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All Forum Posts by: Troy H.

Troy H. has started 9 posts and replied 129 times.

@Chris Mason so they are only interested in getting you to show them why they shouldn't fund your deal?

@Jacob Chaney thanks for clearing that up. Please do keep us updated on your progress. Good luck.

Post: Are there any areas with lots of small Multi family?

Troy H.Posted
  • Greensboro, NC
  • Posts 129
  • Votes 30

@Kevin Wiley I'd say start developing relationships with local realtors. Contact them and give them your criteria. Once they are aware of what you are looking for they can send you potential properties to your email regularly.

@Jacob Chaney Just a question. So with your contracts with the universities, are they guaranteeing you a set number of student tenants each semester with a set rate? Just trying to understand the process. Thanks.

Post: DTI and House Hacking a 4 Plex

Troy H.Posted
  • Greensboro, NC
  • Posts 129
  • Votes 30

@Brian 

@Brian G.undefined

Your particular situation is a little advanced for me (newbie), but I am glad you asked the question. I am interested in the feedback you receive.

So if i understand correctly, you are able to apply 75% of your gross rental income to your DTI? I keep hearing about being considered an "experienced landlord" in the eyes of the lender. I suppose this is where the 75% comes into play.

Post: Structuring buy and hold partnerships

Troy H.Posted
  • Greensboro, NC
  • Posts 129
  • Votes 30

Thanks Antoine. How long do you typically take out the loan? Also, what interest rate do you give them?

Post: Structuring buy and hold partnerships

Troy H.Posted
  • Greensboro, NC
  • Posts 129
  • Votes 30

I am new to REI and I am trying to learn more about structuring mutually beneficial partnerships. I am interested in small multi-family properties and I would like to know what a potential investor/partner would look for. I hear a ton about fix and flip partnership where the passive investor expects a rapid return on his/her money, but what about those of us who are looking to help those people who have large sums of money sitting in the bank earning negligible interest? How do we construct win win deal for the partner?

What do experienced investors like to see from a not so experienced investor when evaluating a potential partnership?

Post: How to structure buy and hold partnerships.

Troy H.Posted
  • Greensboro, NC
  • Posts 129
  • Votes 30

I am new to REI and I am trying to learn more about structuring mutually beneficial partnerships. I am interested in small multi-family properties and I would like to know what a potential investor/partner would look for. I hear a ton about fix and flip partnership where the passive investor expects a rapid return on his/her money, but what about those of us who are looking to help those people who have large sums of money sitting in the bank earning negligible interest? How do we construct win win deal for the partner?

What do experienced investors like to see from a not so experienced investor when evaluating a potential partnership?

Originally posted by @Bill S.:

@Jay Lalik I'm not in your market so I don't know how it falls out as far a purchase price to value. One question I have that you have not discussed is why one unit rents for $1,300 but the others don't even fetch $1,000. Perhaps there is room to bump the rents up if they are well below market. The other thought is that the $1,300 is too high in which case it's going the wrong way. At any rate, I don't like the location. Basically your neighbors set the market rent. When people come see your property for rent they will drive by all the other units offered for rent and will call and find the best deal. I like a unique product and a bunch of multis in a herd is not favorable IMO. Also, one bad owner can drive down the value of all the other adjacent units. I would say that $209 for a 2 bed unit is not too far out of line. Your price point is similar to my market (except rents are a bit lower than I would expect for that money in my market).

I would consider it only if I was sure I could raise rents several hundred dollars per month.

 I agree. I can't help but to think that bunch of identical multi-families clustered together would breed a "rent war" in which the only winners would be the tenants. Also, like you said one bad owner could wreak havoc on values.

Post: Best Place to Find Multi Family Properties

Troy H.Posted
  • Greensboro, NC
  • Posts 129
  • Votes 30
Originally posted by @Craig Curelop:

@Benoit Roddier - What these guys said above is great! Trulia, Zillow, Redfin, etc. are all great apps that push deals right to your phone. 

I'd recommend talking to a few agents in the OKC area and have them set you up with an automatic feed from the MLS. That way you'll see any property that pops up within your criteria immediately.

@Craig Curelop Do agents typically expect some sort of compensation for the automatic feed?