All Forum Posts by: Joey B.

Very nice - I appreciate this response too @Alecia Loveless

Great insight in regards to the lease. This is a big thing. Thank you

Thanks @Malcolmb - will do this.

in case anyone on this forum can recommend any HO-3 policies in South Florida, this would be very helpful too!

Hello BP!

I am looking into a duplex but am not sure which homeowners policy would be best.

I plan to live in one of the units of the duplex and rent the other one out. The duplex also has separate buildings with separate yards but each building is on the same lot.

Do you have any advice on which type of homeowners insurance policy you recommend? (along with a recommended provider, i.e. Geico, American Family, etc) That would be greatly appreciated!

With gratitude,

J!

 @Matthew - I like this perspective as well. I may try this approach with a next property because I like the low down payment. Quick question -- If I refinance out sooner, does this mean that I need to refinance at 20% down again?

I am definitely more interested in the return of investment long-term. Sort of looking at this as diversification of my portfolio. I may move into the property as well in many years from now so this is the main reason for me purchasing land.

 The way that you explained this makes it very clear for me. Thank you @Bradley Sriro

@Bryan Vukelich - Many thanks for your wisdom. I feel that liability, injuries, and learning which ones I am willing to deal with is important.

@Shawn Mcenteer nice! Yes I feel like MFR is a gem and right for me. Excited to be ready to purchase my first property soon!

If any other people see this, please share things you wish you knew before you started!

@Bradley Sriro this is a great opportunity and thank you for sharing your knowledge. I have a question towards the duplex option. If I were to put down a 3.5% down payment and pay the monthly mortgage with the ~$300 insurance fees, is this a better route than putting down 20% in a conventional loan? I understand I have to find the right loan and do the math, but is there really any other downside to the FHA and that additional insurance cost?

After using the calculator I only have about $50.00 / month cash flow for the first month, but I really want to go this rounte so I can get the Loan-to-Value ratio to be 80%. At that point, I believe I would have 20% equity and I could then go ahead and can refinance to remove the insurance fee. I have the funds to out down 20% (about 100,000) but wouldn't it make more sense to let my tenant and equity pay for that?

Thanks so much!

-J

@Bradley Sriro

Hello all!

I have already heard many great things about House-Hacking, but I would like to hear about things that you wish you knew before starting the house-hacking journey. Like are there any liability issues you have experienced? what happens when your tenant's toilet gets clogged? or what happens if your tenant gets injured at the house?

If anyone could take a few minutes to share some things you wish you knew before starting the journey -- I would love to hear about these experiences!

Cheers!
-J

Hello Malgorzata - for the condo, my lender told me I could qualify for 3-5% down, but most likely have to put 20% down for a condo with a conventional loan. I am actually leaning towards putting down approximately 20% down in either the duplex or condo scenario.

Hello beautiful people of BP! I need some advice and insight. 

My main question is for condo-purchasing: If I purchase a condo in let's say Brickell or Wynwood, could I say it is more likely to rise in value long-term (15-20 yrs) vs. a duplex in Miami shores?

I have been living and renting in many different areas of Miami for the past 7 years and officially committing to purchasing a property somewhere in the area. I am looking to invest ideally south of North Miami (which includes Miami Shores / Biscayne Park), North of Coral Way (which includes Brickell / Downtown Miami) and East of Allapattah (which includes Wynwood and Midtown). 

I have been pre-approved for an FHA loan of 3.5% up to $515,250 for a duplex (looking for at least a 4bd/2ba), and based on HOA fees, I've been approved for about $450,000 for a condo (looking for at least a 1bd/1ba).

My plan for the long-term is to own the property for at least 15-20 years. Short-term is to move into the space by January 2022 (as my lease ends then) and live there for at least 1-2 years.

If I get the duplex, I would house-hack until it was my time to move somewhere else and rent both spaces within the duplex. If I get the condo, I would just rent it out after my departure in 1-2 years

Thanks in advance for reading and for any advice or insight you may offer to my situation and/or question above!

-J