All Forum Posts by: Carlos C.

Thank you so much for your detailed response! I understand it better now :)

I think, based on your answer, that if I get lucky and it appreciates enough, I can do the Refi thing, if not, I'll just do Conv + 5% Owner occupied.

I'm trying to build my plan for the upcoming years, since I can save up to $20,000 every year and I wish to buy at least one property yearly.

Your answer definitely gives me a better understanding of this whole loan thing :)

Thanks again!!!

Hi everyone!

Let's say I'm super busy 12 hours a day with my current job and I really have little time to look out for deals. Are there companies/brokers/wholesalers that could fine deals for someone like me? I'm in Miami by the way, but I wouldnt mind investing off-state.

I don't mind paying a little more since I'm planning  on doing buy&hold.

Thanks everyone!

O h I see! I thought you could only have one FHA loan at a time.

Thanks for your answer!

Hi everyone!

I have a question about house hacking.

Let's say I bought my first Duplex with FHA and I'm going to live in the unit for 1 year.

What's the procedure to buy a second one and repeat the process?

Do I have to refinance the first one in order to get a new FHA loan on a second one?

Thanks!!!

I apologize in advance if this has been discussed before, but I searched and can't really find much on this tipoc. I'm new at all this, and this question just popped into my head :)

Is it a bad idea to find a LOT and build a duplex/triplex/4plex instead of trying to find a deal? 

I ask because here in Miami I can't seem to find much of that (as far as I've been able to search) and I was thinking of this option.

By the way, is it harder to get a loan for new construction? Is there such thing?

Thanks everyone!

Hi everyone,

I'm trying to find my first deal, and I'm going to go with duplex or triplex, and I'm going to occupy one of the units. Going to use FHA.

My big issue right now, is finding that deal, because, I don't really know how to calculate the monthly Escrow payment that I'm going to have.

A previous property I had, I remember P&I was 650 and Escrow was 750.

Is there a way I can kinda estimate the Escrow so I can look for deals quicker? Someone had suggested an Insurance Agent, but I don't see that being very practical while searching through hundreds of properties.

Thanks everyone!

Hi everyone!

I'm looking at a property that is advertized as a 3/2 house with 2 efficiencies. 

Are there fines to be paid when you buy a property with efficiencies in it? I understand most of the time there were no permits for them, how can I find out?

Thanks!!

Thanks man!!! I'll definitely listen to it :)

Hi Everyone! I have a person that lives outside the US. He wants to partner with me in a few buy and hold properties. He's pretty much gonna provide cash. What would be a "fair" way to approach this? He's proposal was: He puts the down payment along with closing costs. He has 25,000 dollars to put in right now. I look for the property and we buy it. We pay for Property management. We both own the property and we both split cash flow in half. Does this sound fair? Initially he wanted me to put half of the down payment, but it didn't sound fair to me. Thanks in advance for your opinions!

Oh ok, I completely understand both answers.

I guess right now my question would be to people out there in the Miami area, and see if they have any knowledge of that type of lenders, or any recommendations in general.

Thanks again for your replies!