All Forum Posts by: Nathan Allen

I say sell it an move on my man. Then go with option 1) Purchase a 3+ unit owner occupied multifamily property in Colorado Springs. Basically a multifamily househack. Thats a far better strategy for the long term as well as much easier to manage as you will be on site instead of 9 hours away.

Cool man! Keep on Keeping on! Multifamily is waaaaaaaaay easier than SFH!!! The sky is the limit with your hustle and attitude my man.

I have worked with Key Reality for the last 2 years. They have done everything I've asked and expected. Give Karyn Seabrooke a call! They have a great team here in OKC. I cant post her number for some reason here :'(

Hey guys! I live in 10 Penn and own a quadplex in The Plaza. I would suggest driving for dollars in the area as well as Popping into The Barn and asking the real estate developers who own that building and office on the lower level if they know of anything. I see on Loopnet there has been a guy selling a package of homes here in The plaza, 10 Penn, and Gatewood area. If you don't want all of the houses maybe he would sell you a duplex or 2 instead of the whole package. Let me know if I can do anything more to help!!!

Welcome to the city! Glad you found some work. Keep on keepin' on :D

The residential issue is easy enough to understand for a single borrower, but what do the rules say when more than one FHA loan applicant is listed on the loan? Do all the occupants of the home have to live up to the FHA occupancy rule?

According to the FHA, the rules are a bit flexible in this area. "At least one borrower must occupy the property and sign the security instrument and the mortgage note for the property to be considered owner-occupied."

I lived in all of the properties I bought with FHA Loans but a good friend of mine and his wife used this method to buy many quadplexs over the years. I thought it was brilliant! You only have to live in the property for one year! That is a pretty sweet for turn on investment when you only have to put 3.5% down compared to 20 or 25 :D

True you would have to live there for a brief period of time. It could be a day, a month, a year. It's not like there is someone who's coming to the property to check and make sure you're there. Especially if the note is performing they would have no qualms. 

I have used the FHA Loans a few times and think they are an awesome product to get into small multifamilys. However buying one to four units with 20% down doesn't make much sense to me if this is an option... If you're going to put 20% down I would suggest looking into a 10 Plex or bigger :D

Why why don't you jump into an FHA loan where you only need 3.5%? Isn't that really the only reason to buy one to four units?!?

I dont do storage, but I agree with @Rhett Tullis keep the i2 if you already have it. If you want more info Wes Williams builds mini storages. Basic mini gives you about $250,000 a year, and is a one man show, but I'm not sure on a lot this small what the numbers would look like, but I'm sure if ya give him a shout he would know.  

Good man! That is what its all about right there my man!!! LOVE IT :D

I feel your pain about wanting to hold onto everything... That is exactly where I'm at right now hahahaha

I'm currently refinancing one of my properties I own free and clear to pull out 500k to purchase my next larger property. My plan is to never sell any of my properties for several reasons but the the most important reason for me is to not kill the goose that lays the golden eggs just to have a nice breakfast.

The problem is like you said... No one is selling now which makes the deals that are on the market quite a bit leaner :'( I'm still on the hunt for the larger property but at least now I have my gun loaded to take down the next buffalo when he pops up :-D