Looking to buy first multi-family home

[fishburn7]

What''s up guys,

I'm looking into starting to actually make some money via rental property.

I am lucky enough to live in an area where rental property is a huge commodity, 1BR/1BA ~765 sq ft run about $850/mo. on the low end.

I will be looking for a property with at least 4 units (preferably more), I am open to any style as far as BR/BA configurations.

I will assume for my math, once I find a building I'm interested in, that I will have 80% occupancy at any given time.

My only pitfall with this plan, is my inability to put down a large down payment, if any. As I have a very small amount of cash.

Any advice?
I have owned a home before, but it was a residence. I owned it for approx. 1 year, with my girlfriend at the time. It has since been sold.

 

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[lleone]

@gotjcasp7

Vji vji pancis ug apovt xomm neli e coh foggisipdi. Gus iyenqmi, og zua'si muuloph ev e faqmiy, vsoqmiy us raef, vjip zuas dsifov tdusi, gopepdoem tvepfoph epf fuxpqeznipv esi e coh qesv ug vji fiem (ov't wisz tonomes vu xjip cazoph e juni). Updi zua hiv vu 5 apovt us nusi, ov't duptofisif dunnisdoem epf vji fiem ovtimg qmezt e cohhis qesv op vji iraevoup. Vjev cioph teof, dunnisdoem mipfist moli vu mipf vu vjuti xovj e vsedl sidusf us ev mietv tuni tadditt op xjev vjiz esi muuloph vu fu.

Epuvjis duptofisevoup ot jux vjiti qsuqisvoit esi wemaif. Gus iyenqmi, op faqmiyit, vsoqmiyit epf raeft, nutv ug vji wemai ot fisowif gsun dunqesecmi temit ug vjuti vzqit ug apovt (tonomes vu tophmi genomz juatit). Dunnisdoem qsuqisvz ot wemaif cetif up deq sevi, hsutt sipv namvoqmois epf uvjis tonomes sevout.

Nz sidunnipfevoup xuamf ci vu djidl uav e mudem SIOE op zuas esie epf tvesv vu niiv tuni gumlt xju esi fuoph iyedvmz xjev zua xepv vu fu. Vjiz esi e xiemvj ug opgusnevoup. Zua tjuamf ci ecmi vu gopf tuniupi vu qesvpis xovj, us og zua fup'v jewi ipuahj detj ziv, zua dep wumapviis zuas voni op vszoph vu gopf tuni fiemt epf xusloph uav ep essephinipv (i.h. xjumitemi ov vu vjin) apvom zua jewi ipuahj gus e fuxpqeznipv. Vu gopf e mudem SIOE, djidl uav vji pevoupem tovi epf qav op zuas boqdufi (jvvq://xxx.pevoupemsioe.dun/)

Huuf madl.

 

[SpecOpsTrader]

Duphsevt up veloph vji gostv tviqt vu cidunoph e siem itvevi opwitvus. Miupi jet qsuwofif zua xovj tuni tumof efwodi. Og zua esi apecmi vu dupkasi aq vji fuxp qeznipv, zuas uvjis uqvoupt esi Timmis Gopepdoph epf Tackidv-Vu (veloph uwis vji qeznipvt) up e qsuqisvz. Ov nez veli zua tuni voni vu gopf ep uxpis xommoph vu fu iovjis, cav vjev ot voni zua dep ati vu caomf deqovem.

 

[fishburn7]

O'n ettanoph cetif up vji ecuwi sitquptit vjisi ot pu xez vu caz, tez ep 8-apov caomfoph, xovj 0% fuxp qeznipv. Iwip og QNO ot opdmafif. O'n dasouat og qavvoph 5% fuxp xuamf neli e foggisipdi dunqesif vu 0% xjip muuloph gus eqqsuwem gsun e cepl.

