All Forum Posts by: Paulo Metts

Hi Cody, I recommend joining the Salem Rental Housing Association.  They provide monthly meetings with guest speakers and classes, rental forms, and a hotline to call if you have any landlord or tenant questions.  Additionally, during the meeting you can network with other like minded individuals who own rental properties or who are property managers.

PM me if you are interested in a realtor referral.  I have an excellent recommendation that assisted me in purchasing my current home and my rental.  She has 20+ years experience as a realtor in the Salem/Keizer area, and she is very good at what she does.  

Best of luck in your real estate investing endeavors.  Feel free to contact me if you have any property management questions.  Thank you.  

Paulo 
  

Hi Lauren, some of the questions that I would ask:  1) How many properties did you list last year, and how many did you sell?  You want a successful realtor, but not so successful that they are too busy to reply to your emails and phone calls or to show you properties. 2) Do you have a list of vendors for minor repairs to full remodels?  A list of reliable and already vetted vendors is worth your weight in gold.  3)  Can you provide me a list of references?  When you get the references, make sure you call them!

Let me know if you are interested in a realtor referral.  I have an excellent recommendation that assisted me in purchasing my current home and my rental.  Not only does she have over 20+ years experience as a realtor in the Salem/Keizer area, and she is very good at what she does, but she is also a very kind and thoughtful person.    

I am a member of the Salem Rental Housing Association.  It's a wonderful organization to network for deals and share knowledge with other landlords.  They also offer lectures and classes regarding tenant and landlord issues.  At the beginning of the monthly meetings, members announce properties that they are selling or wanting to buy.

I am in the same predicament.  I am also looking for properties in the Salem/Keizer area, but the prices has since skyrocketed.  Penciling a deal is much more difficult, but it's still doable.  Recently, there was a 4-plex off Hadley that was priced at $415k.  Since I am a buy and hold investor, any shortcomings in the beginning will be outweighed by long term gains due to consistent and reasonable rent increases.  

Thank you Nicholas and Stephanie for all your responses. It has been very insightful.

Yes, I plan to live in the 4-plex as my primary residence.

Just to clarify on the order question. If I can get a conventional loan with a regular bank and use a VA loan later, I would think I should get it in that order since a VA loan has more of a flexibility for approval. Otherwise, if I get a VA loan first, then try to get a conventional loan, I would think that the bank requirements are more stringent and could view the VA loan as a reason to deny the loan. I know it can get denied either way, but less so in a certain order.

Hello BP! I'm eligible to use a VA loan, and hope to use an FHA loan to purchase a 4-plex with each loan type. I also have enough saved to put 20%-25% down for another 4-plex by using a conventional loan. I have enough to cover all the closing costs for each type of loans. I already know about the residency requirements for each type of loan, and I know I can't necessarily use all three at the same time. I was hoping someone could give me advice in which order to use each loan type (VA, FHA, conventional) and why? Meaning, should I get a VA loan first, wait a few, get a conventional loan, wait a few, then get an FHA loan, or whatever order is best? My goal is to buy at least three 4-plex units using the three loan types. Thank you all in advance.