All Forum Posts by: Zachary Ware

74,75,76 seems like the cleanest way to go. 

Hey Emma, 

I will be attending BPCON and would love to connect! I sent you a PM.

I am not familiar with how much it would take to convert but have to imagine that the rent you can get from 4 units is significantly greater than 5 garages, and enough to warrant at least getting quotes. To start I would find a few good contractors with references and get quotes on the project. Then you can see how many rooms you can fit, bathrooms, etc, and start to figure out what you can rent them out for. 

I think that buyer and seller expectations are too far apart. Many sellers are not willing to come down in price enough for deals to make sense for buyers at the moment. The continued high rates will force some to sell, especially in the smaller multifamily properties and there will be more opportunities. With that said, if a deal makes sense and provides the return you are looking for, I see no reason not to buy now.

I think there was likely confusion between what you were looking for. There are different types of loans and some require you live there, Owner Occupied, others do not. If you are getting a FHA loan on a home and putting down 3.5% you have to intend to live there for 12 months. Here is an article from RocketMortgage going into more detail (https://www.rocketmortgage.com/learn/owner-occupied). Alternatively, there are loans that are specific to RE investing such as DSCR loans.

While it is generally not fraudulent, it can be if you get a mortgage that is only intended for owner-occupied properties. Make sure you know what product you are looking for when shopping for loans. Working with an experienced Mortgage Broker can make the process easy. 

Hi KC! I agree that they can be money-making machines. I worked on a property that made great cash flow but there were 6 bedrooms and 2 bathrooms. It was originally a 3/2 and had 3 additional bathrooms added. The appraiser determined the property had functional obsolesce, making it something that not many lenders would want to finance. It creates a problem when selling the property as no one who wanted to live in the house would buy it, and your buyer pool for this property would be majority investors.

Great post! This is great motivation for the investor who has been stuck looking at listings and analyzing deals.

I agree with the others that he likely misquoted you for residential property and updated the quote when he realized this was a multifamily property. You should call around and verify if $2,500 is typical for your area. 

Hey @Josh Terrell, congrats on the getting your savings up.

First, I would make sure to define exactly what you are looking for. Find what type of property you are looking for, talk with a lender and find your price range, and what your strategy will be. Are you looking for something turnkey or are you looking for a value add property. I am a big fan of house hacking a 2-4 unit property for your first property. You can use an FHA loan of and utilize the ability to put a low down payment on the property. As others, I recommend find a few great team members including a source of deals(realtor/wholesaler/other investors). There are some great recommendations in the "Build Your Team Tab" for investor friendly RE agents. I would also leverage website such as Zillow, Redfin, etc. You are unlikely to find the best "deal" on these but you can still find deals that pencil. Lastly, and my favorite is building your network with local meetups. I think your network as an investor can be one of your biggest assets. I have also attended some online events but I feel that in person meetings are significantly better for building relationships.

I see I am a little late to this thread, have you found a property yet? 

I think that a lot of deals don't make sense right now unless you can put down 30%+ on them. I don't think there is anything inherently wrong with putting down a large downpayment or even buying cash. You just have to make sure the deals makes sense for your goals.