All Forum Posts by: Tony Mai

Way to go hitting your goal. Always happy to hear people making it!

Typical is 25% down

No don’t change rents. As long as the maintenance was taken care of within a reasonable time frame and complied with landlord laws then you should never lower the rent or take partial payments.

Niyi A. Keep doing your due diligence. With everyone’s input your numbers looks much more realistic. It is not easy to get $100/door now a days. So if the area turns in 1-2 years you may get that. Update us after you close and get the repairs and turned the tenets.

Benjie Devera send me a private PM I may know someone...

How are you financing this purchase? If you are buying more than 4 units it’s commercial and usually it’s more than 15% down and the length is less than 30years. Also the cash flow is low, for the purchase price with section 8 tenets, unless there’s a value add strategy. The taxes seem really low, is the taxes for all 3 together or just only 1 building? after your purchase the taxes may go up.

I wish I could do this when I first started. You will need to decide on your career and what’s the best location for that career. Then factor in your social life if you wanted one. Then start a list of cities. If your investing for cash flow stick to the Midwest and south east and if you want to get some appreciation move closer to the coast.

Lemont Williams hey lemont let me know what you have available thanks!

You can’t stop the loan now but after the loan closes, technically you own the property with a mortgage. It is cheaper to have the loan in a long term residential loan and leave in your name with an umbrella policy. But if you want to use a LLC you will need to get a commercial loan and it will cost you more and additional legal fees.

Arron Robertson you could show the seller proof of funds and then request the leases documents again. It will at least put your mind at ease that you did what you could to show the seller your are serious.