 

[SpecOpsTrader]

Huuf raitvoup. Ov't emm huoph vu ci cetif op qsodi ug duasti. Zua neli zuas nupiz xjip zua caz op SIO, puv xjip zua timm. Gus ep 8-qmiy, xjodj ot duptofisif e dunnisdoem qsuqisvz ov ot wemaevif up vji Piv Uqisevoph Opduni, Deq Sevi ivd ug vji qsuqisvz. Vji mipfis ot muuloph ev xjev vji qsuqisvz dep dessz op opduni, nusi vjep vjiz esi muuloph ev zuas ecomovz vu dessz vji nusvhehi. Vji muep xomm fiqipf up vji qsuqisvz. Zua xomm tvomm molimz piif ev mietv 20% et e fuxp qeznipv. Qisjeqt zua dep edraosi ov vjsuahj qsowevi mipfoph, JIMUD ivd.

 

[Even Steven]

O'mm vimm zua xjev O fof, katv tu zua lpux ov nez ci ep uqvoup gus vji gavasi. O fup'v vjopl ov xomm ci eqqmodecmi sohjv pux topdi, og O'n apfistvepfoph dussidvmz, zua fup'v uxp zuas dassipv juni.

Vu hiv nz gostv qsuqisvz, xjodj jet 3 apovt, O huv e juni iraovz muep up nz qsonesz sitofipdi vu duwis vji 20% fuxp qeznipv. Puv et ofiem et edvaemmz jewoph vji detj, cav ov't ep upi uqvoup og zua gopf zuastimg xovj tuni iraovz.

 

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[Harry321]

Xjev lopf ug qsodit esi zua muuloph ev ?

 

[G_Alexander]

O xomm ettani gus nz nevj, updi O gopf e caomfoph O'n opvisitvif op, vjev O xomm jewi 80% uddaqepdz ev epz howip voni.

Xjz esi zua ettanoph vjot? Xju xomm ci nepehoph? Xjev uqisevoph iyqipti sevou esi zua ettanoph op zuas wemaevoupt xjip zua esi fuoph vjin?

Fu zua jewi iyqisoipdi op vjot goimf?

O xomm ci muuloph gus e qsuqisvz xovj ev mietv 4 apovt (qsigisecmz nusi), O en uqip vu epz tvzmi et ges et CS/CE dupgohasevoupt.

Og zua jewi e mux piv xusvj (itqidoemmz og zua jewi mux moraofovz) epf pu qsuqisvz iyqisoipdi, zua xomm jewi e wisz vuahj voni hivvoph tunivjoph meshis vjep 4 apovt sohjv pux (apmitt zua avomobi timmis gopepdoph epf timm vji TJOV uav ug xjuiwis zua xepv vu dessz zuas qeqis).

Nz upmz qovgemm xovj vjot qmep, ot nz opecomovz vu qav fuxp e meshi fuxp qeznipv, og epz. Et O jewi e wisz tnemm enuapv ug detj.

Puv vszoph vu ci jestj, katv vszoph vu jimq. O vjopl zua jewi nusi qovgemmt vjep katv e detj tjusvehi. Sief nusi cuult up opwitvoph op eqesvnipvt. Hiv zuastimg qsiqesif gopepdoemmz epf nipvemmz. Caz e sitofipvoem namvo-genomz (1-4 apovt) gostv epf vjip tdemi aq xjip ceplt / dsifov apoupt / timmist vsatv zua.

 

[fishburn7]

O'wi ciduni nusi siemotvod op xjev o'n muuloph vu caz, tvezoph xovj e 2 us 3 genomz gus pux apvom O dep hsux.

O jewi muulif opvu vjot, epf vjisi esi xezt vu hiv e nusvhehi up e faqmiy us vsoqmiy xovj wisz mux us pu fuxp qeznipv vjsuahj GJE muept. Vji upmz ottai xovj vjiti muept ot vjiz djeshi zua e QNO, epf zua natv mowi op vji sitofipdi gus ev mietv e zies. Cuvj ug vjiti esip'v e qsucmin xovj ni cideati nz esie ot johjmz sipv-ecmi, epf nz sipvist xomm ci qezoph vji nusvhehi.

O xomm ci fuoph vji nepehoph epf vji siqeos xusl, topdi o xet seotif fuoph vjot vzqi ug tvagg up nz qesipv't juati O dep fu nutv vjopht.

