All Forum Posts by: Steven Shotts

So I have been going through the rigmarole of getting financing from a major bank and I've found a property that I'm interested in, but when I started this I could put down 20% and now I'm being told that it's 30% down for a 4 plex.  Every stat they have pulled on me is amazing. Credit history, criminal history, work history, all of it and yet I still feel like there is a barrier to joining the investors. Is there anything else I can do?  Try another bank? Go local?  Mortgage broker?  I don't want to do hard money, but beggars can't be choosers. 

Don't skimp on the wine chiller. Good ones are around 1200. Uline makes a trouble free one. This not personal experience,but sales experience. We deal in appliances a lot at work and this is the most popular.

So... I went and checked out the duplex.  It's actually in a neighbor hood comprised of other duplexes.  Right off the bat a realtor tells me that homes normally sold by this group are in less than stellar shape.  Lesson of the day: listen to your realtor.  I'm a trust but verify guy so I go anyway.  Undesirable neighbor, needs new garage door and front doors already.  I check one unit and it needs new carpet and linoleum. Then I notice that the sliding door on the porch is open and I swear I  hear noises upstairs.  it's just me and my bat light and I already feel uncomfortable.  I got out and called my realtor. "You were right." That's all I need to tell her. This is too far gone for a newb like me.  

I have found an opportunity but I need a good inspector in my area.  It's odd.  It's a duplex next to a community college and all the other houses next to it are 100,000+, but this place is only $50,000. It's a 6br 4ba duplex.  It does say it needs some tlc. built in '78.  Pics look fine, but inside is dated.  I'll check it myself before going under contract. One renter could cover the mortgage.

thanks everyone. I'm used to using a property manager for my investments.  The one situation I had was a condo in GA.  Very good experience for me.  That was what I hoped to try so that I could have a middle man that handled tenants and collections and maintenance.  I'm not afraid to pick up a paintbrush or fix a toilet, but I was in AL and it was worth the 10%  I paid.

I'm just starting in the real estate business, but I'm drawn to plexes and most of the ones I find that I can realistically buy are in dilapidated areas. I'm mostly looking in Birmingham, Alabama. My question is: to get started should I take a chance on cheaper multifamily in order to gain experience. I'm 29 with a full time job, wife 2 kids and about $10,000 to use for bank financing.