All Forum Posts by: Paul Allen

Thanks @Shana D I will do that.

Update to my plan. I have an RV, what if I did an FHA loan like before and lived in the RV on the property while renting out all the units. I have came across a few that have RV hookups. more in the country.

Thanks Jordan, I am being patient, still looking as I haven't toured these houses yet, but I have saved a few multi-family properties on my trulia list. I have noticed both of these have been on the market for a while so i figure they probably need some work...(might be able to negotiate a lower deal). Thankfully I have a construction background but I also don't want to be 4-6 months under because I took on a major project right away. 

I would like your fathers contact info if possible.

Thanks Chris, 

That is exactly what I was thinking, living free never hurts. I still need to find a realtor in the Louisville area...if anybody knows a good one let me know. 

Ok need a little help, I have read the "ultimate beginners guide" but i'm still unclear on a few things. I am looking at buying my first multi family property and becoming a landlord in the Louisville Ky area. I will be using an FHA loan and living in one of the units.

The first property is in a B neighborhood listed for $250K and is a triplex Renovated 3-plex is fully leased at $2235/month. All have equipped kitchens (stove, ref, dw), wood floors and carpeted bedrooms. #1-$775 (2BR + office), #2-$885 (3BR), #3-$575 for a unique 1 bedroom. Off street parking. Recent upgrades for unique spaces and location. Some hookups #1 and #2. In this listing I would probably take the 2 bedroom to live in (wife and I) so that is $775 lost. Total rent potential $1460 and if I figured the mortgage right it would be approx $1400. 

the 2nd place is a duplex in an A neightborhood. A duplex with a studio (one-room apartment, currently rented for $500/mon) in front and a rear 2-story unit that has 5 rooms (not sure if this is bedrooms or just rooms total) plus the full bathroom in the "camel-back" rear. So at first glance it seems the rear is maybe a 2 bedroom hard to figure what income would be on this one but I like the area. It has a lower cost but from outside pics it may not be as well maintained.

Any input on these would be appreciated. 

I'm sorry I am a total newbie here, researching still before I take the plunge. you mentioned "The IRS is saying that FMR is $1,328 but that would mean a near 50% increase in rent". Are you saying that the IRS taxes you on the FMR and not what you currently bring in on rent? Sorry if I sound stupid here but I am learning a ton. Also looking in the TN market.

Ok Thanks to both of you for your kind replies. I currently live (rent) just outside of Nashville TN but this area is too rich for me right now with every place having more than 20 competing offers most of which are cash, so I am looking in other markets where hopefully its not so hot. With my job I can work from anywhere. 

I had not considered Air BNB but that is definitely an option, I have found one prop management company that charges 5-7% depending on services offered. I also figured if I get the right tenant I can negotiate lower rent for certain things like lawn care and such but again these are just thoughts running through my head at the moment. 

Hello all

I am new to all this but my wife and I want to buy a quadplex or something similar and begin the landlord journey. I have been reading the Beginners Guide (great info in there) and learning a lot. Based on what I have learned we want to use an FHA loan and live in one unit while we rent out the other 3. The thing is we travel for work (keeping my job for now) and sometimes I am gone for 3 months at a time out of state. I know with the FHA loans you have to live there and I heard they sometimes check to make sure. So I am wondering if this is going to be a problem. I figure I can use a property management company for any needed repairs or emergencies if something happens while I am gone for work but otherwise my wife is available by phone consistently. I would hope to eventually have long term dependable tenants so I don't need the company as much but I am basically looking for someone to poke holes in my plans and see if there are any flaws. Thoughts?