UncleTomFord15
Veteran
Trying to own atleast 1 apartment within the next 24 months.
Have you ever heard of driving for dollars? Might be a good way for you to find off market deals.This is extremely difficult. A lot of these deals are really really bad
I'll look into it. Does it have deals for apartments, 20+ doors or moreHave you ever heard of driving for dollars? Might be a good way for you to find off market deals.
Pretty much driving for dollars also known as d4d is driving around the markets you're trying to find deals in and looking for properties that appear in physical distress. Such as holes in roof, broken windows, etc. Then reaching out to the owner to see if they would be interested in selling that piece of property. If they're not taking care of the property there's likely a reason such as they don't care much for that particular property anymore etc.I'll look into it. Does it have deals for apartments, 20+ doors or more
Acquisition and rehabDepends on what part of the deal you are talking about
What type of multi we talkin 2-4, 5-20, or even larger? What prior experience you got?I would like to pick up our first multifamily property this year also. I'll keep my eye on this thread.
2 to 4. Zero experience myself, but my uncle has owned multi for years. He will be my mentor.What type of multi we talkin 2-4, 5-20, or even larger? What prior experience you got?
Awesome. In that range you can still use fha single family 3.5% and even conventional came out late last year dropping their 15-25% down for multis up to 4 units down to 5% now. With your uncle you will learn ropes quick and amount of info freely available online you will be good. I always tell brehs try to use that first time home buyer on a multi in that range because it qualifies as "single family"..2 to 4. Zero experience myself, but my uncle has owned multi for years. He will be my mentor.
Are the interest rates for fha loans competitive?Awesome. In that range you can still use fha single family 3.5% and even conventional came out late last year dropping their 15-25% down for multis up to 4 units down to 5% now. With your uncle you will learn ropes quick and amount of info freely available online you will be good. I always tell brehs try to use that first time home buyer on a multi in that range because it qualifies as "single family"..
They are typically half a point to a point less than conventional. So like right now depending on credit conventional is around 7 to mid 6 and you can get low 6 maybe high 5%. FHA is just a little looser with their requirements (lower credit scores, Higher debt to income ratios, etc. ) but you will have mortgage insurance to deal with untill 11 years or getting 80% of loan and closing cost can sometimes be more because of the upfront cost of mortgage insurance.Are the interest rates for fha loans competitive?