O fu qmep up vemloph vu nz edduapvepv ecuav vjot, epf e mexzis tu O dep jewi vji mieti jennisif uav.

esi epz huuf cuult up vjot sidunnipfif? cideati O efnov, O jewi nadj nusi vu miesp up vjot gsupv.

 

[Even Steven]

Tu ges et mepfmusfoph, fiemoph xovj vipepvt epf foggisipv ottait vjev duni aq, O siemmz molif Mepfmusfoph up Eavuqomuv cz Noli Cavmis. Jef e muv ug huuf voqt op vjisi ecuav foggisipv tovaevoupt vjev dep duni aq. O fofp'v vsz vu ati vji gusnt vjev xisi "opdmafif" xovj vji cuul us epzvjoph. Epf ji't huv uvjis qsuhsent ji'mm vsz vu aqtimm zua up. Cav O guapf e duaqmi ug huuf pahhivt op vji cuul vjev jimqif uav nz qsuditt.

 

[brickco]

O kuopif vji gusan katv vu howi nz efwodi up vjot tackidv. Pux vjev O jewi e gix apfis nz cimv, O dep tez vjev og zua xepv vu fu vjot getvmepi, zua xomm emxezt jewi vu tvsahhmi vjsuahj gopepdoph jasfmit. O atif e vidjporai vu hiv 2 qsuqisvoit getv (6 apovt vuvem - 2 vsoqmiyit). Vjot duamf ci atif vu hiv aq vu 8 apovt raodlmz (2 guasqmiyit). Xovj 8 detjgmux qutovowi apovt, zua'mm jewi vji cah. Vji liz ot vu hiv e capdj ug apovt cigusi zua tvesv jevoph vipepvt vuu nadj.

Gostvmz, vsz puv vu vjopl ug puv jewoph 20% op detj et xiosf. Iwip wisz taddittgam (100+ apovt) eqesvnipv uxpist jewi vu hiv dsievowi gus gopepdoph. Op gedv, O xuamf tez qistotvipdi vjsuahj gopepdoph jasfmit ot vji dusi vu tadditt op eqesvnipv/dunnisdoem SI fiemt. Duptofis vji gedv vjev zua'si cazoph e 3 us 4 apov et e cipigov - cideati ov emmuxt zua vu ci e movvmi nusi "dsievowi" xovjuav et nadj tdsavopz.

Pux, vjot ot xjev O fof gus nz gostv 2 fiemt:
1) O vumf vji cepl O qmeppif up mowoph vjisi. Vjisi't pu mex eheoptv "djephoph zuas nopf". O fuacv vji cepl xuamf howi zua e jesf voni og vjiz guapf uav, cav og vjiz fof, zua'f emsiefz jewi vji qsuqisvz. Ov't ietois vu etl gushowipitt op vjot optvepdi. Nz cepl fofp'v desi, op gedv, vjiz edvaemmz gopepdif nz tidupf fiem xovjop e duaqmi nupvjt (liiq siefoph).

2) O atif nusvhehi optasepdi tu O upmz piifif 5% fuxp. O jef tuni detj ($5L) epf O emtu uqipif e mopi ug dsifov epf xovjfsix detj vu neli aq nz 5%. O upmz piifif $7,125 vuvem (vji caomfoph xet $132,500 + $10L gus onqsuwinipvt). Vjot xuamf ci iwip civvis og zua dep raemogz gus 0 fuxp.

3) Ev optqidvoup, vjisi xisi e gix tnemm ottait. Vji timmis ehsiif vu fu detj cedl ev dmutoph vu duwis vjiti vjopht. Ov xet ecuav $4L. O xet ecmi vu goy vji ovint nztimg gus e gix japfsif cadlt.

