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REAL ESTATE Buying a 4 plex

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Sid23

Bronze Contributor
Speedway Pass
Aug 9, 2007
696
161
81
Hi everyone,

I hope this finds everyone on the board doing well. I've been gone for some time.

Wanted to let everyone know what I'm up to these days.

I'm in the process of locating and buying a 4 plex to live in. My market is severely undersupplied and after a lot of study I think rents are poised to grow in the nice neighborhoods significantly over the next 5-7 years. The growth might be 2-3 years away, but that makes now the perfect time i.m.o. to buy some units. The development pipeline is pretty empty, so not many units coming online in the next few years.

As some of you know, I worked as a project manager for a development firm for 5 years. I've now spent the past 8 months as an asset manager for an apartment portfolio of 327 units spanning 8 states with a value of ~$90M.

My wife and I are living rent free at a friends vacant home right now. We are taking care of the place for them and paying the utilities, etc. So we have a lot of flexibility. We decided instead of buying a home to live in, we would instead start with a rental property that we lived in.

Right now I'm getting my brokers license. Finding the deal myself and rolling my brokers commission into the deal as my equity. Getting an owner occupied FHA loan that requires 3.5% down. Living in one of the 4 units with my wife. Managing the building. Plan is to own the building for minimum of 3-5 years (if not 7-10) and then trade up.

My wife and I are both working and we have a low six figure income right now. I've had several conversations with my mortgage broker and it appears we'll qualify for an FHA loan.

I'm also working with a few local developers on finding deals that make sense. Lots going on, won't have much to show for a few years, but thinking this is a great time to be buying and getting things going.

I'll be in touch with more details as things progress.

best to all.
Sid23
 

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AroundTheWorld

Be in the Moment
Speedway Pass
Jul 24, 2007
2,909
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Thanks for the update!! I love to hear about people making changes and going after what they want. You have made some significant decisions in your life over the last year, and you have followed through with action.

LOVE IT. ++ to you.
 

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