All Forum Posts by: Steve Bracero

hi @jacob grant 

Welcome to bp! We have very similar goals. It is great you are comitted to the process which is key to success. I am also looking to house hack a small multifamily but the end of the year. 

Are you pre qualified? This will help you determine what property you are looking for and also you don't want to waste time viewing and analyzing properties you can't afford at this time. 

I would reccomend picking your target area and learning the good streets from the bad and if you can talk to neighbors in the area. They will give you excellent information if you decide to purchase the house near them. 

I would also come up with the amount of cash flow per door and coc roi. Stick to these and only do a deal if it fits your own numbers. The deal is not emotion based and strictly numbers. 

Also don't be afraid to offer too low.. remember the deal has to work for you and don't change your numbers just to get a property 

Feel free to connect and we can chat! 

hi @lancecarver 

I am also looking to invest in small multi famlies. Here are some questions you may want to consider: 

What area are you looking at- be specific and learn the market 

How will you finance the deal? FHA, conventional.. etc become pre qualified and you will know the target price you are looking for.

Do you want to invest by a certain date? Setting a goal and writing it down when you wake up and before you go to sleep will make the goal stick and hold you accountable. 

House hack- is to live in one unit and rent out the others. I will also be house hacking in the near future and believe it is an excellent way to learn about landlording. 

How will you find your leads? Most users start with the mls then move on to direct mail, bandit signs, websites, etc.. endless options here 

Learn how to properly analyze deals, leave room for pm. The BP calc are great and would definitely reccomend 

Hope this isn't too long but last but not least educate yourself with blogs, podcast, webinar, forums. Become an expert in the field and connect with like minded individuals. With similar goals you will be able to reach out learn from each other. 

Hi @Erik Peddle

We have similar goals.. I am looking to house hack and build a portfolio with small multi families, buy and hold. Off market may be the way to go and look for motivated sellers or absentee owners. I may look into List Source to select my criteria..   

This is great, I am impressed with the number of like minded investors in the area! I will be reaching out and connecting very soon! 

Hi @Mona Kelly thank you for reaching out! It is great you are becoming an agent and looked into becoming one sometime in the future.. I will definitely check out Keller William as well

@Michael Healy  Thanks for reaching out, I will reach out 

Hello BP!

I am looking for a real estate agent who has experience working with investors. I have had trouble finding a realtor who understands the investing standpoint since it is much different than  a homebuyer purchasing a home based on emotions and not the numbers. I am looking to purchase a multi family unit as a first time investment in the Worcester County Area (Massachusetts). Boston and surrounding agents may be able to help out as well.  The first purchase will be my primary residence as well (house hack). I am looking for properties in the 175-250k range with the buy and hold strategy. I want to begin to add to my portfolio by focusing on small multi families.

Feel Free to reach out with your contact information and I look forward to speaking with you,

Thanks,

Hi @Joe Rinella

I also plan on investing in the central ma area specifically Worcester county. There are really good areas of the city and some worse off areas. The key to understanding a market is to learn the neighborhoods, and also to identify your target renters..

Feel free to connect as we are both in Massachusetts 

Hi @Tom MacDonald

Welcome to BP! 

I would begin studying the market you are interested in.. Listen to the podcasts as well as the ask podcasts (these are very direct and answer specific questions). I am not from your area, but I am looking to also house hack into a duplex or a small multifamily. The process is similar. To begin, I would begin by analyzing deals daily and after time you will begin to eyeball what is a good deal. 

Since you also have "feet on the ground" have friends and family begin looking at deals or if they know good areas of Houston. 

Feel free to reach out! 

Hi @Matthew Ryan

Welcome! This site has tons of good information and I believe the best way to get started is to become educated, and take action daily towards your goals. This means analyze deals daily so you can know the market and once your ready, put offers in! 

Welcome @Mike Abramowitz

Also investing in Massachusetts, specifically central ma. Feel free to reach out if you would like to connect. I am looking to house hack a multi family property in the very  near future.  

Hi @Adam Waddell

These are what I typically use, I also use the BP calc.. 

Annual Prop Taxes- 2000-4200 (look these up) 

ARV- Varies (if move in ready)

Closing Cost 3000-4000

Repair Cost- 5000-1500 (depends on condition)

Things to consider?

Roof- installed when?

Built?

Vacancy in neighborhood?

Electrical, Plumbing, Heating, condition

Expenses

Insurance- 90 (call for a quote)

Landscape 30 (if needs to be done)

Property Taxes- 150-225

Vacancies- 8.3% (lower depends on area)

Repairs- 9% or more

Cap Ex 10% or more

Pm- 10% (when mange)

Garbage- 50 (if needed)

Water/sewer - 90-100 (if needed)

Future Return

Income increases- 1-2%

Property increases- 1-2 %

Expense Increase 1-2%

Return Goal: 12% COC Return