UncleTomFord15
Veteran
Trying to own atleast 1 apartment within the next 24 months.
Brehs, I am studying and networking to become elite at Multi Family unit investments
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This is extremely difficult. A lot of these deals are really really bad
UncleTomFord15
Veteran
Have you ever heard of driving for dollars? Might be a good way for you to find off market deals.
I'll look into it. Does it have deals for apartments, 20+ doors or more
UncleTomFord15
Veteran
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.
Obviously these properties will need far more fixing up than properties that are on market but you'll get far better deals. This is currently what I'm doing but with single family homes.
Not sure if this strategy is something you would be interested in. Here's an biggerpockets article on it if you're interested in the concept:
Driving for Dollars: A Quick Way to Find Distressed Properties
Getting in your car is one of the quickest ways to identify lucrative deals.
www.biggerpockets.com
Acquisition and rehab
On one of the best days of the year, I had by far my worst day business wise.
I am building a tremendous team and really putting this together.
skyrunner1
Superstar
skyrunner1
Superstar
What type of multi we talkin 2-4, 5-20, or even larger? What prior experience you got?
2 to 4. Zero experience myself, but my uncle has owned multi for years. He will be my mentor.
skyrunner1
Superstar
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"..
Are the interest rates for fha loans competitive?
skyrunner1
Superstar
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.
alot of people and even builders were also offering to buy down the rate and to get the interest rates lower for a period of time. A good mortgage broker should be able to play with numbers in your favor.
Disclaimer: work with your local mortgage professional, they should be able to get you right
