All Forum Posts by: Tab Teehee

@Tab Teehee

🤐🤔😴

Does anyone have experience with any of the FHA multifamily loan programs? If so what are some of the pros and cons? I never read anything about them on the BP forums.

@Jonathan Watt

Well...unbeknown to anyone at the time, the property was in foreclosure and had an assumable VA mortgage, which was the route we took

@Jonathan Watt

Funny story...years ago I was probably one of those "other 6 people". My wife and I had just purchased a new home for ourselves before learning that the area it was in was experiencing a bit of a decline. I began to browse real estate listings and found the perfect house in an area we loved!!! I called the listing agent to arrange a showing. The agent, who was a seasoned agent, began to "qualify" us, and after learning that we had just purchased a home a few months prior, basically said thanks but no thanks...didn't think we could qualify for another loan. Well we ended up calling another agent (a new agent) who showed us the property and we ended up buying it! Sad thing was, the seasoned listing agent had to do twice the work to keep the transaction together to make up for the lack of experience the new agent had.

@Tyler Labelle

Tyler I was asking the same questions as you about 2 years ago and went ahead and installed mini splits in every room of a 20 unit complex. These are heat pump units that create amazing heat in sub zero weather conditions.

My reasoning for going with a ductless system was partially due to the existing ductwork in the lower level units was completely rusted out and every hvac system was original from 1972!

Check with your electric company and see if they offer rebates for installing these energy efficient systems. I received a rebate of $800 for each unit and additional rebates for sealing up the old ductwork and increasing the attic insulation.

After researching all of the different brands of systems and reading reviews, I ended up going with a bit of an off brand manufacturer...Pioneer. So far, with these systems going through a winter, a summer and now winter again, I couldn't be happier with their performance. We installed indoor units in each bedroom and one in the living room, so residents can control temps separately in those rooms via remote control. The service from Pioneer has been outstanding and I have no regrets, thus far. If you'd like more info, feel free to PM me.

@Adriel Hsu

Near Lamar university

Looking at some investment property in the Beaumont Texas area... don't know much about the area except there are good jobs and a university there.

@Michael Reilman

I installed the Aquasource Henshaw from Lowes in all 20 units I recently rehabbed and they've been great so far, and as an added bonus they're ADA height which is awesome for bad knees!

So the $250 per property per month is collected for how long? Assuming you don't have regular large unexpected expenses, it seems that a fairly large balance would accumulate.

@Tj Hines

Totally agreed! This is a first time evolution for me so still a lot to learn! I have no investors in this deal, if I did then I'm sure things would have been more cut and dried.