All Forum Posts by: Michael Doherty

When I calculate the ROI as if all units are being rented out without me living there it obviously goes up. I just wanted to make sure this is a fair assessment. If you don't mind, can I direct message you the spread sheet I'm using for my analysis with the numbers plugged in? I would love to know if I am on the right track or looking at this all wrong.

Best,

Hi all, when analyzing potential Multi-Family rental properties do people recommend including the total rental income even if I plan on living on one half? Or would you recommend only including the actual rental income in which you plan on receiving. I've heard mixed opinions. 

Ex. Both units would rent out for 2400 however because I would live on one side I only calculate for 1200 when analyzing if it would be a good investment?

Thanks!

Thanks for the advice guys, I was hesitant on looking at a 4 plex because it's my first time being a landlord. I assumed it would be easier to start off with just a 2-3 family home but it may be worth giving it a shot if I can increase my chances of getting a loan.

I am in the process of acquiring my first rental property, looking for a multi-family home (2-3 units). I talked with my loan officer and she could only approve me for a loan based off my salary even though my total compensation is double that. She said that if I could provide 2 years of commission statements she could provide a loan based off that (I currently only have 1 year). Because of this I was only approved for 150k for a 2 family and 250k for a 3 family (FHA loan 3.5% down).

My question is, being that this is not a lot of money to work with, what would people suggest both for financing and first home purchase? Would you recommend a different type of financing method or scratch the multi-family home idea altogether and look for more of a single family home to flip and waiting for another year to purchase a multi-family.? Thanks!

@Stephen P

@Stephen Parlos

Great to see another W Hartford investor.  I am recently new to investing as well and looking to purchase my first multi-home in the area. Let me know if you have any questions.

Hi everyone,

I am a recent grad and have a passion for real estate and the housing industry. During the day I work for an investment firm and at night attempt learn as much about investing in real estate as possible. I have only scratched the surface in my research and am open to any suggestions or success stories. I look forward to meeting new people and creating new opportunites.