All Forum Posts by: Stephanie Pham

Did creating those accounts help duns score? Worth the hassle or nah?

@Dan Schweit

No necessarily true. I recently bought a duplex with a conventional loan and compared multiple lenders and everyone of them required minimum 15% down even though owner occupied.

@Rob Lee

I recently watched a BG live on IG i wish I remembered the lady nring interviewed so I could give her credit but she talked about working with non paying tenants during covid and brought up a hood point of looking up you local municipality for rental assistance aid. In her case. She helped her tenant get assistance and it even paid the back rent owed and paid for up to a year. It took a little bit of her time but now she was made whole and new rent would be paid for the next year. Maybe that could work for current landlord or you as future landlord.

 I appreciated the break down at the end. Very helpful.  

@Victor S. Thank you. I had recently read about this.

@Jesse Mills i might be interested in your seller financing options

@Andrew Smith whats the conventional reno loan type you are referring to?

@andrewpowers - I was going to wait for a number of other factors but hadn't really considered winter moving as one. Thanks for that insight. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Indianapolis.

Purchase price: $280,000
Cash invested: $42,000

I'm house hacking so occupying 1 side for a year. Tenant on month to month currently paying $1100 but I believe not market value and plan to raise rents to 1350

What made you interested in investing in this type of deal?

Cash flow and in an area that is currently safe but still up and coming area

How did you find this deal and how did you negotiate it?

MLS with realtor. Used bigger pocket cash flow calculator to determine if deal.

How did you finance this deal?

Conventional 15% down

How did you add value to the deal?

Just closed 2 days ago so haven't done any upgrades but appraised 5k more then purchased for.

What was the outcome?

Have more of my money in the deal then I wanted.

Lessons learned? Challenges?

Lenders initially told me I could put 5% down but after my offer was accepted they told me multifamily required minimum 15% if owner occupied.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Nova mortgage got the deal done in like 21 days.