All Forum Posts by: Quincy P.

Thank you all for the replies. After reviewing the numbers with my friend Zak on this deal we both realized it was not a good deal. Thank you to those I did reach out to for help. I appreciate the help.

@Eli Sunderland - Congratulations! I too would love to hear the 10 unit story. That is my current dream at the moment. You give me inspiration. Good job!

Michael Tempel Stephen Murdock please both reach out. I’m in St. Paul area and would love to meet up with some BP members.

Thank you everyone for your response. I shouldn’t have said turned down. He actually can’t find anyone willing to provide a loan for commercial. All the lenders he has contacted do not work with commercial. Any suggestions for lenders for a 6-plex?

Hi BiggerPockets, I have a friend that is looking for financing on a 6-plex in Minneapolis, MN. Purchase pride is $450K and he can put down 25%. Being that it is considered commercial he is getting turned down left and right for financing. Any input would be greatly appreciated. Thanks, Quincy

I’ll admit I didn’t read all the responses on this topic, but from experience if you get new and not top of the line it will save you many headaches down the road. If the tenants damage them there goes there deposit. Sell the damaged appliances and buy again. Just my 2 cents.

Front load washer requires some cleaning. If tenants are tentative to do the cleaning then go front load. Otherwise save yourself the hassle and go top load.

John Warren has a good point. Figure out what avenue you want to go down. Multi family or just buy another SFH. Also check your association to see if you can rent your townhome. Some associations don’t allow it. And if they do allow it make sure it’s not based on the fact that the property needs to be underwater. If you can refi then your property is not underwater so just double check you can rent it out. Townhomes are really hassle free so you would have less overhead renting it out. Plus the income from renting out plus the cash you could pull out coupled with a live in rental(duplex/4-plex) is a recipe for increased purchase power in 2 yrs. if you go the SFH route having the rental would still be a nice caveat. I have a townhome rental and hardly hear from them outside of 1st of the month. Assuming your association is solid and the townhome is in good condition. Hope this helps, good luck, and action happen!

Definitely shop around. I was told more than once that once your credit is pulled you have 30-45 days for credit inquiries without additional hits to your credit score. I used this approach on my last purchase and haven’t noticed a sharp drop yet. BP community speak up if you have experienced otherwise.

Harrison Alley as a person that is in CC debt and have student loans you are in better shape than I was when I started. As people have pointed out make sure your getting the best interest rate on that student loan debt first. The next thing is how much cash you have to put on a property? If you are a first time home purchaser you can possibly take advantage of the 5% down or less(don’t quote me on that) FHA loan. If that is the case go big! I mean a 4 plex if you have the cash on hand for it. I have done this and it works. Not a first time buyer, but moved out of my primary and living in my 4-plex that I put only 6% down on. Without this move I would’ve not been able to afford the building. Now I have no increased my purchase power instantly without a job change or pay increase and set to recoup my down payment back in 18 months. There may be some private loans or some no money down moves that you can do, but I never understood them so they just saved cash and tapped my 401K. Checking the options I had for my retirement funds saved me and made this possible along with @brandon turner by a property in 3 months challenge. Hope this helps, good luck, and take action!