All Forum Posts by: Andy Bondhus

Was wondering if there are any investors from Austin, TX that can recommend contractors? I'm needing to get bids/estimates from contractors for a FHA 203k rehab loan we are getting. If you've used anyone and they've done good work for you, please let me know. Thank you!

Is it possible to use an FHA loan more than once to purchase rental properties? I heard someone on a podcast say they used FHA 6 times to purchase properties. Is that only if you purchase in different cities or using a different lender? Curious if anyone has actually been able to use FHA more than once some how? I realize that you'd have to refinance out of the current FHA, but once you do that, can you turn around and use FHA again to purchase another property?

Has anyone used an FHA 203k rehab loan on a rental property? Any pros or cons?

Wondering if anyone has done submetering for water on their rental?  Is this a DIY project or does it need to be done by a plumber?  Is it expensive?

Any info you can share would be great!  Thanks!

We too are looking at house hacking a multi family property in 2018.  We were told by our lender, that because we are looking at getting an FHA loan, that we only need 3 months PITIA as reserves for the property we are purchasing.  Under a conventional loan you would normally need 2 months of PITIA for the property you are purchasing AND 2% of the UPB (unpaid balance) of any other rental properties you have, up to 4 properties.  If you have more than 4, a larger percentage and 6 months of PITIA would be required.  We only have 2 other properties at this time, so if you have more, you may be required to have more than the 3 months for reserves?  There are lots of opinions on how much you should have, but I would check with your lender to know exactly what the minimum is you'll be REQUIRED to have to close.

Has anyone bought a property with the intention of adding additional buildings?  

We have the opportunity to buy a property with a 4 plex currently and it also comes with some land, so we were considering building another 4 plex or possibly 2, but we're not sure where to even start to find out if we can build and how many buildings we could put up.  Does it matter if it's zoned residential or commercial?  Also concerned about the lending portion of this.  Can we get one loan to cover the initial 4 plex purchase and also the money needed to build a 2nd one?  

If anyone has experience with this, we'd be interested in knowing a little more about how the process works.

Thanks!

I wouldn't make offers on properties you can't carry through on unless you have some kind of contingency to get you out of the offer.  If you don't, and you back out, you risk losing your earnest money.  I wouldn't recommend making several offers just to see if you can get "one" accepted.