All Forum Posts by: Steve Bracero

@Jessica M. Welcome! 

The estoppel agreement is correct, If there are no current leases I would think you can create a new lease where you can raise the rents to a fair market price. It looks like you are inheriting a property with a bad owner if they had the tenants with no lease.... 

Hi @Tripp Drummond

The Rent per side seem very high but if that is your market this would be an amazing deal! I am almost thinking the 1650 would be what 2 sides would rent for. With the 1% rule 180,000 the monthly rent should bring in about 1800. Make sure to do the numbers with you living in the property as well as when you move out. 

I am also looking to house hack with an FHA loan- live in the residence for one year and move to a second multi family.

Did you use the BP Calc's? I found them very helpful. Welcome, I don't believe there is an age to young to begin, but a house hack on a first residence is a very good start- 

@Matthew Porcaro I did not know you can write it off, this was a very helpful post! 

Welcome @Daniel Araujo

I think it is a great idea you are purchasing a multifamily- I would recommend just focusing on them and understanding the market you look to invest in.  There is a book I got from BP- the book on rental property investing, which is a great read. 

The podcasts are great as well, I listen to them when I am driving. 

Hi @Account Closed

First I would analyze the deal with the BP calc or you can use your own spreadsheet. 

I always look for 100+ a door for it to be worth it. Also a 12% COC return.

Most deals on the MLS are not worth it... It takes time and you are looking for a GREAT deal-

Once you are pre qualified, you can then work on making offers on houses you wish to purchase. 

Hi @Kyle Scofield

This is great you are starting this early! I am also looking to house hack my first deal, either a tri plex or duplex. The numbers look good and I am impressed with your monthly cash flow as well as your ROI.

Hi @Eli Rose

Typically I would look for 100 per unit- This is a general number and it depends on your market

Hi @Chris Trupiano

Yes, you must live in the property for one year. I believe you can only have one at a time, your second property may be creative financing or 20% down- 

welcome! 

This looks like a great start to purchase your multi family. Personally I use the BP rental prop calc and you get 5 free uses as a free member. 

I would run the analysis twice, once when you live in one unit, and again when you plan on leaving the unit and a 3 units are rented. 

This will help you determine the cash flow for both. Also include a property manager in both calculators since you may not be managing your properties for ever. 

Hope this was helpful!

if a property is on the market that long it could be a bad deal. Or it could be in a bad area. You would not know until you see the property or run the numbers. I still look at properties that have been on the market for 180+ days and give them a look-