All Forum Posts by: Samuel Carmichael

How can you hook up w/ a wholesaler for buy and hold multi-families. Looking for Quincy MA, Brockton, Canton metro areas. Possibly Rhode Island as well. Anyone have a good experience working with a reputable wholesaler and keeping the property for more than 5-10 years?

Hi BP Team, If I buy a 4plex and am using the rental income to pay down the mortgage. Do you pay tax on that income before you can use it? Or can you put the full rent amounts you collect straight onto the mortgage. Sam

Alex Tillman where do you find people selling portfolios of SF rentals? Also can you use traditional financing? Or are they all hard money deals

Hi BP Team, I am commuting to Boston from Downtown providence PVD federal hill area and it is very simple and fast. I am curious what any other RI, CT, MA, South Boston investors think about buying a few condos within walking distance to the commuting line in Providence. Providence fed hill Westminster street and that area is really close to downtown. There is a lot for sale...& the area isn't super great right now so I think it may go up in value. These would be buy and holds. I know you go for cash flow $200 a door on buy : holds but here is my ???. Where can I also get an analysis of where property values may be headed or just the real estate economic outlook for certain states counties or zip codes?

Would y'all consider buying say a 140,000 condo, holding it for a year to season it. Then refi to put down on a new place? And stop me of I am totally totally wrong here. But could I do a 4-5% downpayment FHA loan on the 140,000 condo....then cash out refi for 80% of property value? or is it 80% of equity?

If it is 80% of Property value now couldn't I use that as a 80,000 downpayment on another complex? for a higher value like 700-800K? Or would a bank sniff me out - and be like....no way jose. 

Also, if you house hack a 4 plex with three tenants and it was for 800,000.

How much hard cash would you want to have on deck in order to be prepared for any vacancies or repairs?

Seems like to house back a 4 pled at least in the greater Boston area would cost over 800K. Anyone know the FHA loan limit in Mass? Or how one would circumvent this?

that's a good backup question. I second that. 

Is there a limit (besides credit score based) to the amount of an FHA loan?

I assume some 4plexes cost upwards of 800,000.

Also, I understand that current income from tenants can be counted as qualifiers for the loan....I guess a question I have is....

What happens when the money runs out. If my plan is to get at least 20 doors I would assume I would need more loans. After that is it only cash or private money lenders? Or by then do most investors have enough equity to refinance and use that money to continue. 

Cheers & thanks 

Samcro.

Charles Marshall Yep that is the plan. Then after year one you can refinance and out the money into another deal is that right?