All Forum Posts by: Sarah Meres

Great response from Evan, above. It's so important to look at the likelihood of long term growth (or at least stability) of the location. If building rents are low for the area, the area is improving, and you're cashflowing a bit from the beginning - good deal! But there are so many unknown variables here. Looks like you might be onto a good one!

As a residential mortgage lender, here's my gut take on your two 4-unit properties: we will generally lend per parcel, so two mortgages and 25% down. If you want to privately message me the addresses, I can do some digging into the county for you. 

Good luck!

@Joseph Stern is a great resource for the Miami market. He also works in the Tampa area. Just saw your post and thought you two might be a great connection as investors. 

 Hi @Michael Houston ! multifamily and single family both have potential value. It's more about the home itself!  Dan makes a great point - you want to be clear of any areas that are working on limiting the ability to rent OR cap your rental potential. I have 6 doors in the TC area and they're all currently outside Mpls/St. Paul. I have found personally some city rules for renting are simple in the suburbs and some people are specifically seeking these areas for one reason or another. I have had no issues finding renters for our units and have have minimal turnover. I will PM you my cell number and we can connect to brainstorm for your case. 

 Thanks for tagging me, @Bryon Andrews!    @Casey Martin - lots of great advice came through today. I love what you're doing for your mom and I feel what you're looking to accomplish is quite doable! I would be happy to chat on the phone about how to work out the loan details. Tim is a great lender in the area as well! I'll PM you my number if you just want to do some brainstorming :) 

SO much great info from the folks above. Some duplex FHA loans will allow 3.5% down, AND a lot of that can be covered by FL down payment assistance. Many of my clients are shocked by how little cash it takes to get in on their first multifamily investment! I can help with the financing (even just an initial conversation to get your footing) and @Joseph Stern is a top agent in the area for multifamily/investing. I'll PM you so we can connect!! 

Hi Meghan! I will PM you so you have my direct line. The best thing to get started is building your team - a lender and a RE agent who know the Duluth market! I can help with the financing portion, but I would love to help connect you with an outstanding relator in the area. My investments are all in the Twin Cities suburbs, but I have helped people with financing as far north as International Falls :) 

@Jeff Schemmel who do you know in the Duluth area? Let's get Meghan set up with the best of the best!

Lender here - I would agree with the above! Sounds like it might be a small community lender. Personally, I would look into another residential lender and compare options with a DSCR loan.

Hi Cody, getting licensed will have some benefits, but there are costs and time commitments to becoming an agent. If your main goal is simply access to listings, linking up with a good realtor is your best bet. A good agent will be able to help you with access to everything on the market, and sometimes off-market deals as well. Generally, there should be no cost for their service as they are paid a commission on your purchase from the seller's side. 

If you're looking to buy a multifamily and occupy one unit, you'll need about 5% of the purchase price saved for a down payment. My suggestion would be to target saving a bit for your purchase and then finding an agent who works in the multifamily arena. 

If you have any financing questions, I can help you get preapproved for your purchase when you're ready. 

@Jeff Schemmel do you have any agents in Cody's area who know multifamily? Would love to see him get linked up with someone in that market.

Hi Christopher! I have a good agent connection for you in the area. He works with a ton of STR clients in the area. I can help with any financing questions. I will PM you now!

Hi Shawntay, Lots of good info from posters above.  PM'ing you now!