All Forum Posts by: Nathan Mcnabb

So A update.  Owner is going to sell on land contract.  Doing 40k down and 1900 a month for 18 years. It is currently bringing in 3900 a month. I'm excited. Hopefully get it wrapped up next week 

 Yeah but think from what little bit I looked at them most were 20% down and I only have about 15%

Hi, two years ago, I bought a 4plex for $275,000 . It cash flows about $1000 and has a balance of around 210,000 on it.  I've made a  deal on a 6 unit apartment 5 minutes from the house.  Got it under contract for 289,000, and it's currently bringing in $3750 in rent. I've got 40k lined up that I'll be  borrowing from my parents for downpayment . But after going to the bank that I normally deal with, they said rates for investment property will be around 9%. Then the bank is acting funny about my dti ratio since I've already got one investment property and one person home mortgage.  Any advice?  Even if the bank does approve me, im going to be stretched thin, paying my parents back in a timely manner. I've thought about doing a refi on my 4plex and pulling money out, but I hate the thought of losing my 5% rate I got on it. My current home loan is a heloc and its pretty much maxed out from using it for a down payment on the first property and its also climbed to 9% so I  need to get it redone to a traditional mortgage and get the rate down on it. Any advice on my mess would be greatly appreciated.  Im going to see if the seller would be interested in doing a land contract, but given their age, I dont see them going for it. 

 hows it going so far?

 ?

 I looked online somewhere and found that area was 5%? Would you recommend something different?  I'm all ears.  One Tennant has been there 5 years , one for 3 years other 2 for 1 year.  

and I just used a recommendation on 5% for maintenance.  Do you think it should be higher or lower?  Thanks for the help

Getting ready to close on my fist rental deal and would like to get others opinion as I'm very green in this and don't really have a mentor per say to ask for advice. I've read the books and listened to the podcast for the last 3 or 4 years and been looking for the perfect deal, but I think its time to jump in and get my feet wet. It is a 4 unit side by side apartment building. Each unit has 2 bed 1 1/2 bath, garage parking and off street parking. I paid to have a building inspection done and everything checks out great. Would guess it to be in a B neighborhood. New roof less than 5 years old. fully rented out. My wife is freaking out about the down payment money but I keep assuring her that we will make it back in a few years plus all the tax advantages we can use. What's everyone's opinion on my report? seem like a decent deal considering the times?

Any advice for a novice is greatly appreciated!

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 Thanks,  this will be my first rental.  I've built a couple houses so that helps a little. Getting ready to start calling the banks for financing,  any recommendations?  Hopefully keep it local.  Got a 4plex, each unit with 1 stall garage, 1 1/2 bath 2 bed. I'm hoping to buy.  Current rent roll of $2700 ( think that's low )and they want 275k for the property.  What's your thoughts for this area?  It's in a nicer part of town on a dead end rd.