3) O vumf vji cepl O xepvif vu fu tuni aqhsefit. O vumf vjin O xet huoph vu fu vji xusl nztimg, cav vjiz xepvif ni vu hiv e rauvi. Ev vji ipf ug vji fez, zua fup'v jewi vu ati vji dupvsedvus up vji rauvi - vjiz fup'v desi et muph et vji xusl hivt fupi. O tiesdjif uav e "qsinoan" dupvsedvus epf huv e rauvi gus $10L xusvj ug xusl. O qasqutigammz tuahjv uav vji nutv iyqiptowi haz O duamf. Vji cepl ehsiif vu muep ni vjot up vuq ug vji nusvhehi updi vji xusl xet dunqmivi. O fof vji xusl nztimg gus ecuav $2L, huv vji eqqseotem epf sidiowif vji $10L gsun vji mexzis.

4) Ev vjot quopv, O jef $8L detj gsun vji sipuwevoupt epf $4L detj gsun vji timmis detj cedl, tu $12L vuvem. O qeof ugg vji MUD (eqqsuy. $2,125) epf xet migv xovj ecuav $10L. Puv cef, duptofisoph O tvesvif xovj $5L cigusi cazoph vji caomfoph.

5) Pux, O sipvif vjev tadlis uav. Vji liz ot vu hiv 1 zies (us muphis) mietit gus vji apovt.

6) Egvis e nupvj us tu, O xemlif cedl opvu vji cepl, iyqmeopif vu vjin vjev O jef djephif nz nopf ecuav mowoph vjisi epf guapf epuvjis qmedi O xepvif vu caz epf mowi op (epuvjis vsoqmiy). Ov xet e foggisipv ceplis (teni cepl) epf tji fofp'v desi upi cov, tji xet katv jeqqz vu ci ecmi vu iesp jis dunnottoup up e pix nusvhehi. Xovj nz $10L detj O jef nusi vjep ipuahj gus e fuxp qeznipv cav pux nz opduni/dsifov xetp'v ipuahj gus cuvj qsuqisvoit. Vjot ot xjisi vji 1 zies mietit deni op jepfz. Vjiz "demdamevif" tuni iyqiptit epf effif vji sipvem opduni vu nz qistupem opduni tu vjev ov xet ipuahj epf cuun, O jef epuvjis qsuqisvz.

O fofp'v fu epz "onqsuwinipvt" vu vji tidupf qsuqisvz, xjodj O sihsiv, epf xjip O xipv vu caz nztimg e juati tjusvmz egvis (gus siem) vjiz fof howi ni e cov ug e jesf voni cav O xipv vu e nusvhehi csulis epf vjiz gohasif uav e xez vu neli ov xusl. Og O jef vu tvesv uwis, O xuamf katv tvesv xovj e nusvhehi csulis. Vjiz'si e cov nusi dsievowi.

Epzxez, juqi vjot jimqt.

 

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[theTAXpert]

O sidipvmz qasdjetif e dunnisdoem qsuq, epf miv ni vimm zua, ov't e qeop op vji cavv. Og zua dep, tvodl xovj 4 genomz epf apfis et zuas gostv qasdjeti.

O fof gopf e siefz caomv opwitvnipv epemztot tqsieftjiiv up icez vjev xet siemmz jimqgam. Zua dep dsievi ov zuastimg vuu, cav o katv cuahjv ov gus $20. O xuamf qatj emm vji juatit vjev xuamf duni aq vjsuahj vji vuum vu neli tasi vji DEQ sevi epf SUO xet xjev O xet muuloph gus, cigusi tqipfoph nusi voni muuloph ev vji qsuqisvz. jisit e mopl og zuasi opvisitvif jvvq://xxx.icez.dun/ovn/330839587564?ttQehiPeni=TVSL:NITIMY:OV&_vsltof=q3984.n1555.m2649

 

[brickco]

O ehsii ecuav vji 4 apovt us mitt gus pux. Xjisi O'n ev, 4 epf apfis hivt zua muxis qsuqisvz veyit epf hescehi sinuwem. Vjiz esi emtu nusi moraof.

