Anyone here ever bought a multi unit

[97Pac]

I'm getting all my shyt together to buy a multi unit within the next year. Anyone have any recommendations on how to find a good deal on a multi unit. How is the process for a duplex or triplex? I'm using the VA

 

[Rawtid]

@dora_da_destroyer

 

[Pacni99a12]

I'm doing the same. Almost finished setting up the LLC.Thinking of 4 units or more

 

[97Pac]

I'm doing the same. Almost finished setting up the LLC.Thinking of 4 units or more

I'm doing a residential loan so I can only get up to four doors but I dont think I'll find any fourplexs in my area within my budget.

 

[Pacni99a12]

I'm doing a residential loan so I can only get up to four doors but I dont think I'll find any fourplexs in my area within my budget.

Where do you live? Also what is your budget if you don't mind me asking?

 

[97Pac]

Where do you live? Also what is your budget if you don't mind me asking?

I currently live in ATL but buying in Central Florida. My budget is $300k, I'm hoping I can find a decent duplex for around $250k

 

[Pacni99a12]

I currently live in ATL but buying in Central Florida. My budget is $300k, I'm hoping I can find a decent duplex for around $250k

I'm in Louisville Kentucky and the common price seems to be just under 200k for quads

 

[97Pac]

I'm in Louisville Kentucky and the common price seems to be just under 200k for quads

I wish I could find prices like that in the area Im looking in, that's dope.

 

[Yinny]

Shopping for one for clients now. See if you can connect with realtors to see if they have off-market properties they can plug you with.

Everyone wants a multi-, and many aren’t yet at the price point for the available ones.

 

[InGodWeTrust]

I currently live in ATL but buying in Central Florida. My budget is $300k, I'm hoping I can find a decent duplex for around $250k

I'm looking to do the same thing. Keep us posted

 

[Amerikan Melanin]

I’m in the market also. The trick is to get one using a 1st time buyer FHA loan so you can put down 3%. That enables you to buy higher priced property. Once you get in, renovate and have tenants you have to stay in the property for a year to avoid mortgage fraud. After that pay down the PMI, move out and find the next property.

im in NJ so the prices here are crazy think I’m going to have to invest out of state.

 

[Yinny]

I’m in the market also. The trick is to get one using a 1st time buyer FHA loan so you can put down 3%. That enables you to buy higher priced property. Once you get in, renovate and have tenants you have to stay in the property for a year to avoid mortgage fraud. After that pay down the PMI, move out and find the next property.

im in NJ so the prices here are crazy think I’m going to have to invest out of state.

Nah you won’t-you just may have to be open to some hood or hood adjacent areas depending on your price point. I’m a realtor here looking for multis for clients and a longer tl/pipeline of three-fams I’m selling. Floating ~$300k asking which is doable.

 

[Kyle C. Barker]

Subs.

 

[xoxodede]

We (family business) own a few multi-properties. A Quadplex and some duplexes in Michigan.

Have you checked out Wholesale Real Estate (multi-family wholesaling) to look for options?

Go on wholesale real estate websites and real estate websites and set alerts.

Another option: My daddy (RIP) did that for a few of our properties -meaning they were single-family - and he made them into a two-family home/duplex. I would look into fixer-uppers and based on square footage - gut and renovate to a multi-unit.

I really like BiggerPockets.com -- sign up and join the forum. They have lots of resources and people who can offer you info -- or steer you in the right direction.

I read this a few years ago, when I started helping more on our properties. It may be a good read for you.

Another to check out:

 

[97Pac]

I’m in the market also. The trick is to get one using a 1st time buyer FHA loan so you can put down 3%. That enables you to buy higher priced property. Once you get in, renovate and have tenants you have to stay in the property for a year to avoid mortgage fraud. After that pay down the PMI, move out and find the next property.

im in NJ so the prices here are crazy think I’m going to have to invest out of state.

I'm using the VA which I've been told is a better deal than fha.

We (family business) own a few multi-properties. A Quadplex and some duplexes in Michigan.

Have you checked out Wholesale Real Estate (multi-family wholesaling) to look for options?

Go on wholesale real estate websites and real estate websites and set alerts.

Another option: My daddy (RIP) did that for a few of our properties -meaning they were single-family - and he made them into a two-family home/duplex. I would look into fixer-uppers and based on square footage - gut and renovate to a multi-unit.

I really like BiggerPockets.com -- sign up and join the forum. They have lots of resources and people who can offer you info -- or steer you in the right direction.

I read this a few years ago, when I started helping more on our properties. It may be a good read for you.

Another to check out:

Yea I've been getting tons of information off bigger pockets.

With wholesaling do I have to pay cash straight up? I'll check those books out. I watch BrandonTurner on youtube a lot, he seems to know his stuff