All Forum Posts by: Thomas Hickey

Tom Pritchett Thanks for the response Tom, I hear you tough to have the net worth when you're starting out but I understand why they want to see that.

Karen Schimpf Great thanks sent you an invite

It seems as it will be easier for beginner investors to get their start with more flexible local banks?

A few things to consider -how hard is the unit to rent? Odd floorplan, bad view etc -comps -condition of unit -quality of tenant I've let a lot slide if the tenant is great or the unit is compromised in some ways. In my best units that are in great shape and wouldn't require much more than sweeping it out I'm much less cautious about people leaving.

A good way to proceed could be to keep your current job, find a local 4 plex, put down 3.5% fha and use the rest of the $100k for your improvements and renovations

Ron Vien I don't know the area just know that often times section 8 can be good in low income areas. Only problem is if town/ state is too poor to issue many subsidies.

Karen Schimpf Thanks for the info, do you have the name of any of those products that don't require the high net worth?

Does the local area have a strong section 8 program? That could be an angle

Michael Le Good point. My current plan is to acquire several more 4s with low percent down owner occupied financing and house hack. The alternative of skipping that and jumping right into a big deal is intriguing but seems more like jumping off a cliff than taking the stairs. I'm trying to learn as much as I can.

@chris 

@Chris Martin

Thanks for your response. Sorry if my post was confusing, I plan on having 5 quads before attempting to buy a bigger multifamily. 

Other than the obvious partner route are there any other good steps that I can be taking to prepare myself for this over the next 5 years?

Tom