All Forum Posts by: Austin Bright

@Kevin Miller @Account Closed Thanks so much! I really like the idea of house hacking a duplex using an FHA Loan. Is that something I can find in Frisco? What about a little closer to Fort Worth (where I work)? Thanks again!

Hey all,

I'm relatively new to the area and am trying to figure out which cities are going to be experiencing the most population growth in the next couple of years (ie where will appreciation be the highest?) I've heard Frisco and Mckinney. Anybody else care to give input?

Thanks!

Thanks!

@Luke Sass I am also a first time home buyer. So it wouldn't be an understatement to say I don't know what I am doing. Should I be working with a realtor? At a minimum, I'd want to connect with someone who knows how to put together repair budgets, if I end up buying into an off market deal. Advice? Thanks!

Originally posted by @Marci Mayes:

FHA loans are only available for owner-occupied homes. You would need to live there and house hack in some way. You cannot finance with a FHA loan if you don't plan to live there.

Hi

Yes I know this... I should have clarified.... I'm talking after a refinance

What's the best way to find rent comps in DFW? Contacting a real estate agent for a CMA for each and every property can get cumbersome.

Also, I'm finding it very difficult to find a 3bd 2bd SFH (or any SFH) that will rent profitably given I'm financing through an FHA loan (3.5% down). Looking at a price range of 150-200k, I'd need rent to be ~$2000. (I'm accounting for PITI, utilities, vacancy, property management. Mtx, repairs, capex). It's easy to meet this target with a duplex, given I can rent each side for $1000-$1200. But duplexes seem rather rare.

Any advice for find good comps for SFHs? Any other investors financing through an FHA loan have this issue?

Thanks!

So... rather than looking at it as a % of rent.. should I divide my PITI by 12? How would repairs depend on property type?

I've heard are 5%-10% of monthly rent. But what's the end goal... to have one (or more) month of vacancy reserves at the end of the first year? six months? The vacancy would cover the PITI? Is it supposed to cover more?

Thanks!

Originally posted by @Mike Cumbie:

In my opinion get a quality home inspector and pay them to go through. Don't try and do that one yourself in the beginning.

Thanks!

Hi All,

I'm relatively new to BP and have made a NY resolution to buy my first home this year. I am curious: when I start visiting homes, what are questions and warning signs I should be looking for to get an idea about the property's condition. For example: Where can I learn about the most common problems (and home to spot them) concerning:

Flooring

The Roof

The Foundation

Electrical 

Plumbing/Pipes

Painting

Driveway

Etc..

Can anyone point me to good info on this (repair costs, best materials, life expectancy?) Is it a smart idea to put a contingency on the condition given that I live in a competitive market?

Thanks!