All Forum Posts by: Tyler Goulden

Looking for a potential house hacking 4 plex in southern Maine to buy ASAP.  The size and condition of the property doesn't matter I am just looking to get my first investment property ASAP so if my numbers work and I can make the cashflow come than I will buy if the property feels right.  Open to seller financing as well if necessary.  Happy holidays to everyone and good luck in your business.

-Tyler Goulden

I am looking for my first property to buy.  I am looking for a 4plex in either Biddeford Maine or Sanford Maine.  I would prefer Biddeford and have yet to get a letter of approval.  My price range without any partners will most likely be no more than 150K.  However I am trying to find an investor and am really trying to look for a property worth between 200-300K in the mills district of Biddeford or maybe the outskirts of Biddeford Pool.  As I said this is my first property so I am open to any and all options of acquiring financing so if there are any seller financing options available I would greatly consider that option.  Thanks in advanced and I look forward to doing business with many of you in the near future! 

I've been looking at more deals lately and I don't think it will be too long before I pull the trigger on my first small multi family. This first property is simply to move out from mom and dad and get a roof over my head while living for free to save up more capital. My next move then is to get into large apartment complexes. My main question is, are loans easier with more units or less units? I've set my sights pretty high now and want 500 units by the time I'm 30. That gives me 8 years however as of right now my income is only between 30-40 depending on the year. What would be the best route to accomplish my goal? Thanks in advanced! -Tyler

Congrats Jeanne! Hopefully the season works out well for you! I myself am looking for my first purchase so I can get my rentals started! If you need any help on your rentals throughout the summer id love to help so I can get some hands on experience and give you a hand too! Let me know if that's the case. -Tyler

So I recently learned that I am going to have a hard time getting a high pre-approval letter. This made me realize it is going to be hard to use an agent and go through the MLS because almost all sellers want to see a pre-approval letter before letting you in the door. I remembered that @BrandonTurner said using craigslist and searching for available rentals and telling the owner you didn't want to rent but potentially buy any properties they had for sale had worked out well for him a few times. Well I decided I'd give this a shot to be more proactive in searching and hopefully find a motivated seller financing deal. What I recently learned though is that the craigslist pro ap for your iphone will have a default email set up. How this works is you set up an auto response (like building a template), write your response and save it with any name you want. Basically you can then press the email button and press the template and the email is sent to the ad. I found this to be incredibly time efficient and so far over the past 2 days I have been able to reply to almost every single posted vacancy in the area. Already within just 2 days of easy but very aggressive emails I have well over 15 responses all saying once their vacancies are filled they might have a few properties they'd be willing to sell. Obviously it will probably take another 100 people to respond but hopefully with this many people I am getting in touch with I can find a property that fits my criteria, at a reasonable price, while also finding someone I can help make passive cash flow through seller financing. A win-win with just an hour or so of work each day.

Is it possible with a small income to jump straight into a first deal being an apartment complex? If so what are the pros and cons of commercial vs residential?

Currently living in Maine the only places that show good cash flow from my perspective are the two worst cities in my area. I have been considering moving south but staying on the east coast for quite a few years and was wondering where some of the best cash flow/COCROI potential areas are along the east coast where I could start my real estate business. I have a lot of people here trying to hold me back and really think my best bet is to move out of town and force myself to go all in.

@Shawn Mcenteer can forced appreciation affect paying the PMI? What LTV will usually drop the PMI?

I have a buddy that's looking to buy a home to use as an investment several years down the road not immediately. He asked me about the first time home buyers loan which I know nothing about since I've mainly been studying FHA/203K and hard/private money lenders. So I told him I'd get back to him. If anyone knows the requirements to qualify, term lengths, rates, and down payments and any other info that would be greatly appreciated. Thanks in advanced everyone.

Is it difficult to use a hard money loan as a owner occupied 4plex though and then refi into conventional with minimal capital saved up?