New Investor in South Florida. Looking for MFRs

[Xavier Deroos]

Hello BP! 
I have been looking on the site and listening to the podcasts for a while now ( I have listened to over 50 of them so far, Great job on them!) and decided I feel confident enough in my plan to finally make a post in hopes to reach out and start connecting with other investors, contractors, lenders, agents, ect! 

So here's the background. @Danielle Larsenand I are looking to buy a 3-4 unit MFR in Dania Beach, in hopes to house hack and live in one of the units while renting out, and cashflowing on the property. We are definitely leaning towards a fourplex at this, because... why not? Go big or go home. I think the difference between 3 and 4 units will also allow the ability to cash flow even while we are not paying rent depending on the property. The plan for financing is to use a FHA 203k loan and finding a property that may need some minor or serious rehab to get up to a newly-emerging market standard. I dont mind the more serious rehab because although I am absolutely NOT a handyman (I work with saltwater aquariums and marine biology) it doesn't sound like the FHA 203k allows for the owner to do the work anyway. Is that correct?

Here are my questions:

Does anyone in the Miami, Fort Lauderdale, Dania Beach, Hollywood area know, or happen to be a 203k lender that is familiar with the process, and investor friendly? 

I have what I believe to be a good team put together between plumbing, electrical, landscaping, and general contractors, but will I be able to use anyone who is not on the "203k approved" list?

Once I get the 203k Prequalification, am I free to go shopping? Am I able to go finding home owners and asking them if they are interested in selling? Will that complicate the 203k process or is it the same thing? If not, what property types are "off limits?" I know short sales and REOs are supposed to be much more difficult with 203k loans from what I have read. 

Thank you all, I look forward to meeting everyone!
Xavier

[Account Closed]

203k loans does not have to be listed on the MLS for you to qualify. However, income, assets and reserve are a must. 2 to 4 units are not considered commercial so this specific loan is perfect for what you want to achieve. Please contact me at your earliest convenience and I will assist you as I am in the fort Lauderdale, Hollywood Dania area