All Forum Posts by: Nick Sheveland

Berkadia is an excellent source for market info such as this. 

@Erik B. Agency Debt is typically loans for commercial use like apartment complexes. It's a fancy way of saying Fannie or Freddie for $3mm +

@Sunny Suh even on larger apartment complexes I'm still getting quotes for 3.5% for agency debt. Definitely good rates out there right now.

I purchased a duplex househack July 2019 in Austin Tx with a FHA 3.5% down with a 730 credit score and got a rate of 4%. I am closing on a refi for that same property in a few days for a new rate of 2.75% which will reduce my mortgage $177 a month.

Yes, I'm actually wrapping up a refi right now at 2.75%

It's amazing what you can accomplish in a year when you surround yourself with the right people, take action with intention, and get out of your comfort zone! This time last year I bought my 1st duplex, pivoted my mindset to CMF, joined the Jake & Gino program, and now this weekend I am touring a 70 unit and 22 unit with intentions to submit some LOI's.

You are killing it @Nate O. keep it up!!!!

I've done it. There's a video on in my profile about how I closed on a $310k property in Austin, Tx for $5400 in 2019. You SHOULD always have money but you don't always NEED money. 

The key to "No and Low money down" is creativity. 

Just do it! If you're looking for reasons not to do it that's all you'll ever find. Know your numbers and have your lender and agent ready.

1. I've collected everything 100% on time and in full.

2. My tenant is a vet tech so her job is awesome and I don't have to worry about her one bit.

3. SF hacks can be good cashflow but I don't like having lots of roommates and someday when I decide I don't want to self manage anymore it would be much harder to find a property management company to manage by the room. That being said I recommend a 2 - 4 unit that has at least 1.5 baths on each side. Then you could even get a roommate on your side.

@Allison Stewart I couldn't agree more. That has been my experience as well. Especially if they have only been there a short time. Sellers tend to just want to get a warm body in the property to show it has income coming in and most times the tenant is POORLY vetted if at all. Hopefully the security deposit is a good size.

***I would put in a contingency plan with the seller saying something along the line of not renewing the tenants leases or at least that the renewals must NOT extend more than month to month. 

On the BP FB I saw a person buying a duplex with M2M tenants on both sides that were wrecking the place. The buyer had plans to move in due to FHA and a week before close the seller but both sides on a new 1 year lease and did not notify the Buyer until after close. OUCH!!!

I'd supercharge my investing path by investing passively in apartment syndications with @Account Closed of Quantum Capital. You would learn a lot in the process too from the inside out. Oh and I am in no way associated with Mark there in LA. This is just what I would do personally if I had $60k to invest in the LA market.