All Forum Posts by: Nick Shri

Quote from @Richard Pallarino:

Hi y'all,

I am wondering, can I buy a duplex or triplex and get it section 8 approved to then accept section 8 vouchers? Looking to do this in states such as Ohio, Wisconsin, Indiana, and Kentucky.

Thanks,

Rich

Yes! Talk to PM in the area you are buying and ask them whether they will support filing application for Sec 8 for your property, and whether they oversee Sec 8 properties.

Quote from @Benjamin Sulka:

Quote from @Andrew Duna:

Hi Ben - @Shane Kelly pointed out some great areas to scope out.

One thing to consider- You had mentioned in the forums previously that you had the goal of house hacking. If that is the case then you could even consider getting into a more premium neighborhood like Lakewood. If you buy a duplex using FHA financing then you only need 3.5% down and the rents are skyrocketing in Lakewood. Your cash on cash still ends up being amazing and you are living in a more desirable neighborhood with better tenants and a higher chance for appreciation as well.

 Thanks so much for the insight, Andrew! That is a great point. 

https://www.biggerpockets.com/...

this link should be helpful.

If you are worried of losing $ then I advice you to educate yourself more. Look up David Greene's OOS Rental Investment. Has great pointers. 

When it comes to picking a location, there are parameters you should consider. Growth - population, job and more. Read more on forums. Find agents in the location of your choices and ask them questions. Gather data that can help you make an educated decision. 

Goodluck..

So you have got plenty of advice. Try to pull the necessary advice into meaningful actionable tasks/steps you must perform on the property or any other future properties you pursue. 

Proper Cleveland has lead law (not sure when it will be enforced), however given current market conditions you may find sellers willing to either make concessions or outright fix lead issues. The later is least likely.

Most (suburb) Heights have Point of Sale, educate yourself on this.

Search James Wise Neighborhood Grade blog to understand different Neighborhood grades.

CoC is an interesting metric, it may look great or terrible on paper because of the assumptions you make. Just have few extra eyes check it out.. BP forum is good place to have it reviewed.

Take a deep breath and welcome to getting started in the REI journey.

I keep seeing and hearing about the upcoming BP MF bootcamp. What exactly you all expect from these mentorship communities, circles?

Quote from @Stefanie Bergmann:

hi nick! so definitely a major thing is 'you make your money when you buy"

this technically isn't a real BRRRR, because there's definitely a decent chunk of equity stuck in the deal.

I am ok with that, but if I had used hard money I would not be so okay.

Another big one is: hire fast construction people! we ended up missing the height of the market cause we were just too slow and we wasted a ton of money.

definitely a great learning experience and I have great cash flow now but this could have gone quite differently if we weren't in such a crazy market where the rents exploded.

last year was a crazy market and this year too to certain extent. experience is the best teacher, glad you have good CFing property, that should help in borrowing down the road..

Quote from @Alex Hymanson:

@Greg Scott@Patrick Drury

I understand <5 units is based on comps.  I'm trying to gauge how much I should pay when comps are limited and this is my first time working through an "off-market" property.

If I want a conventional loan (putting down 25%), should I go to the bank first to get an appraisal to gauge value of the property?

If you can't find comps then bank won't find comps, they won't have any other means to appraise.

You can price per unit and compare that with say a sfr of same size or compare 2 units with a duplex. You will have to literally make up numbers and go to seller to agree to them and then go to bank to agree and finance. That's a steep hill to climb.

Quote from @Vivan Bhalla:

Quote from @Nick Shri:

Quote from @Vivan Bhalla:

My goal initially is to make 3k not only :)

3k per? 3k per week? per month? per year? per property? If you wish to invest OOS, look at mid-western states. They provide decent CF. Spend some time shifting through posts in get started, you will find many similar 'how do I....' posts and answers.

Per month!

Your post has garnered quite some attention :)

Have you identified any strategies for investing your $50K? As mentioned in my post above, you could consider a long-term buy and hold strategy. Let's take OH for example. I bought a property last year, invested approx $40K and it CFs few hundred dollars a month. If I pay off the mortgage (invest another ~$100K) I will CF quite a bit more, but I don't have that kind of cash with me. You can run the numbers accordingly and do the math, that will answer you on what & how long it takes to get $3k/mo. There are bunch of other strategies like syndication, fix/flip, brrrrr, and more. Do some more research here on the forums. If you want to talk about purchasing via TK provider, feel free to DM me.

All the best!!

Quote from @Vivan Bhalla:

My goal initially is to make 3k not only :)

3k per? 3k per week? per month? per year? per property? If you wish to invest OOS, look at mid-western states. They provide decent CF. Spend some time shifting through posts in get started, you will find many similar 'how do I....' posts and answers.

Well done, congratulations!