All Forum Posts by: Zachary Ware

Welcome to BP Douglas! 

I have never heard of nor seen disclosure requiring information on the neighbor's habits even in a condominium. 

Hey Grozie, 

I would take a small step into the RE investing world and it sounds like you have a few options. As others here have, I would recommend a house hack. Buying a 2-4 unit property and living in one unit. This is a great way to get into learning about real estate and managing a property. What are you doing with the property in Mississippi? Is this currently a rental?

Hi Wilson,

I would recommend talking with several of the BP-recommended lenders who will be able to help you navigate through the process. Fees and rates are going to vary depending on what type of loan you get. An FHA 203k is going to look much different than a DCSR loan even if both would be for a duplex or triplex.

I don't know of anyone who is lending on vacant multifamily assets. This would likely have to be all cash or a private lender. There will be a lot of upfront costs that will be incurred before the property is stabilized. I would recommend partnering with someone who has good experience with completely turning around properties like this, and hopefully with ample reserves. 

Even if you bought the property all cash, finding a lender for the rehab might be tough. In the case the project did not work out, they would have to take over and finish or find a buyer for it. Both are very risky from a lender's standpoint. 

 I do not have first-hand experience hiring, but believe creating a strong job description would be the first step. I would try and capture everything you may want the job duty to include upfront to not create a constantly changing scope of work. Put the job listing out on the open market via LinkedIn or similar sites. 

For sites specifically connecting VAs with those in need of assistance a quick Google search led me to these sites. 

VirtualAssistantAssistant.com

Priorityva.com

QuickMonday.com

VirtualStaffFinder.com

Guru.com

Hey Andrew,

If you plan on investing in Cleveland for the foreseeable future, it would be advantageous to speak with some local credit unions/banks in the area and find out who like to loan on the type of properties you are looking at. You can typically get the best rates and larger exceptions once a good relationship has been established. As others have said, use conventional until your DTI is maxed out. At this point, I would then look into DSCR lenders though some people go straight to DSCR sense they know the UW process is easier and they are going to be building a long-term relationship. Speak with a few of the BP-recommended lenders from the "Build Your Team" tab. You can discuss with them your investment strategy and find what financing options are best for you. If you plan on buying turn-key properties vs using the BRRRR method, your financing needs will look a lot different.

If you are looking to make sure no sellers are missed, a VA could be the right move. These servicers are typically cheap and you can train them to do a quick upfront vet of deals as well. If you are okay with missing a seller or two in the process and are looking for the lowest cost, a phone filtering software previously mentioned is probably your best route.

It sounds like you are using your own money, and lending money to friends on investments. I do not see any flags that would require you to do this through an entity. If you wanted to scale this from one-off investments, I can see you need to start an entity. I would certainly recommend consulting an attorney and tax professional who have experience in lending either way! Best of luck. 

Hey William,

In my experience, these are structured as an annual lease. I have thus far had tenants renew until they graduate and even recommend the next tenants!