All Forum Posts by: Patrick Flanagan

@Dave G.

Great information thank you for responding! 

@Gary S.

Awesome information I sent you a personal message

@Gary S.

Great insight! Thank you for responding

Hello!

I personally like multifamily investing because of the cashflow, value add, and a little easier on the pockets if you have vacancies. I close on a 4 plex in Oregon this month, im currently looking for other multifamilies out of state. 

I dont know much about single family homes. I havent really heard anyones opinion on why they prefer single families over multifamily. so if you could give me some reasons why single family homes are a better investing strategy over multifamilies? I dont want to rule out single families when lots of people make great money on them.

my goals are long term buy and hold cash flowing rentals.

@Chris Clothier

Homes that were ready to go for 75k.

Or should I be looking for houses more in the 90-110k range?

This will be my first out of state rental, I’m not very confident yet on doing out of state rehabs. So mostly looking for ready to go houses with light rehab

Hello there,

I’m a out of state investor, I’m following David Greene’s plan. I’m interviewing real estate agents and property managers so I can purchase my first few out of state homes.

I was curious if anyone in the Memphis Tennessee area could give me some tips and pointers. I’m looking at buying a few 75k homes to rent out. I was curious if 75k homes are more likely to be in a war zone area? Or if I’d be better off purchasing a more expensive house as a rental for a better tenant pool.

I’d also like to know what side of town or areas to stay away from. I’m looking for cash flow as of right now.

I’m gathering all the information I can before I pull the trigger.

Thank you for the help!

What is the best tenant proof flooring? I’m looking for plank flooring, that can have dogs on it, the floors scratched and not be damaged.

What is your opinions on the best options out there?

I recently talked to a mortgage broker, I’m selling my single family house and looking to buy a 4 plex.

I was kind of surprised to find out that fha or va Loans won’t even lend to you if 3 out of the 4 units don’t cash flow or equal to the mortgage amount.

I’ll be living in one unit. So I’m confused on why they will led me money on a single family home with a $1900 mortgage where I have no one but myself paying the mortgage.

Example-

650,000 4 plex

Unit 1-$1000

Unit 2-$1000

Unit 3-$1000

Unit-4 id live in

Mortgage is $3400 a month.

My income will way more then cover the difference from the loss of rent vs the mortgage.

They will not let me give me a loan on this property because the 3 units don’t cash flow or equal the mortgage.

So I’m curious if I need to speak with another lender or is this the basic rule that I completely missed?? I’ve just never heard of this standard.

I’m trying to buy a property from a lady. This property is payed off, she said she won’t sell it because the capital gains tax is to much.

I thought if we structured a owner financing deal she could divert the capital gains taxes over the duration of the loan?

So I’m trying to find out who to talk to and get a little guidance on what to do.

Also I’d like to hear if any of you have got around this hurtle.

Thanks!

@Nathan Smith

Hey brotha, I joined the Marine Corps because I knew I didn't have a plan on what I wanted to do. As a senior is high school I did my senior project on a gentleman that owned lots of rentals. So I knew that was what I'd do some day, after my 4 years in the Marines I moved back to Oregon and became a electrician, making $50 a hour. I bought my house with a VA loan. I lived in it for 3 years and I took the 100k in equity I made and I'm currently looking for a 4 plex.

By choosing this route I had so much time to listen to all the bp podcasts, I network at work when we go into a flippers house and what not.

Going into the military and trades is a awesome idea. I payed off my wife’s student loans a year after she graduated. But the one thing you have to understand is I had a plan since I was 18 and a way to very quickly accelerate that is be very active with real estate at all times. But it’s a slow game. Good luck and message me if you want to talk more