All Forum Posts by: Michael Kistner

@Todd Powell

  Similar situation, they share the same parking lot and the seller is having a difficult time selling them individually. 

 My thought would be to buy all three, renovate them, raise rent, combine the properties, and then get them appraised on the cap rate rather than comparable properties. 

Has anyone combined two or more properties into one address? If so what did it take and was it worth it?

To give you context I'm looking at three duplexes that appear to be on one large lot. However they have three separate addresses. If I were to combine them and have one address I'd be able to value them based off the cap rate instead of comparable properties.

@Roberto Ruiz

  Living in Miami it might be hard to find an affordable multifamily, but if you can and are able to put 3.5% down on that I'd go that route instead of focusing on the debt. Your student loans should be a write off. If you're able to get into a multifamily and reduce your monthly expenses you'd be able to pick back up where you left off, have an investment property, and possibly more monthly cash flow.

   Good luck on your decision!

- Mike

@Ben Meier

  I'd pay cash for the major repairs and live with the cosmetic issues for the time being. Then save up your reserves for future deals. While you're saving I'd start setting yourself up. Identify markets you want to be in, analyze deals everyday and start looking for private and hard money lenders. Also look for lenders that will refinance your private/hard money deals without a seasoning period. Then when you're ready you'll come across the right deal.

  It's not a fast moving plan but that's what I'd do. Good luck!

- Mike

@Stephanie Pieri

I house hacked a triplex using an FHA loan. Put 3.5% down and practically lived for free. Obviously I'm biased now but think it's the best way to get started. Good luck!!

- Mike

@Samantha Miller

   At the end of the day you're still getting your first property and future rental. If it slows you down for a year you're still building equity and have learned from this. This time next year you'll be in a better position.

   Congrats!!

 - Mike

You have to disclose that you’re an agent and it can be costly to maintain if you’re not going to use it but if you’re already interested in real estate and looking for side work I’d look into that. If you have you’re license you may be able to be someone’s assistant for hourly pay. 

 Open the door for showings, go door to door hanging door hangers, and learning the market and analyzing deals at the same time. 

I think there’s more benefits to having your license than not. 

- Mike

@Jeremiah Gaviña

  If you’re going to sell life insurance on the side why not just get your real estate license?

  Learn your market, go to meet ups, meet some lenders and possible partners. 

   Can you save up enough to buy a multi family? Put 3.5% down and house hack. In my biased opinion I think that’s the best way. 

- Mike

@Bess Carter 

 No problem! Also check out build.com and overstock.com 

Build.com has great customer service and will try to beat Lowe’s or Home Depot on prices. 

 Overstock.com has really great sales. I’ve found better quality hoods, fans, and lighting fixtures cheaper than the big stores or than my contractor can find them. You just have to look more because their inventory is usually lower. 

 - Mike

@Bess Carter

  Definitely bring a GC, $50-$100 for a quote should do it. some may do it for free. Make sure to ask for an itemized bid and the more bids the better. I'd even ask them to break down the material for you. You can price that out yourself.

   If you're planning on doing multiple flips it wouldn't hurt to look into a lowes or home depot card. I purchase all the material myself using my card and save a minimum of 5% and the contractors like not having to do anything but go there and pick it up.

   Good luck!

- Mike