All Forum Posts by: Obed Calixte

Owner occupying a multifamily to get started in real estate is a common, tested path.

If you haven’t, it’s highly recommended to speak with a reputable and knowledge lender to go over available products, pre-approve you to give you true idea of budget and costs, and share insights on what they are seeing in your market.

You mention FHA and putting nearly 10% down. I will assume you are either 1) not aware of conventional 5% down for owner occupied multifamily or 2) deciding against conventional for one reason or another.

The above post touches on the other key aspects.

If the HOA requires owner occupancy the first year before renting, an investor is going to have a hard way navigating around that regardless of the financing used.

If that's the response you are getting back, it's best to find someone else. 

I can't speak to the market you're looking at specifically-- However a mix, with most weight on sold and pending (if listing agent is able to share terms) and a bit of weight on active is common in balanced and buyer markets. 

Review your agreement. You may not have to wait out the entire agreement. 

Send your termination notice per your PMA and get a new PMC.

Use Narpm.org or local trusted references to find local PMCs.

It updates based on public info and what you provided. 

What are you hoping to get out of an updated zestimate?

The value you get from a license is a direct correlation to the effort you put in.

As it relates strictly to investing, biggest benefits are access to MLS, viewing listed homes on your schedule, ease of contract access and agent only events. Those benefits are amplified when the market/property are hot.

What responses have you received from the sellers in response to them procuring a broker to represent them in the deal?

That's the only way you'll get real answers. 

I can list a number of assumptions but they will hold no water. 

 Look forward to seeing what you put together.

You don't need to be an agent to be an investor. If that is your only reason for doing so, I'd say stay at your current role.

Over 3/4 of aspiring agents leave the industry within the first year. If you are planning to make it your primary business -  you will need to really hustle, have meaningful reserve funds and/or a strong sphere of influence to get the time, money and resources you so desire.

Can you be an investor and work 60 hours a week? Absolutely. Work with the right people and have reserves in place.

Quick thoughts:

1. Confirm with lender what the occupancy requirements are after refinance. 

2. Have you run numbers of the home as a rental using today's rents? Include vacancy/opex/reserves etc. Does it make sense as a rental on 30y or 15y mortgage?  Generally investors want to go with 30y as above comment shared.  If it doesn't work as rental - is there strong appreciation and do you have reserves to cover the difference?