All Forum Posts by: Robert Andrade

got it  thanks @Brent Coombs

@Brent Coombs All those team members are just eating away at my wallet though right?

building to 300 units seems fantastic if you have the youth, stamina and stomach for that level of responsibility. 

Personally I would be good with an additional 50K-100K annually from RE but if that means 50-100+ units to accomplish that.. I don't know if its worth dealing with the repairs and the late rents and the vacancies and the bone-headed tenants and the liabilities on a daily basis.

I guess I was hoping someone would point out some revenue stream that I was missing, some short cut to that 50K.

Ultimately I may be happy with a couple multis that will pay the mortgage on my dream SFH and call it a day.

So @Matt Holmer you're referring to equity being built? I see that point to but focussing on actual cash in my hand to pay bills or travel or whatever, it seems a tedious and stressful way to make $$

I guess that's why investors sometimes lace the portfolio with flips

and, as @Chenna Jags pointed out, You can't move out after a year unless you first convert to a standard loan. Which I guess I'd have to do if I planned to FHA loan my next property anyway.

Yes @Greg Enersen We've spoken about this. I have no problem with the local FHA guidelines. In fact, I just received my pre-approval letter yesterday.

My concern was more about the Mass Housing finance program. It seems like a great program except I don't quite meet the credit score requirement.

So if I have a 3 unit cash flowing $100 per door, I am making $3600 annually on that building. I would need 10 of these buildings (30) units to make $36,000.

I assume there are various tax incentives and such that may add to the benefit but all in all.. that seems like a lot of work to make a minuscule profit. 

What am I missing? There has to be more to it or so many people wouldn't be doing this.

Yes @Dan Mackin about bidding.. I don't want to bid too much obviously and screw myself out of money. When a bank forecloses do they generally let the property go at a discount to get it off their books or are they trying to recoup what they lost from the previous lendees? Will they try to get market value??? Long/Short.. What's the best way to get the sale at the best price from a bank?

Does anyone have an opinion on this?

I understand @Justin Repp MH appraisal guidelines are more lax. Unfortunately the credit ratings guidelines aren't. I've been told 680 min for a multi. FHA is 620 I believe.