All Forum Posts by: Austin Hanse

@Bob Okenwa

I haven't. Will they finance structural repairs? Also, do you know if they have low downpayments? I will have to do some research on this type of loan.

I believe 203(k) won’t fix any structural issues and since this is sloping, the house would need to be lifted and new peers installed. Unless you’ve experienced them replacing these damages or financing with known issues like this.

I am looking at buying a triplex and living in one of the units. To finance this, I want to go with the FHA 3.5% down route. I know there are some restrictions on what FHA rejects as a property to finance and was curious if anyone knew the restrictions of foundation settling. The house is a little sloped on one side and is pretty noticeable on the third story when walking in the kitchen. The seller has informed us of this issue and has even shown the quote to repair the issue. I believe he bought it with this problem around 10 or so years ago and hasn't done anything to replace it since I guess it wasn't a huge deal.

My question is do you think I will still be approved for this loan with this know issue? It sounds like it has stopped settling and has been like this for awhile with no problem. Or should I look at other means of financing?

Thanks!

I had a question on financing for my first couple deals. My goal is to buy and live in a 4 family building. I'd also like to buy a second 4 family in addition to the one I'm looking to live in. This one would be considered an investment property and the other one would be considered my residence. My question is if I buy the investment only property using the typical 25% down on the property, can I still have access to the FHA loan with 3.5% down for my owner-occupied property? Or should I only be looking at owner-occupied properties first in order to get the FHA financing and then start looking at investment only properties?

This question is on timing and if I'd still have access to the special financing if I go with buying an investment only property first. Thanks in advance!

@Aaron K. 

That's a good point for my properties. I thought about excel but am looking for a less time commitment strategy. I appreciate the feedback!

@Alan Rohrer

I will check that out. That sounds like what I'm looking for but when I was searching for it, it always brought up job costing for QB Desktop or separating them into classes. QB Projects sounds like the right fit. Thanks!!

Hi Everyone! I am looking for any advice on job cost accounting software. I currently use QB Online but they don't have a job costing feature, only workarounds for now. I have done a little research on companies that integrate with QB and can track project costs specifically. What I'd like to do is create Projects/Jobs for each project I am working on and track expenses under these projects. I would also like to create a Project/Job for Overhead so I can track my admin and overhead costs. A Profit Loss statement is nice, but I'd like to get more detailed. Any recommendations or advice is much appreciated.

Disclaimer: I do not own any properties yet but do own a small landscaping company which is what I am asking this question for. However, I will be investing in multi-families soon and would like to apply this same accounting method for the properties as well.