All Forum Posts by: Will Russell

I am ready to purchase a condo that I am going to renovate and then flip. The seller is insisting that I pay them in actual, physical, cash.

Is this something that can be done? If so, how?

Thanks in advance!

See you then!

Hello everyone. I am working on purchasing a triplex or a quad and have two questions that are preventing me from making any forward progress, and I would really appreciate any input.

1. Currently I am living rent free and need to decide if I should live in the rental property, or stay where I am (rent free) and use the property solely as an investment. I can live in the house and get an FHA loan (3.25% down), or stay where I am rent free and put down 25% for a traditional loan. I am looking to invest in 3 or 4 unit houses in the range of $400k to $600k, so 25% is a relatively large amount of cash to put down, but I can come up with the money if that is the best choice. So – live in the house and get an FHA loan, or live rent free and get the traditional loan?

2. What do you personally use as search criteria when looking at rental properties? This is the biggest thing holding me back from searching for properties. I know how to evaluate properties and determine:

a. NOI
b. Cashflow
c. Cash-on-cash ROI
d. Total ROI (including appreciation and accrued equity)
e. Cap rate
f. GRM
g. BP 50% Rule

But since there are so many different ways to analyze and judge a rental property I'm not sure what my requirements should be. Once I understand this I can begin searching for properties. So - how do I determine my investment requirements?

Does anyone have any recommendations for real estate brokers in Westchester County, New York and Fairfield County, CT? I am looking for a broker that is investment savvy and may offer some guidance since I am a first time investor.

I am looking to invest in residential multifamily (3 or 4 units) in both of these Counties.