Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Mikhail Katz

Mikhail Katz has started 5 posts and replied 28 times.

Post: What are your goals for 2019?

Mikhail KatzPosted
  • Rental Property Investor
  • Berkeley, CA
  • Posts 30
  • Votes 18

For me real-estate related:

1. Buy at least 2 multi-family properties with combined cash-flow $600+

2. Go to meetups, learn more and network with other people

Post: What have you sacrificed for your down payment?

Mikhail KatzPosted
  • Rental Property Investor
  • Berkeley, CA
  • Posts 30
  • Votes 18

Don’t owe a car altogether - I drive rarely - when need use car sharing comes to about $200 a months. Less that you would spend on gas and insurance only.

Don’t buy lunch for work - we have food in office or I bring something I bought for cheap in supermarket in advance.

The major saver - living with roommates this alone saves me probably 1000 a month. Also I live in a small room and just don’t have a space for stuff. Love minimalism!

No gym - running for free. I go to a swimming pool occasionally tho but it’s cheap.

Post: Starting my road to 100 Units by 40yrs

Mikhail KatzPosted
  • Rental Property Investor
  • Berkeley, CA
  • Posts 30
  • Votes 18

I join @Patti Robertson 's question, how you chose this goal? I think a financial goal is better than a number of units because maybe you can achieve it with just 200 units why it has to be 1000? In any case, I like ambitious goals and wish you good luck!

Post: Trying to house hack first property in Orange County, CA

Mikhail KatzPosted
  • Rental Property Investor
  • Berkeley, CA
  • Posts 30
  • Votes 18

I am from the Bay Area, and I feel you. I gave up on the idea of house hacking here and decided to go and invest out of state. I think it is still possible if you're willing to live in bad areas where it's cheaper which I am not.

You want to buy a single family/condo and rent out other rooms or multifamily?  Maybe Airbnb could be a more profitable option to do that. 

Post: First mortgage tips multifamily

Mikhail KatzPosted
  • Rental Property Investor
  • Berkeley, CA
  • Posts 30
  • Votes 18

Thank you for all the responses, it's very helpful!

Post: First mortgage tips multifamily

Mikhail KatzPosted
  • Rental Property Investor
  • Berkeley, CA
  • Posts 30
  • Votes 18

Hey BP and happy holidays,

So I am really excited to buy my first investment property and I am currently trying to get pre-approved for a mortgage, so far I've been only in contact with quicken loans (rocket mortgage), they say I need to have 25% down (multifamily) plus about $10k for closing costs (quote: fees charged by fannie mae that can be another 3-4000). 

What are my other options? any recommendations? banks or brokers? I am in CA looking to invest in OH. Would be nice to find a bank with 20% down for multifamily investment property.

Post: New out of state investors mistakes

Mikhail KatzPosted
  • Rental Property Investor
  • Berkeley, CA
  • Posts 30
  • Votes 18

How much you can trust school ratings to determine how good the area is? Could it be really bad with decent schools ratings around?

Post: The ONE Question You Want to Ask a Millionaire Landlord

Mikhail KatzPosted
  • Rental Property Investor
  • Berkeley, CA
  • Posts 30
  • Votes 18

@Michael Ealy

Just read your story, it's very exciting! I was actually looking at Cincinnati area to invest in my first rental property.

I am trying to stick to ONE question format but maybe there will be a bit more:

What real estate experience you had prior to this deal? And how did you find those partners and team you mentioned in your story? 

Post: Financing options 10-15% downpayment

Mikhail KatzPosted
  • Rental Property Investor
  • Berkeley, CA
  • Posts 30
  • Votes 18

Hey I came across a deal I am interested in but currently have only 10% for a downpayment.

It's a multifamily 4 units for 180k. Also it is out of state, in OH and I live in CA so I won't be able to occupy it and also it is all rented out as I understand.

I have good income and credit score but as far as I understand conventional loan will require to put 25% down. I would like to find something for 10-15%.

What other options do I have? Hard money loan? But I am worried about refinancing it since I have no idea what would be the appraisal value of this property.

Post: Out of state investing

Mikhail KatzPosted
  • Rental Property Investor
  • Berkeley, CA
  • Posts 30
  • Votes 18

@JaNae Anderson

I am new here as well with similar goals from Bay Area feel feee to connect!