I can contact the owner, but I just don't really know what to actually do when I get to the courthouse. Where do I go? Who do I ask for this information? Are there computer kiosks I look up the records in, or are there actual files I have to sort through? How do I know where to start? Any guidance on this would help tremendously!

2. Say all the units are currently rented, but one or more of them are on month to month leases. What would be the feasibility of getting into it with owner-occupied financing? I know the tenants are usually owed a 30 day notice and with the seller technically being the landlord until we close, they would probably have to agree to this stipulation from the get-go, which may be unappealing to them in case the contract doesn't go through. Does anyone have any experience or insight into this type of thing?

Thanks everyone so much for their time and/or help with this matter!

Mike

Hey everyone! I have been browsing BP for a few weeks now, but haven't formally introduced myself.

I currently stationed at Scott AFB as a Staff Sergeant in the USAF, and I work in Contract Management. We basically hire and monitor the contracts and progress of local contractors to do work for the base. Hopefully that experience will help out at some point in my REI career, but I am currently searching for my family's first home and investment property all in one. I.e. we are looking for a 2/3/4 unit complex. We will live in one of the units for probably about a year, then possibly look to do so again. My wife and I both have access to VA loans, so we may be able to do our first two deals with 100% financing. I may look into doing some flips on the side, as my friends are into that; but honestly, every topic I learn about on BP peaks my interest to some degree! Ultimately, I would really like to move up to multi-family commercial properties for the passive income--much like many investors I read about.

I really enjoy the set up and content of BP. It seems to truly be an all-encompassing tool for any real estate investor. The podcasts have recently garnered a monopoly of my car stereo on my long commutes every morning. My wife recently bought me a pretty nice system for my car, which I may not be fully utilizing at the moment... That being said, @Joshua Dorkin and @Brandon Turner 's voices come through with exquisite clarity!! (Haven't figured out the tagging thing yet)

Anyway, thanks to everyone in advance for your input/advice/expertise and guidance! I really enjoy helping people, so once I am more seasoned, I will definitely be chiming in as much as possible as well.

Cheers,

Mike Heth

Soooo I've been on the prowl for my first owner-occupied duplex with the help of an agent for the past couple months, and I think I may finally have one. Unfortunately, the listing agent has the same name as my own agent. I.e. he represents myself AND the seller. What does this dynamic usually entail? I know at the very least I should tread lightly and ensure I read through the lines of any information he gives me; as well as avoid divulging any info that tips my hand. What am I missing? What would you do in this situation? Any insight would be much appreciated! Thanks! Mike

Hey everyone! Just want to say thanks to all who contribute to this wonderful asset we call bigger pockets. I'm a SSgt in the USAF, trying to get started in the RE game. I'm going in with one of the lower risk starting strategies: buying a duplex and living in one side. Details: Purchase price: $190,000 Current lease with tenant in other side: $1,200/month Taxes: $3,500/yr Built in 1994 and looks well maintained so upkeep should be relatively low. Numbers look pretty good and I'm buying about $15-$20k below market value. I have a couple questions: 1.) when using a VA loan, does the underwriter take into consideration the current lease/rental income when deciding whether to approve you for a loan? 2.) after purchasing a duplex with owner occupied financing, do you use the rental income from the other side to pay for the mortgage or do you want to keep all income separate for tax purposes? If anyone has any specific advice about how to work a deal like this, I would be very grateful. Thanks! Mike

Hey everyone! Just want to say thanks to all who contribute to this wonderful asset we call bigger pockets. I'm a SSgt in the USAF, trying to get started in the RE game. I'm going in with one of the lower risk starting strategies: buying a duplex and living in one side. Details: Purchase price: $190,000 Current lease with tenant in other side: $1,200/month Taxes: $3,500/yr Built in 1994 and looks well maintained so upkeep should be relatively low. Numbers look pretty good and I'm buying about $15-$20k below market value. I have a couple questions: 1.) when using a VA loan, does the underwriter take into consideration the current lease/rental income when deciding whether to approve you for a loan? 2.) after purchasing a duplex with owner occupied financing, do you use the rental income from the other side to pay for the mortgage or do you want to keep all income separate for tax purposes? If anyone has any specific advice about how to work a deal like this, I would be very grateful. Thanks! Mike