All Forum Posts by: Vince Futia

Hello Everyone;

I have just put under contract my first 2 family rental. I will be paying cash for it from self directed IRA.

My question is what are some viable, creative options to build the portfolio of rental properties. I would like to have 28 - 36 units in 5 years.

So from this first one, what might be some idea's  that the experienced investors have used to build quickly, find private money? Find no money down deals? I'm not sure how many lenders will allow a investor to refinance the first one, pull the $$ out, with those funds, purchase the second one, refinance that, purchase the third one, refinance that, and so on and so on. Any idea's, tidbits, tricks of the trade would be AWESOME!

Thanks

Vince

Hello to all;

I'm a newbie to BP. I'm expanding my portfolio to holdings of real-estate. I have had several years of experience in student housing (the paying side). Would like to hear from those who deal in this niche and learn a few tricks of the trade to be better successful. Tibit: my son will be one of the renters with 6 other ROTC cadets. So I'm trying to create an all inclusive price..good idea? I'm located in the NE

Any info you can pass along would help me become more successful, I appreciate it.

Thanks so much

Vince

Hello;

I'm a newbie in owning property, but have been investing in other phases or RE for several years. I'm interested in student housing. I understand all of it with students, damage, parties etc, etc. The last few months I have worked hard learning all I could. I also have experience paying inflated rents for my kids while they lived off campus and seeing the little to no money placed back into the upkeep of the buildings.

But learning to analyze has been a exciting at times and nauseating at other times. I need to get it right each time. So I'm looking for help from anyone that would be so kind to provide their opinion.

I'm looking at a 2 family (8 beds / 2 baths)

My son will be one of students

Can get $450 / bd (all included) heat, HW, cable, internet

7 Students x $450 = $3150 monthly; $37,800.00 yrly

Listing price $199,000.00, asking price currently is $159,000.00

Assessed @ $107,000.00 (weird it this low)

Full market value @ $103,000.00

Taxes per year @ $4000.00

I'm looking at Insurance (Idea's) should it be insured for the purchase price or replacement cost(?) What's the norm?

Insurance will be anywhere from $1000 (purchase price) - $2000 (replacement cost) annually

Not sure, if numbers are right

I have the option to borrow cash from private investor - good? @ 4%

Should I go through a mortgage company / bank.

I want to build  my portfolio steadily, so not sure which way to purchase. I just don't want to purchase properties 1 every 3 years, 1 every 5 years scenario.

Is there any quick formulas out there to determine good deal or not?

I'm located in the NE

Thanks again

Vince