All Forum Posts by: Patrick McGrath

I am getting ready to submit offer on my First MFR Tri-plex. I have spoken directly with owner and price has already been agreed upon. All 3 units are rented out currently, 2 units at $750 and 1 at $650. In speaking with the owners he mentioned the tenant paying $650 needed to be reminded and has had to send multiple pay or quit, tentant always pays.

Can/should i ask for this tenant/unit to be empty upon closing?

Market rents are $900-$950 2br-1bath in area. And i would like to rehab 1 unit ASAP.

Anyone have success going this route? 

Thank you in advance 

Congratulations! Screen your tenants, collect those checks and dont wait 8 more years to buy another!

i agree with you there, the subfloor and bathroom need to be done. So i should ask the tentant to move into the empty unit for a few weeks. since they will be out and i am looking to increase the value of the property, do i redo the floor and make the small upgrades that will increase the overall value while they are out? 

again they have been there 11 years im not going to go over board just freshing up to cash out refi down the road

i appreacite the feedback

So are offer was verbally accepted and we should have the paperwork today to move forward on a 2 unit 2br /1bath duplex. 232k

Unit 1 has tenants paying $1100/m they cut the grass, shovel snow and have been there 11years.(they get $100 off a month from $1200)

women asked for new stove, new washer and for the bathroom to be redone, subfloor by shower is bad. (total about $3000)

 unit 2 needs some light kitchen reno - stove and cabinets redone, flooring. New carpet in the bedrooms and some paint. Bathroom has recently been remodeled . All in all about $6500.

rent is $1350-$1400

My thing is i am looking to cash out refi to buy more property in 6-9months. But with the tenant in place i will not be able to replace flooring and update unit enough to really force apprecaition. 

Any thought or insight would be greatly apprecaited. ARV should be around $270,000 if other unit is completed. That would give me about $30k of the $80k cash into property. Down payment, closingnand repairs.

mortgage will be $1370 and rental income will be $2450.

what do you guys think? Thank you in advane

Welcome to BP! Im in glen burnie and looking for wholesale deals in the Glen Burnie & Dundalk areas.

After speaking with my loan officer and going over the options i think the refi to owner occ. Then owner occ 90% LTV Helco is the best option. Gets me access to an addational 15% of equity to start putchasing more properties.

Currently have conventional investor loan.

So i recently bought my first first investment property SFH. Went in with my Dad as are first attempt in REI. He currently has title and loan in his name, intention was to rehab and cash out refi once finished.

We now plan on moving into the new property and renting out are current owner occ. 

 I need to get on title and put loan in my name. Need to refi to owner occ. As myself and wife will be moving into house.

Options right now are:

1. Get onto title and wait 6 months to cash out refi because the bank needs the house to season with me on title. Then cash out refi, get loan in my name at owner occ.

2. Refi owner occ now, get on title and loan in my name. Then do a owner occ. HELCO to access equity to purchase next property.

Current mortage is $140k

ARV = $280k

Into house now after rehab for $210k

Option 1 would not close until March 2018, really stalling my current plans and slowing all the momentum i have completing my first deal and knowing we can do it.

Any advice, words of encouragement or ideas would be much appreciated.

I started out 4 years ago, bought my first home as a foreclosure (FHA 3.5% down) for $190k. Spent the next 4 years slowly fixing and rehabbing. Decided to do a HELOC and house appraised for $75k more than we paid. Used that money to purchase a second home and we will be renting out are first house. Bought and rehab second home using HELOC and loan from my Dad who is charging me 10% interest. House is almost finished, we are in it for $210k and AVR is $280-$300k. Doing a cash out refi, pay HELOC back, pay Dad back and repeat.

I have been working towards this for over 5 years. Reading, planning and saving. 

I love this post, thank you for sharing, i am currently finishing up my first investment property (foreclosure,REHAB, moving in, Refi,sell or rent in 18 to 24 months, while renting out my first house) As a newly 30yr old millennial i feel exactly like you do, keep it up and create the empire you dream of, doesnt matter if thats 3 properties or 300!