All Forum Posts by: Timothy Allen

Thanks for all the responses!! Roughly 20% of my valuation comes from rental income was what I was looking for. 

Quote from @Jon Puente:

Hey Tim,

I would just have a real estate agent run comps for you, or just look at real estate within 1 mile of your property that has similar attributes/factors to determine property value. 

Yes, the 75% LTV max cash out is based on the value of the property, so if your property is worth 200K, then you can take a maximum cash-out of 150K.

I am not sure what you are asking in the last question, but you would have to determine a hypothetical payment (so lets say 1500/month including taxes and insurance based on loan amount of 150K).  As long as your gross rent is 1500/month then you would be at a 1:1 ratio which is good! The higher the better for rates, and the lower the worse for rates.

My question is does the income the property produces have any effect on the value of the property for a DSCR loan? I understand how a house is comped so where Im getting confused is if rental income even plays a role if refinancing into a DSCR?

Hey everyone how do I roughly calculate my properties value before I go the bank inquiring about a DSCR cash out ReFi? I know the bank advertises 75% LTV but is it just a comp valuation? How do I factor in the cashflow income the property produces? Thanks

Quote from @Dan Hopkins:

Hi everyone, 

One big question on my mind as someone that is starting out and looking to buy his first investment property. How do I find information on the market and or read through the noise as they say? There isn't much info about the markets in New Hampshire on the forums unless I am just not seeing it. 

I would like to find the best place to start to look for good properties/deals. I am looking for a duplex if not a 4 plex. I think I think small multi would be a good start? 

Best,

Dan

 Contact Shane Moynihan on here!

Quote from @Nolan Fernandez:

Hi @Jessica Zivny, yes I will message you privately and add you to our zoom call meet up, we host them every fourth monday of the month at 5:30pm. There is a new brewery that opened up in downtown Pittsfield I was think we could meet there for the next one. Do you live in Pittsfield?

 Im interested as well

Quote from @Jessica Zivny:

Hi fellow MA investors! I bought my first multifamily in Pittsfield this year and I would love to network in the area. Does anyone know of meetups that are happening soon?

Hello Jessica! I am also a new investor and bought my first two in Pittsfield the end of last year! I know they had a virtual meeting few month back I believe but I’m also interested 

Thanks for the response! I did contact my agent and she was able to find me a 3-month and 6-month vacant policy at a premium. I just paid my 3rd-month mortgage and am now up the insurance it sure can get expensive with vacancies lol. 

Hello BP. So I closed on my first two investment properties at the end of October 2022.  One was fully occupied the other vacant.

The vacant property needed a complete turnover, deep cleaning, paint, new cabinets countertops, and other small odds and ends.  My PM ensured me it would rent right away as they had people waiting. 

Well, I got a letter from my insurance company saying if I don't fill the vacancy by Jan 10th they are canceling my insurance. They do not provide any options for vacant non-owner occupied properties. 

Being a newb I had no idea. They never mentioned a timeline when I opened the policy so to me it was pretty shocking. What advice do you have? Do I start shopping for new insurance now? Am I going to have the same issue with it being vacant? My PM keeps telling me there's been a lot of inquiry and it will rent but its a little close to the deadline for my liking. thanks

I'm in the process of closing on my first 2 duplexes in Pittsfield, Ma. An opportunity just came up on a 4 family next to one I just closed on.

Its a 4 family fully rented in a C neighborhood. I have property management set up on mine already so it would be an easy fit for them if I got this one as well.

Asking price $275k

$5150 in rents (this property is most likely section 8 FYI)

20% down plus closing costs puts this at 46% COC with a 15% cap.

I am tapped out on funds from my recent purchases.  My property manager is in the process of finding out if owner financing is available. If not I'm looking at $60k for down payment and closing costs.

I'm not sure if anyone wants to partner on this? or if someone's willing to lend to me for it?

Yes I am a brand new investor but feel that I've done a lot of leg work vetting this market and finding property management to where I feel pretty confident. Just putting it out here to the universe. Feel free to DM me or give me feedback on this post. I have thick skin so let have any feedback you have.

Thanks 

Hey BP.

What category do people post deals they found looking for partnerships or private funding? thanks