All Forum Posts by: Brian Warren

@Geordy Rostad

I will have to look further into this. I used a regional bank, but I did also try Wells Fargo and Charles Schawb who uses quicken loans also. I think I was told there was a reason for not being able to do fha? But I don’t remember why I was told that. I just know that he said I could not get lower even if I was to move in and owner occupy them. I am in the process of looking at a few more duplexes so I will make another attempt at it. The 20% really takes a hit on the savings account making it hard to scale and add more properties as fast as I would like.

Thank you for your input

Well I have been reading up on house hacking, I purchased 2 Triplexes this year and when talking with the bank they told me that even if I lived in them I would still have to put 20% down. From my understanding if it was a quad or less it would be less of a downpayment. He told me that I could do a duplex for 15% down but otherwise it's 20% no matter what on anything that isn't an FHA loan.

Is my loan officer wrong? Or am I missing something? I would like to continue buying properties but these 20% down payments are a killer on the savings account. Any advise?

Thank you

@Gilbert Dominguez Great feedback Gilbert thank you!! What is my first step to figure out about zoning? I know that there are a few other homes in the area (within a block or 2) that are already setup as duplexes. So I am assuming it should be ok and easy to do but I could be wrong. Thank you again

@Nik Moushon Nick that’s a different way of going about it. Never thought about that. Thank you Maybe bulletproof wasn’t the correct term but just looking for some helpful tips from people with more experience than I have

@Josiah Kay Without being able to preview these, are they better than the million others out there? I have found a lot of places to get them online but would like some feedback on 1 which ones are better than others and why And 2 anything that is a must have in your lease that in your experience has been helpful or needed I know there is not perfect bulletproof lease but I want to be as prepared as possible. Most quality tenants want a lease, I have done the no lease but only on my class D apt rentals

Looking to do a house hack soon but looking for the right deal. Maybe I am over thinking this but I don’t want to do a house hack on too cheap of a property, downpayment so low that doesn’t really make sense to do this. So I was thinking it would make more sense to do it on a more expensive or nicer property than what I have been currently looking at and buying to get more house for less money down? Also there is the factors that I would have to pay PMI on any loans with less than 20% equity... I would like some advice on this if I could get some feedback from people with experience in doing this.

Looking for advice on putting together a bulletproof lease agreement I can find basic cookie cutter leases and I know I can go to an attorney and have them write me one up but I want some perspective on setting myself up to prevent as many unforseen issues as possible. Thanks in advance

@Brian Warren I had this spaced out and much easier to read before I posted. Sorry the formatting changed when I hit post. I can repost just the numbers in a more readable way if needed

I put a bid in on a SFH that I know has a lot of potential but would like some feedback on the direction I should go with it. It’s an older home but most in my market are. It’s an estate deal so it’s being sold “as is” As is needs roof now or within 2 years best case Back porch needs replaced Minor things inside, but will add up This house has a lot of added bonuses that I can explain if relevant Purchase price $85,000 20% down will finance the remainder Rehab will vary based on strategy Bank also offering a financing option to give loan based on after rehab value. New type of loan through local lender Option 1 minor repairs and rent for $1300 Rehab costs minimal Roof $6,000 Porch $2500 Interior spruce up $3000-$5000 Option 2 easy split to Duplex Rents top $1000-$1100 Bottom $800-$1000 has workshop space and commercial style garage attached Again rehab minimal $27,500 Roof $6000 Porch $2500 Interior spruce $3000-$5000 Update existing 2nd kitchen in basement $5000 Take away spiral staircase and close up floor $2000 Egress a basement window $3000 ? Zoning or legal to split??????? Option 3 fix and flip put more into rehab ARV should be $140,000-$150,000 Rehab costs would be probably 40,000 Would update kitchen Some flooring Some paneling in basement Probably replace windows A litttle landscaping Along with roof porch etc I’m leaning towards Duplex option But I have heard that that could decrease value? This is a good solid bones property that would make a good long term rental in a decent area that should attract quality long term renters Any feedback is welcome Also anything that I am missing this is not my first rental but I am still new at this and have never done a lot of rehab. I have a great team, I have run other businesses and have developed a team around me that will do most of my manual labor Thank you

@Valerie Rogers pigeon forge TN