All Forum Posts by: Steven Gillmer

For SFRs, I absolutely expect the tenant to take care of the lawn. For my duplex, I pay $37.26 per mow through my property manager, which happens about every two weeks. Mine is definitely on the high side.

Kevin Smith, howdy Nolensville neighbor! How many policies will Zander allow before they cap you?

Welcome Nicole! I wish I had done what you are doing way back when I bought my first house. Sounds like you have a great plan and I would encourage you to keep saving for that DP. If it were me, I might try buying a tri or quad, move into one unit, rent out the rest and then rent the entire current primary home. That way, you can get in with more favorable terms since it will now be your primary residence.

Good luck and I look forward to seeing more of your success stories on BP in the future

Welcome Zachary. I don't live in Cleveland but I have purchased my first property there with plans for more. Let me know how your search goes because I too am interested in small apartments and would love to hear what you learn.

I would run far away. Without knowing actual numbers, I estimated vacancy, maintenance & capex at about $450 total per month, added 10% property management along with all your other numbers and just to break even I am coming up with a purchase price of around $250k. There are better deals out there.

Dennis, I have been investing in Memphis for about 3 years. Investing in the Nashville area is a bit out of my current scope.

Welcome to BP Dennis! You are going to find not only a wealth of information, but lots of contacts who can help you grow your business. I recommend reading blogs and listening to the podcast as frequently was you can.

What I got from it is with MF unit growth outpacing job growth, that would negatively impact rents, thereby the opposite should be true if job growth is stronger. That would make me want to purchase a small apartment in those markets with confidence that my rents should have a higher probably of going up and being filled.

Congrats on the project. Who says deals can't be found in high priced areas? I hope to get my first BRRRR under my belt this year. Two questions; how long did you have to wait to refi and did you use a local or national lender?

20% down on a conventional loan for an SFR is the standard. Just about every bank will do that deal as long as the amount of the mortgage is over $50k and your credit and debt to income ratios work out. If you go 2 - 4 units, you will most likely need 25% down. You could always buy one cash that needs renovations and then complete a cash out refi at the new value after 6 months and get most, if not all, of your cash back (BRRRR).