All Forum Posts by: Account Closed

Hello!

It is an exciting time for me. I've been taking massive action...started a podcast with my partner in Houston (Millennial Cash Flow Podcast), and no I am working diligently with a local Dallas broker to get into my first piece of real estate.

I found a fantastic value add opportunity in a duplex located 1.5 blocks outside of the Bishop Arts District. The only caveat is that I need help with the mortgage due to lack of sufficient income, and help with some rehab costs. As a result, I will partner with a longtime friend of mine. Some history on our friendship: I stated working with him when I was 12, now 28. The work consisted of house rehabs and lots of landscaping, so we have a long history of this type of work together, and it has always been great.

I've got J Scott's "The Book on Estimating Rehab Costs" and have begun reading.

The main concern here is that all of this is done as professionally and safely as possible, protecting both of us. How should our roles / responsibilities be recorded? How should we determine what happens with the property if either of us dies?

Bigger Caveat: I plan on owner occupying in order to get this with an FHA loan. I would love the conventional loan, but 20% down on a $375,000 - $400,000 is huge for me right now. Is it possible to get a hard money loan on this down payment if I went the conventional route?

Thank you, and let me know if you have anymore concerns or questions,

Nick Aja

@Katrina Razavi I have decided to pursue the owner occupy method. This will allow for rehab money! Thanks for your input.

@Timothy Hero I’ve decided that I am actually only going to use my income plus a percentage of the other rents. Looking to purchase around $400,000

@Chad Lanting thank you for the information!

Hello,

I am looking for lending options available here in Dallas to purchase a 4plex. I have a stable job with a decent salary. My girlfriend is from Spain, working as a Spanish teacher, and is a non-permanent resident here on a work visa My only concern is not having enough income without hers to qualify for a loan large enough to purchase a 4plex. We will use a conventional loan, due to great credit and owner occupy.

Are there lenders that will consider our situation?

Thanks,

Nick

@Chad Lanting I agree with you about living in a unit.

As for as the down payments goes, I have excellent credit, and very little outstanding debt (student loans). I will not apply for an FHA. I believe due to my credit and lack of debt, I can apply for a "conventional" loan which will provide lower interest, I believe I was told.

On a $500,000 4Plex, what kind of down payment do you think I could potentially be looking at?

-Nick

Hello,

I am wanting to purchase my first piece of real estate. I would like this to be a 4plex, as it is small enough to grind my teeth with. I have no real estate experience and a massive desire to get this going. 

I live in Dallas. There are two routes.. 1.) Live in one of the residences with a conventional loan and a small down payment, or 2.) Purchase the deal as an investment, and pay a higher down payment and interest.

I would also be willing to purchase the property as a joint venture. Right now, my timeline is about 1 year out, so about September 2021, as this will allow me to save between around $30,000.

My goal here is to gain experience in operating, purchasing, and working on real estate.

What do you think about this plan?

Thanks,

Nick 

Steve,

This is exactly what I was thinking. I believe that the foundation must be laid before brokers are contacted.. Where would you suggest learning the math on apartments? Curious as to what you think, because everyone has a different answer.

I am increasing income as we speak.

Talk with you soon,

Nick Aja 

Hello,

My partner and I have gathered a list of the commercial real estate brokers in Austin, Dallas, San Antonio, and Houston. We are also ten episodes deep into our podcast that has not been released yet. 

My concern is this: We have not spoken to any potential investors as of right now. Neither of us have any experience in commercial real estate. 

Do we begin talking with brokers before we even have investors interested in syndicating with us? 

Thanks,

Nick

Hello,

How does one determine how long renovations on a Value-Add deal will last?

Also, why is it important to have an idea of this time period?

Thanks!

Nick