All Forum Posts by: Alex Schar

Hi,

So my business partner and I are looking to purchase a duplex under FHA and house hack it. We were able to get it 30K under market value, but it has repairs needed. The plumbing would be 22K, Roof 7K, and foundation at $1,200.

I love this house and it will cash flow around $300 a month after we move out. But I'm not so sure about forking up so much cash up front. The roofer and the plumber says I can hold off on the repairs for a few years, but they are necessary.

Any thoughts? 

I'm trying to purchase a 16 unit senior home that is currently enrolled into the USDA Rural development program. All of the lenders I have spoken to say they can only lend on a 1-4 unit property. Who do I need to talk to get a loan on this property? Is there anything else I should know? I've heard you have to live in it for a year but I'm pretty sure that's just FHA? Anyone done this before?

I really appreciate the information, not to be too forward, but what would you change about the deal? I just started learning about bank loans, but I have no idea what is a good loan when it comes to seller financing.

I initially wanted to house hack a multifamily property on an FHA loan for my first deal, but I came across a duplex that has one half already renovated and the other half with lots of cosmetic issues. The seller will only accept seller financing and their terms are "

Sold as is, seller will do no repairs. 30 year term 8.9 percent interest. Buyer pays all closing except title policy. 10 percent minimum down payment. Loan must be escrowed and buyer pays loan servicing fee of thirty five dollars per month to a third party servicing company. No existing survey.

Should I just stick with FHA? I can get in with a lower down payment elsewhere, and get a lower interest rate as well. Also are seller finance deals re-financeable? I'm very knew to real estate, and still learning. Also what should I expect for closing costs to be? 

I appreciate the feedback, since this post I have had several meetings with my sisters. We have delegated out each others responsibilities and have been working on a contract, business plan and LLC.

I'm not sure if my dad is going to fund the entire project, but I guess I will need to incorporate that into a proposal. 

Could you explain more on how to find the after repair value of a property?

My dad wants my 2 younger sister and I to work together to start a real estate company, he says he wants us to start with 2 flips then we can do what we want with that money. Any advice? I find my sisters immature, pretty nervous to work with them. I’m more interested in rental, but we’ll need money from somewhere, how should we start, do we need a contract? How do we find a mentor? I know little about real-estate from bigger pockets but they know nothing, just that they’re interested in real-estate