All Forum Posts by: Mo Maktari

I had also personally went with the HELOC loan. Seeing that my primary rate is waaaay to low to refi at this time, pulling a HELOC (currently at 4%) was the best option for us. Doing so, we were just able to close on a duplex using a DSCR loan and will eventually refi to a lower rate in the near future. Just make sure what ever niche/path you chose, just way the options. I personally had to go with 3 separate lenders to find the one that made sense. Best of luck!

New landlord question; how are you guys receiving your tenant's monthly rent? I know there Zelle, PayPal, Venmo, etc but wanted to see the opinions of BP. Thanks I'm advance.

@Larry Baldwin Welcome to BP! To get your feet wet, along all the other great responses, I would try and attend some local meet ups and network with the local RE crowd. What I see that has been working for me is to pretty much volunteer your time to learn with RE brokers/agents, Appraisers, Inspectors, etc. Good Luck!

Sending you a PM.

Hey Lauren, Welcome! As a fellow newbie here also, the key I've learned in this business is patience and knowledge. Unless you can find some home run deals to wholesale in this current real estate climate, its unlikely you can make a killing in a 3-6 span. Hope it doesn't scare you away from getting started but as long as you keep at it, it'll pay off in the long run!

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $355,000
Cash invested: $100,000

Duplex (2 bed/1 bath each) in the beachy area of Tarpon Springs, Fl. Minutes away from the famous Sponge Docks and Greek Town. One unit is being used for a LTR and other STR.

What made you interested in investing in this type of deal?

Passive Income in a tourist area of Florida.

How did you find this deal and how did you negotiate it?

Semi-off market deal with the listing agent being the father of the owner who does not have time to deal with a rental property. The duplex was originally listed for $398k but being that the seller was very negotiable, we were able to get our offer of $355k accept same day.

How did you finance this deal?

Used HELOC from primary to use as down payment and used a DSCR loan to finance the rest.

How did you add value to the deal?

Once the lease is expired on one of the unit, we will use it as a STR to further increase our passive income.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Taylor Schaberg

Good to know, thanks!

I'll definitely make it out there! Is it an every week thing?

 Makes sense but seeing how I just had a appraisal on a 3/2/2 1400 sqft and it was only $450 just has me thinking. I need to understand in the grand scheme of things that $1k is nothing when it comes an investment property. Just seeing some outside insight...

Hey guys, sooo is it me or are appraisal fees through the roof? I was just quoted $1050.00 for a duplex which included a $150 rush fee. Please reassure me before I do something irrational!

@Javin Platon like the other reply's, interest rates are definitely higher now with no signs of dropping this year so pulling the equity doing a HELOC is probably best (seeing you have at least 20% equity) I just recently pulled a HELOC on my primary to use as a DP on my duplex im currently under contract with. Big benefit using a HELOC loan is the interest rate is lower than any conventional/DSCR loan, but also the HELOC is a variable rate, meaning the feds can increase/decrease the rates at any time (projecting to raise at least 4 times this year.