All Forum Posts by: Brandon Reed

@Caitlin Brennan - Unfortunately Clermont MF Properties have eluded us for like 5 years. We've been trying to House Hack a MF here for that long and have off-market and on-market strategies to get something and have just struck out. Inventory is incredibly limited and when it comes up it's overpriced and is often in a multiple-offer situation. Hate to be bleak 😕 but that's just been our experience. We finally moved forward with SF because we really wanted to start getting our feet wet and were spending too much time spinning on MF without results. We are trying to House Hack 3 properties before buying one for ourselves. We're in our first and under contract for our 2nd. But we're still actively on the looking for MF in case an opportunity pops up for us to do that for our 3rd property.

Keep looking! Even though we haven't done any deals MF off-market that is where we've seen the most momentum with sellers getting back to us and such. Best of luck to you!

@Caitlin Brennan - Be realistic with the amount of work you'll do yourself once you move in. One of the most attractive things about House Hacking is the sweat equity you can put in over the course of you living there. However, rehabbing while occupying is tough 😄. I speak from experience haha. Just be realistic with yourself and your situation. If you have young kids maybe try to front-load the rehab to before you move in. Or if you have the margin in your life to take it on then go for it! Just be realistic is my best advice 😊. Best of luck!

Hi BP!

I'm doing a house hack with a conventional rehab loan. The loan requires that a GC give an initial bid for the work and then also sign off at the end that the work was done satisfactorily. But I'll actually hire and manage the subcontractors actually doing the work. I'd of course pay for your time as you'd need to come to the property initially to put together a bid and then sign the paperwork at the end. But that should be it as far as commitment goes on your end! You'd need to be located in or around Central FL. Let me know if you're interested. Thank you so much!

@Kerry Baird - Thanks Kerry that’s helpful!

Hi BP!

Is anyone aware of a lender who does HELOCs on investment properties that aren't a primary residence?

Hi BP!

Does anyone know of loans or grants for SFH Septic systems that are available in Florida? We are in a USDA "rural" area but exceed the income requirements for the homeowner's loan offered by the USDA. But I heard the USDA has a septic loan/grant as well and not sure if anyone has experience with that to know if the same income requirements apply? Or if anyone has experience with loans/grants of other kinds in Florida?

In case it matters, we need the drain field replaced but the tank itself is fine.

Thanks for any insights!

Thanks for your response, @Wayne Brooks. If I were to seek out a partner, how would you structure the partnership to be compelling for them? I'm guessing I'd need to offer equity in the deal, right? Just want to make sure that I am bringing something valuable to the table if I start asking around.

Hey BP!

I am speaking with a Seller about purchasing 4 Triplexes that he owns.

He is willing to Owner Finance with a note amortized over 30 years at 4.5% and wants 25% down.

My question is, can I get a loan from a bank for the 25% down? Assuming my credit/income/other qualifications all meet what they need...is that even a loan that is offered? If so, what kind of loan am I looking for? What terms are typical on a loan like that?

Any thoughts would be greatly appreciated. Thanks so much!

For a 203(k) loan, it’s my understanding that you can use a maximum of 2 contractors (e.g. 1 Plumber, 1 A/C Technician) before needing to actually hire a General Contractor to supervise the work and sub-contractors.

We are trying to not hire a GC, so would like to keep the work we do limited to only 2 contractors.

Does anyone know if I could list a Home Improvement Store (Home Depot, Lowes, etc) as a contractor? That way we don’t need to get a contractor to do our flooring, one to do our water heater, one to do our countertops, etc. We could essentially just list Home Depot, for example, as a single contractor and they could do several components of the work.

Anyone know if that’s possible?

Thanks so much!

No problem! If you want to get a bit more info on who they are and what they do, they actually did an episode on my Podcast. Gives you a great feel for what they're all about. This is not at all a plug for my Podcast haha...truly just thought the episode may be helpful as you make your decision!

http://realestatefortherestofus.com/scott-and-kim-hampton-work-on-your-business-not-in-it/