Investing in Duplexes, Triplexes, and Quads by Larry B. Loftis – Amass more than $ in properties in one year, without using any of your own money. : Investing in Duplexes, Triplexes, and Quads: The Fastest and Safest Way to Real Estate Wealth () by Larry Loftis and a great. Hey all! I just about finished this book and found it to be pretty incredible to read and learn from. For any newbies out there like me, thi Hey all! I just about.
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Sign up for this week’s free webinars hosted by experienced investors or view previously-held webinar recordings in the Archives. What if you can find the intentionality you need in a few short moments per day? Discover a daily roadmap to take back your day and establish a time for intentional living with this journal! View all Local Real Estate forums. I just about finished this book and found it to be pretty incredible to read and learn from. For any newbies out there like me, this book was really helpful and explaining how people build and create wealth from REI.
I have come to find that having a bunch of money isn’t really necessary for get into the game. What I am finding is that the money I have saved can perform risk mitigation in the event that more vacancy comes up than I calculated or if something needs a big rehab job out of nowhere.
My question is to figure out how to leverage this money most efficiently without putting too much leverage in my portfolio. I don’t want to find myself foreclosed on in a few years because of overextension and greed. Does anyone have a way of calculating how much debt I can take on using income, money saved, current expenses, etc?
Here’s a good webpage explaining the front-end and back-end ratios that you’ll need to be aware of click here. Keep in mind that there are exceptions, special circumstances and special programs that could help you with debt.
If I were you I’d start shopping for loans get preappovals and have the loan officers break down their calculations for you. I have been speaking with a mortgage lender and he has been pretty cool but I am afraid I will need to use hard money as I don’t have any credit never borrowed anything before Skip the hard money and go for seller financing.
It’s way easier in my opinion to convince a landlord to hold paper on a multi-unit than it is a homeowner with a single family house. Landlords are used to getting an income stream and trusting others with their property.
I’ve bought 7 duplexes, a triplex, 5-plex and a couple of SF’s on land contracts over the past few years. The others were no more than a few thousand per property. That is amazing Brandon Hicks. I was literally on a hard money lenders website here in austin when I checked me email and saw that this message had posted.
I didn’t even consider doing selling financing from the landlord. I am going to look at a few duplexes this week and I will ask every single one of the landlords if they would be willing to do that. Hey Christopher, Just be careful with the calculations of appreciation in that book.
I think he was overly optimistic in the returns he was getting, and it was written during the bubble. Solid strategy though, I would just be a little more conservative with your expectations if returns. Brandon Hicks How do you typically structure your owner financed deals?
It appeared he was quite optimistic with his equity build up. And yes Brandon Hicks I would like to know how you structure them as well. Inventory in Austin is low and cash buyers are a plenty so finding them is going to be difficult but I will definitely ask every one of them if they are open to it I typically buy off-market properties by marketing directly to owners of properties I like.
Once I’m to the point where I’m ready to make an offer I normally start with a letter of intent. Here is some verbiage from my letter of intent on how to structure the down payment with no cash The land contract note amount will be the balance owed after the above credits have been subtracted.
So far I’ve purchased 11 properties on land contract. All in the last 36 months. Typically I structure them with 20 year amortization and 5 year balloons. My 2nd deal, a package of 3 duplexes was at 7. So the rates have good overall considering the low down payments. I’m getting ready to submit the package of 3 duplexes and the 2 duplexes on 12 yr amms to my local bank to refi them all into inesting new commercial loan.
To do deals like this you either need to find very motivated sellers or be able to sell them on YOU and your ability to run the property and pay them. It gets cuplexes to do once you’ve done a few deals and have built a track record. Trip,exes gave them a copy of my credit trplexes in the beginning dupkexes for my last several deals I just gave them a list of sellers Ive bought from on contract for them to call and verify what Ive told them.
Brandon Hicks That is incredible. Brandon Hicks Thanks a lot for the helpful information. I’m currently marketing to off market multi’s myself and trying to accomplish what you have. Please share the details once you refinance the other properties. Good luck and great job! Brandon Turner I got the idea to read it from dyplexes of the Podcasts.
“Investing in Duplexes, Triplexes, and Quads” The Book
I don’t remember the person’s name but this was their answer for favorite book. I am new to this concept of buying duplexes. I know the comments were written 3 years ago but perhaps i could revive the discussion and move it further. I want to start puraching buy and hold properties.
I was thinking that strating with a duplex instead of a SFH. I am reading the book by Larry B. When I mention that I want to invest in duplexes, people say oh those are hard to find. Well that doesn’t deter me.
I think it is a good way to get started with less risk. It’s made me sleep better. Minimum need fico to get best rates.
If you are just beginning, then partner with another established person to get your 2 years. Brandon Hicks Sounds like you are wholesaling to yourself? Do you market with mass mailing of fliers? What is your success rate percentage?
Wendy and I are searching for a four-plex to house hack. Finding deals is our biggest challenge thus far.
Kareena Heath thanks for reviving this discussion! I just bought the book and will begin reading today! How is it going? Walking for cash is a great out for us to find the properties. There is a wealth of info we pick up with every walk. I buy from other landlords Eric Anderson. Rarely are they out of state and they’re all absentee as far as them not residing at the property. What’s the name of that book? I don’t see it in your triplexess comment. Also how did it go since 3 years ago? Good tripkexes but like most, it’s fairly basic in deal structure examples and so on.
That’s been my complaint for years. Don’t preach no money down for example and then not explain in detail how to word your offer to actually achieve a zero down settlement statement. Brandon Hicks, where did you learn how to find and structure deals that quqds seller financing? Also, do you have a job or a business?
“Investing in Duplexes, Triplexes, and Quads” The Book
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Investing in Duplexes, Triplexes, and Quads
Here’s a good webpage explaining the front-end and back-end ratios that you’ll need to be aware of click here Keep in mind amd there are exceptions, special circumstances and special programs that could help you with debt.
If I were you I’d start shopping for loans get preappovals and have the loan officers break down their calculations for you Good luck to you. The deals are out there!
That is amazing Brandon Hicks I was literally on a hard money lenders website here in austin when I checked me email and saw that this message had posted. One of my all time favorites!