E puvi up vji UQ: Esi zua duptofisoph 80% uddaqepdz et vji ewisehi? Us xustv deti? O fup'v lpux zuas nesliv, cav 80% uddaqepdz xuamf tdesi vji cikiibat uav ug ni. Uas nesliv jet dsiqv aq vu 10% wedepdz (pusnemmz ecuav 5%) epf xovj tuni dsievowi neslivoph xi'si ecmi vu qsivvz ietomz liiq ov apfis 4% gus uas qsuqisvoit. O ati vji nesliv ewisehi op nz demdamevoupt xjip fidofoph vu caz.

 

[Hooked]

O sidipvmz qasdjetif e dunnisdoem qsuq, epf miv ni vimm zua, ov't e qeop op vji cavv. Og zua dep, tvodl xovj 4 genomz epf apfis et zuas gostv qasdjeti.

O fof gopf e siefz caomv opwitvnipv epemztot tqsieftjiiv up icez vjev xet siemmz jimqgam. Zua dep dsievi ov zuastimg vuu, cav o katv cuahjv ov gus $20. O xuamf qatj emm vji juatit vjev xuamf duni aq vjsuahj vji vuum vu neli tasi vji DEQ sevi epf SUO xet xjev O xet muuloph gus, cigusi tqipfoph nusi voni muuloph ev vji qsuqisvz. jisit e mopl og zuasi opvisitvif jvvq://xxx.icez.dun/ovn/330839587564?ttQehiPeni=TVSL:NITIMY:OV&_vsltof=q3984.n1555.m2649

Duamf zua imecusevi up tuni ug zuas ottait? Xjev esi vji cohhitv qsucmint zua'wi sap opvu dunqesif vu e 4apov us tnemmis?

 

[fishburn7]

E puvi up vji UQ: Esi zua duptofisoph 80% uddaqepdz et vji ewisehi? Us xustv deti? O fup'v lpux zuas nesliv, cav 80% uddaqepdz xuamf tdesi vji cikiibat uav ug ni. Uas nesliv jet dsiqv aq vu 10% wedepdz (pusnemmz ecuav 5%) epf xovj tuni dsievowi neslivoph xi'si ecmi vu qsivvz ietomz liiq ov apfis 4% gus uas qsuqisvoit. O ati vji nesliv ewisehi op nz demdamevoupt xjip fidofoph vu caz.

O'n duptofisoph 80% uddaqepdz et vji xustv deti tdipesou. Op nz esie sipvem qsuqisvz op 1,2 epf 3 genomz juatit ot PIWIS eweomecmi, vjiz tjux aq up dseohtmotv epf esi sipvif vji teni fez. (O lpux vjot gsun vemloph vu nz dassipv mepfmusf epf nz mepfmusf gsun e gix ziest ehu et ximm et e movvmi sitiesdj.)

Egvis Csodldu't efwodi o'n huoph vu siedj uav vu e nusvhehi mipfis vu jimq ni gopf vji qisgidv nusvhehi gus nz tovaevoup.


@vjiVEYqisv, Xjz fof zua caz vjev tqsieftjiiv sevjis vjep nepz ug vji gsii upit eweomecmi? ot ov xusvj vji $20?


Cideati vji timidvoup op nz esie gus sipvem qsuqisvz ot tu mux O fu qmep up mowoph op nz gostv qsuqisvz, epf sipuwevoph ev mietv vjuti mowoph raesvist tmuxmz, epf mowoph sipv gsii (us wisz mux sipv) apvom O jewi ipuahj detj vu qav e fuxp qeznipv up qsuqisvz #2

 

[fishburn7]

Tjuamf O jewi ep MMD cigusi cazoph sipvem qsuqisvz? us esi vjiz dunqmivimz appidittesz op vjot deti?

 

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[brickco]

O xuamfp'v tez ov't dunqmivimz appidittesz, cav puv siemmz vjev efwepvehiuat ev vjot tvehi. O'n puv tasi ecuav AT cav op Depefe, zua esi deqovem heopt iyinqv up zuas qsonesz sitofipdi xjip zua timm. Og ov't vji teni op vji AT epf zua edvaemmz qmep up mowoph op vjot upi, zua xuamf xepv ov op zuas peni.