All Forum Posts by: Antoine Pippens

Here is the situation. I have a FHA 203k that is for an owner occupied duplex. As it is getting closer to being completed there is a chance i may be moving to another state for work. I was already debating on renting or selling it but decided selling may be best option. i have not had the unit for 12 months from closing. It will be completed in the next month or two and it will have a ton of equity. Im worried about having pay the taxes from the sale. If i do move out of state i will want to use 203k loan again! I'm in indianapolis Indiana and have not idea who i need to talk with about my options available to me. NEED MY BIGGER POCKET COMMUNITY TO HELP

@Marcus Auerbach. Yes it was a great deal I purchased from city. I used 203k loan which nobody informed me how they really work and all the money you have to use upfront. I learned soo many things on how the whole process goes from permits contractors watching budget scheduling and even water main taps and sewer issues. I am definitely gonna try to sell without tenants for first 30 days once completed and if don't get an offer keep it switch title to my LLC and rent both sides and refinance to get all my money I put in!

My first investment rehab on a big duplex is almost complete. I was a total rehab from basement up! My initial strategy was to brrrr the unit for a 920 month cashflow but a change in plans with me about to move out to another state I'm wanting to sell it as soon as completed. The numbers are as follows purchase price $16k. Total renovation $127k. ARV $220k It was a huge 2/1 per side 1500sqft now 3/2.5 per $1200 rent per side. I'm debating hard on selling so I can use cash that I need to start another project and not deal with trying to be out of state investor just yet! My question is how and when to start looking for buyers?? I'm sure it's gonna be a seasoned out of town investor. NEED some solid guidance!!

I have a duplex that is a total rehab job in indianapolis. I spoke with 4 different contractors about bids only 2 could handle the 203k draw process.  And either could do written bid with broken down for labor and material costs.   I tried using BP for contacts without luck.  Anybody else running into this type for issues???

i finally got approved on a duplex i submitted for 8 weeks ago. Landbank is a long long process but the prices for homes are soo cheap. Each side is 1400sq ft but are 2 bed 1 bath. In the rehab im adding 3rd bed room and additional bath each side. Its a total rehab job only thing decent is the siding that needs painting. I am going to house hack and manage the rental side myself. The purchased price is 16k and rehab is 70k and takes 4months to complete. I am BRRRR the unit since its in what some call a rough area there are no real comps. There is tons of rehabbed properties but all are SFH. for my numbers to work i need the ARV to be 140k minimum. My lender says its 6month seasonal period but can do 85% LTV . The rent im looking for is 1000 but i know section 8 i can get 1100. Issue im having is how much of upraded materials should i use like flooring, cabinets, countertops and landscape for the neighborhood and i do plan to live there 6-10 months?

What would you say be a realistic cost per square foot for building multi family?  The area I was looking at there are 2 homes on same block that were built within last 2-3 years like this but I couldn’t find any info on it. But I did see Zillow had their value around 199k to 207k. 

I have been throwing the idea around about building a multi family unit. I’m in Indianapolis where 95% of multi units are in low grade D neighborhoods possibly F! I found nice size lots extremely cheap around 3-12k in decent neighborhoods. My question is it possible to build 4 unit 2/1 800-1000 square footage each side for under 160K with modest finishes? I am having trouble fIndIng a builder to ask questions to. Any advice bigger pockets on where to start?

Looking for REI in Indianapolis Can someone point me in right direction??

@Sasha Mohammed thanks I did use a mortgage broker and they told me need to wait 3 more months so they can include my second job income. They said I have to been at a job for 2 years before able to use income to qualify.

@Antoine Pippens. I forgot to add I was looking more 203k loan to do repairs as well