All Forum Posts by: Tom Kaz

@Chin Bhatt

Where do you plan on searching for these properties, MLS or off market?

The MLS is super competitive and the good deals become contingent the day they are listed. I recently went thru this on my last 4plex deal.

@Eric Wang I do all the renovations myself to a certain degree. Value add is a must in today’s market and most contractors these days are outrageous. I’ve ran into a lot of headaches on numerous rehabs but it was all a great experience in the end. Try it out and see where it takes you, if you feel like you are struggling find a handyman in your area.

@Greg Dickerson agreed.

If you have an exit strategy for the short term play, by all means utilize the HELOC. The interest is tax deductible and your putting that equity to work.

@Greg Dickerson I used a HELOC from my primary to purchase my most recently acquired 4plex. Completely rehabbed 3/4 units and plan on doing a cash out refi once I've seasoned it for 6 months. Rents have been set to the market rate (they were extremely low)

Bought the building for 320k, appraisal when I purchased it came back at 350k.

2 identical comps across the street sold for 399k and 425k.

I'm hoping with the rehab and increased rents I can get the new appraisal back at about 375-380k. Assuming I can get LTV of 75-80%. My HELOC will be paid off and ready to deploy...

Definitely not a long term tool but I don’t have any other choice to aquire more doors...

@Jessica Krueger have enough rentals to cashflow and be financially independent, currently have 2 4plexes that we’re acquired in a 1 year time span.

Goal to is get a couple more multi family buildings and see where I stand, I REALLY want to purchase a vacation home in northern Wisconsin that would be rented 90% of the time so I could enjoy it a few times a year, would love to connect with anyone who does this!

Hopefully one day I can do this full time with my wife, and on the weekend head up to the lakehouse :)

@Antwoinne Campbell you could also get creative and utilize a HELOC if you have the means too.

Remember you make money at the purchase price, it could be a good tool for short term money if you cash out refi the equity and pay it off to do in order to do it all over again.

@Mark Forest cozy has been awesome to work with, check it out!

@Stephanie Sicard I use COZY for rent collection and the app STESSA to record any expenses and what not. It’s linked to my bank account so everything is all in one place!

@Sharlene Burch started at 28, I bought my first 4-plex and just closed on my second 4 plex earlier this month! The goal is to acquire 1 4-6 unit buildings a year for the next 10 years...

I do want to purchase a lakehouse in the next 3-5 years and use it a handful of times a year (rent it when I’m not there). Later on in life my wife and I can retire there...

Best best time to start is now!

@Pope Lake

As stated before, don’t wait for an opportunity. Do your homework, have financing ready and jump on a deal when it presents itself.

I just closed on a 4-unit building Wednesday, was an amazing deal and cashflows right off the bat. Sellers had the building listed at 314k, I offered 320k in a multi offer situation and won it.

Comps across the street recently sold for 425k and 399k, identical units. The deals are there you just need to be patient.