All Forum Posts by: O'brian R.

Thanks for your responses @Shaun Weekes

Sounds like there isn't a cut and dry answer here. 

Hey BP! I figure I should just ask the wise BP community, but I've seen and heard different answers as to how long of a period one has to shop mortgage rates and to still be considered just one 1 credit pull. In some articles I've seen 14 days. Others, 30 days. So which is it?

If anyone can provide a good reference source as well, that'd be appreciated. Thanks. 

I believe the approach you described of using the market cap rate against your increased NOI to determine the increased value of your property is more appropriate for commercial buildings (5 units and up). The value of your fourplex would most likely be determined by using sales comps. Still interesting to see though.

Abdul, it's important to note that these tools are great for making relative comparisons. When you're just trying to get familiar with a new market, you want to quickly identify areas that are higher end vs lower end. I think Trulia's heat map does a good job here.

Another tool that's helpful is looking at the maps on city-data.com. There you can search a given zip code, then view heat maps according to all sorts of parameters such as household annual income, median rent, etc. The data here is a few years old, but again, this tool is useful to make relative comparisons. Don't rely on them for the absolute numbers (i.e. market rent). Rely on knowledgeable, local real estate professionals for that. 

That's an incredible story. To have quit your job, learned about real estate investing, found your niche, learned an out-of-state market, built your team from afar, and closed on 2 apts in such short time truly amazes me. Well done.

Welcome to BP @Chance Bostick! 

Wow, @Jesse Peña, those are some serious good links. 

Welcome to BP! Check out the many guides up in the Education tab at the top. Read through the Ultimate Beginner's Guide, browse through the forums, and listen to the podcasts. A wealth of information here and be sure to connect with members...that's where I get most of my knowledge. 

Welcome to BP! I grew up in SoCal and now I'm just next to Palos Verdes. PV is very nice. As others have stated, there's a wealth of information here. In addition to your grandpa, browse through the forums, read some articles, and connect with members. The more people you connect and talk to the faster you'll get through the learning curve. 

If you're considering purchasing as an owner occupant, you'd qualify for some attractive financing options. Lower interest rates than non-owner occupants and option to put less down through an FHA loan applicable up to 4 units. Though as @Roy Kwak mentioned above, finding a multifamily that you'd like to live in may be tough to find, but not impossible. Good luck!

 That's quite a nice arrangement. Thanks for sharing.

Couldn't agree more! 

Re hourly charging...I don't know if I'd call it laziness or just that he's been practicing for 30 years. I mean, he actually still uses an AOL email address.