All Forum Posts by: Account Closed

You can but be prepared to explain why you want to purchase that home and why very clearly. The red flags that signal occupation fraud is less square footage, worse condition, further commute and other reasons that look like you might stay where you are. 

If it is a move for work has more bedrooms or other improvements it makes a lot more sense. 

Totally possible but it will need be signed off on.

Not a single web site that i know of but I between the Realtors associations data census.gov and huduser.gov I believe you cover most of that data. Hud will have some of the big data only some of it is aggregated together. One place to look first would be the "Comprehensive Housing market Analyses" it gives a great overview before you dig into details on a market.

https://www.huduser.gov/portal/ushmc/chma_archive.html

Welcome Scott sounds like you have an exciting year ahead of you.

Always good to see FL people here! Welcome and best of luck on your 2018 goals! If you want to talk though any financing situations please feel free to reach out. 

@Nina Ibrahimbegovic You can keep the reno loan at bay with addressing the issues with an escrow hold back. Since you do not think it deserved the C5 it might not take much. You can do a homstyle reno loan it is still conventional should you need more work or not have the liquid funds to tie up in escrow accounts. 

Welcome @Maykol Au! I look forward to hearing a CPA's perspective on some of the questions raised here. 

@Yanelis Perez you can do a triplex as a primary residence and get very favorable terms either FHA or conventional.

The construction side will be hard as construction perm loans are few and far between and the best ones I have seen do not allow for Multi family. If you have a builder willing to do it spec or with some kind of earnest money you can close on a new construction home already built no problem it is getting the funds to get it built that could be an issue. 

Welcome wanting to get rid of student loans is what got me into rei also. 

As for building you can buy a lot and use its value as your down payment. There are also ways of buying it all at once. New construction is a creature quite unique to other real estate. I think you would be better to work up to new construction maybe build the cash to build a spec home, it is still a large gamble as you will often be the nicest home on the block. Also there are very low profit margins in FL for new construction under 200k. 

Do you currently own a primary residents? A multi family is a great way to cut cost and see cash flow. Two things that could expiate you debt payoff. 

@Joshua Easters Glad to help. You have good options for 5% and 10% downpayments while 20% is your lowest cost with low rates you may want those funds working somewhere else. If you have any specific questions as the time comes reach out I will be glad to help.

@Joshua Easters From what i see here it does not seem like you will need to sell that home. You can use a HELOC for down payment the repayment will need to be factored in but it is your money and secured by an asset. Also the rent covers your expenses so it is not seen as a drain on your income. The only thing not listed is you will need to show an account with reserve funds to cover any emergencies or vacancy but you can use bank accounts, 401K or other fairly liquid sources.

Do you have a specific reason to be claiming it as a second home? You get the most favorable terms as primary occupancy so if it will be used that way that would be my recommendation.