All Forum Posts by: Account Closed

The duplex in the area that rent ready is around $180k lower shape to $210k better shape. 

the duplex I look at is price at $179k, (just reduce their price) and will need around $30k to make it beautiful or ARV at $210k.

the rent of both unit will be around $2400 but now with the apartment that they building, is gonna have more competition. the apartments is high end apartment building with heated garage, Pool, gym, sky way between building and play ground so it has quite a bit of amenity. 

the 3 bed room duplex is similar side with 3 bed room of apartment but duplex doesn't have garage. 

so give me your opinion. or what price should i offer

hello BP. 

I am looking at a duplex in my town and was interested in making offer but I just found out that right behind the duplex, they are building 235 unit apartment that is 4 story. 

That basically block all the view and maybe not privacy for tenant. Also I am concern about the competition from the apartment. 

Would you buy it ? what piece of information I need to better help with decision. 

@Franklin Anderson 

 with just that Triplex, your rent ratio is 1.39% which is not bad at all. It would be much better if you could shop for different Financing for something like 4% amortize over 30 years to increase your cash flow. 

@Doug McLeod 

 Thanks, I am looking and learning more about the SEC rule, I think I will get some private lender this year to fund the purchase and pay them like you said. The bank CD interest is only .034 or something, less than 1% so I believe there will be a lot of lender out there waiting for US investor to pay them more for their money.

@Jonathan Key Sure I will let you know if I found some creative way to fund the transaction. 

thanks @Jonathan Key . I cash out at 70% LTV so I am still safe without PMI and still cashflow .

The new purchase that I am gonna do will have to be creative so I can make the best out of the refinancing. 

Hi @Doug McLeod 

 Thanks for the Reply. I actually have the same though that you have on Option 1 and Option 3.  The only problem with Option 1 is that it is really tough to find a deal at great discount, then I have to find the right team ( rehab Team) , Right contractor and get it under the right time frame so I don't have to pay much in fee.  It is one option that I still thinking to do. 

I did have the though on go Fix and Flip and get some capital.  but I heard someone said " If you good at buy and Hold , stay with Buy and Hold  and avoid to do other way that not in your original plan "  any though on that. 

I haven't thought about your option 2 because I never done one and don't know how to start on LLC with someone. I will have to learn more about that.

What about Private money ? do you have any experience with that ?

Hello BP.

I am in the process of Cash Out Refinance my duplex and Pull out around $60k. 

I am trying to use that money to  invest more into multi-Family and would like to use it to it best. do you have any recommendation or advise to the use of the money or type of loan that I should use so I can buy more investment properties.  I don't want to use 20% down payment like I did on my other Duplex because it drain my capital down. Also If I put 20% down, I would only be able to buy one Duplex but I like to buy more than two this year. 

Let me know what you think or what would you do with that Money. 

I appreciated everyone for the input. and I  agree with @Bill Wallace and @Jay C. 

 on that approach. 

@Bill S. your process does make sense but it sill look like you accepting application on more than 1 person at a time though. For example: You are screening your 1st applicant and waiting for landlord or employer to response. Now you going to screen your second applicant. The next day, you get all results come back at the same time. Which one will you pick ? and how would you explain and deny the other ? what if the one didn't get pick by you get angry and choose to sue you. How would you protect yourself or explain your situation to your lawyer or Judge ?  

Thanks @sawyer Lubke .

I will try method number 2. I always take 1 application at a time but seeing other people have so many applicant to pick and choose the best one for their unit make me rethink my method.