All Forum Posts by: Zachary Taylor

Hey guys! I’m currently looking to secure a heloc on my primary residence to hold for reserves so that I have easy access to capital if need be while I use my cash savings on investment properties. With the current market and possibility of a decline I’d like to lock in my equity before it potentially disappears. I’ve owned my house for a little less than 2 years but due to large home improvements and the massive growth in the market over the past couple years I’m looking at about 80k in equity. I recently spoke to my local credit union (VyStar) who I bank with about a heloc and am waiting to hear from a mortgage specialist this week. I was doing some research and saw that lending-tree and quicken loans have some pretty high reviews on heloc loans. Would anyone recommend or have better advice on these or other companies? Any knowledge, past experiences, or advice is greatly appreciated, thank you 

I’m looking to further my knowledge on long term buy and hold rentals and the process of being a good landlord, I have already signed up for the rookie bootcamp. Does anyone recommend doing the landlord bootcamp at the same time? Looking to purchase my first small multi family towards the beginning of next year depending on how the markets are looking at that time. 

Quote from @Kiera Underwood:

@Zachary Taylor if it's tenant occupied you'll have to put 25% down. However if one unit is vacant and you could utilize it as your primary residence, you could use an owner occupant loan of only 3-5% down depending on your situation. I understand that you have a primary residence, but if you could rent that for just a year to be able to move into the new duplex to get it to qualify, then you're set! Just make your primary an STR for the time being so you can leave all of your stuff and not do too crazy of a temp move.

Thank you for taking the time to answer. Im not against the idea of making it a temporary STR as it’s only about 10mins from Daytona’s beach’s. Would I need to refinance out of my current FHA loan on my primary in order to acquire a new FHA loan? 

Quote from @Zachary Taylor:

Hey guys,

I was wondering if anyone out there had some tips on how I should go about beginning my investment career in multi-family. I’m looking to purchase a property with at least two units but willing to go for a triplex or fourplex if financials allow. I’m currently working full time but my career allows for a lot of time during the day to educate myself on real estate investing. Have about 15k saved currently but can roughly add 3 - 4k a month to that. Found a couple c-class 2 unit properties close to my area for around 180k. Both properties have tenants. Should I wait until I’m able to cover 20% down? Try to find something cheaper without tenants that I can put sweat equity in then rent out? Or go for a type of creative financing? Ultimately I’m trying to create a good plan to scale rapidly without much upfront capital in order to achieve more freedom with my family.

Thank you!

I forgot to add in that I currently have an FHA loan on a single family in an a-b class with about 65k in equity and a great rate. Had I furthered my education before this purchase I would’ve definitely went with an FHA loan on a multi-family
Thank you guys for the great answers

Quote from @Zachary Taylor:

Hey guys, 

I was wondering if anyone out there had some tips on how I should go about beginning my investment career in multi-family. I’m looking to purchase a property with at least two units but willing to go for a triplex or fourplex if financials allow. I’m currently working full time but my career allows for a lot of time during the day to educate myself on real estate investing. Have about 15k saved currently but can roughly add 3 - 4k a month to that. Found a couple c-class 2 unit properties close to my area for around 180k. Both properties have tenants. Should I wait until I’m able to cover 20% down? Try to find something cheaper without tenants that I can put sweat equity in then rent out? Or go for a type of creative financing? Ultimately I’m trying to create a good plan to scale rapidly without much upfront capital in order to achieve more freedom with my family. 

Thank you! 

I forgot to add in that I currently have an FHA loan on a single family in an a-b class with about 65k in equity and a great rate. Had I furthered my education before this purchase I would've definitely went with an FHA loan on a multi-family
Thank you for the great answers

Hey guys,

I was wondering if anyone out there had some tips on how I should go about beginning my investment career in multi-family. I’m looking to purchase a property with at least two units but willing to go for a triplex or fourplex if financials allow. I’m currently working full time but my career allows for a lot of time during the day to educate myself on real estate investing. Have about 15k saved currently but can roughly add 3 - 4k a month to that. Found a couple c-class 2 unit properties close to my area for around 180k. Both properties have tenants. Should I wait until I’m able to cover 20% down? Try to find something cheaper without tenants that I can put sweat equity in then rent out? Or go for a type of creative financing? Ultimately I’m trying to create a good plan to scale rapidly without much upfront capital in order to achieve more freedom with my family.

Thank you!

Hey guys,

I was wondering if anyone out there had some tips on how I should go about beginning my investment career in multi-family. I’m looking to purchase a property with at least two units but willing to go for a triplex or fourplex if financials allow. I’m currently working full time but my career allows for a lot of time during the day to educate myself on real estate investing. Have about 15k saved currently but can roughly add 3 - 4k a month to that. Found a couple c-class 2 unit properties close to my area for around 180k. Both properties have tenants. Should I wait until I’m able to cover 20% down? Try to find something cheaper without tenants that I can put sweat equity in then rent out? Or go for a type of creative financing? Ultimately I’m trying to create a good plan to scale rapidly without much upfront capital in order to achieve more freedom with my family.

Thank you!

Hey guys, 

I was wondering if anyone out there had some tips on how I should go about beginning my investment career in multi-family. I’m looking to purchase a property with at least two units but willing to go for a triplex or fourplex if financials allow. I’m currently working full time but my career allows for a lot of time during the day to educate myself on real estate investing. Have about 15k saved currently but can roughly add 3 - 4k a month to that. Found a couple c-class 2 unit properties close to my area for around 180k. Both properties have tenants. Should I wait until I’m able to cover 20% down? Try to find something cheaper without tenants that I can put sweat equity in then rent out? Or go for a type of creative financing? Ultimately I’m trying to create a good plan to scale rapidly without much upfront capital in order to achieve more freedom with my family. 

Thank you!