All Forum Posts by: Sarah Miller

@Tom Harrington

 Walsh eh? Alum here also!

Welcome!  Canton is a great place for investing if you KNOW the areas and what you can do where.  We just started this year and already have 2 duplexes under our belt, refinancing one and hopefully will be getting a third one before the end of this year.  If you are looking to partner on anything I'd be open to something.

thanks for pointing this out Jim!

The only problem with this is you can only have 1 FHA loan at a time and I don't know how they underwrite if you have multiple loans of another type.

I am looking for ways to acquire more properties without using my own money (because I don't have much!).  I had an idea of getting information on possible homes/multifamilies in pre-foreclosure status.  I can find the owner of the properties and try to track down their residential address.  I would then send them a marketing piece explaining how I would be interested in taking the property off their hands for a creative financing situation (maybe a subject-to financing agreement and refinance later somehow).  Is this a good idea? Does anyone else do this?  What are some things I am naïve about with this strategy?

I am looking for ways to acquire more properties without using my own money (because I don't have much!).  I had an idea of getting information on possible homes/multifamilies in pre-foreclosure status.  I can find the owner of the properties and try to track down their residential address.  I would then send them a marketing piece explaining how I would be interested in taking the property off their hands for a creative financing situation (maybe a subject-to financing agreement and refinance later somehow).  Is this a good idea? Does anyone else do this?  What are some things I am naïve about with this strategy?

@John McCormack

 I would find a different lender. If you plan on living in one side of the duplex, you should be able to do only 10% down.  I think your bank is pulling your leg.

So buying a large apartment building (bigger than 8 units is large to me!) is just unfathomable to me right now.  I can't see me being able to do something like this financially for at least 5 or more years just for the simple fact I do not have the funds to put down 20% on something over 100s of thousands of dollars or millions.... is there a trick? or just patience..

If I were in your position of having enough money to buy something outright, I would be buying SO much more with financing!!  Is there a reason you think buying everything outright is better than financing them and getting more?? I'm just thinking this way for simple math: 

You have $500k.  You spend it all on one 16 unit complex, after expenses you net $6500/mo

OR

You have $500k.  You buy FIVE 16 unit complexes at $500k each with 20% down.  After mortgage and expenses on all of them, you net approx $17,000/mo......

As for the risk aversion, I am just starting out and I wanted NOTHING to do with SFH. I thought they were a waste of my time and money. Although, I have a lot of real estate knowledge from growing up with a broker as a mother and a contractor as a father so... I was pretty ready to jump into the game head first with 2 duplexes right off the bat. It's been just enough for me. I'm staying busy, learning a lot, but not too crazy.

Scott, thank you.  I am saving this link.  However, I am still confused as to how I am supposed to open the garage if I do not give myself a key?!  If I do have a renter who is 60 days late with rent, and I put on an additional lock, and I want to sell everything inside to satisfy the lien, do I have to just hope the renter will come and take THEIR lock off so I can get inside?!  That seems a little absurd and asking for confrontation/non-compliance.