All Forum Posts by: Chase Taylor

Nice work @Jacob Sloop looks great!

@Russell Beach Bayport Credit Union. I doubt they’ll do it on an investment property however. 

How much equity do you have in your current place? I've utilized 100 LTV helocs from a local CU that can give you some cash for a new deal. You could also move into a new house hack. Beyond that you could look at creative financing - owner, sub2, find a partner. With this finding an owner who will give you financing with little to no down will be a hard sell. I would also be cautious as well, if you don't have the 20% down what do your reserves look like? With little to no money your vulnerable especially as you add more units.

I've done a couple Sub2 deals (not in Va) but may be able to offer some guidance. PM me if you'd like to talk more. @Ryan Dyess

@David Gatlin I also live in Virginia Beach and am currently house hacking a duplex. I own some other properties as well but am a huge proponent of this strategy for getting started. Shoot me a DM if you want to chat more.

@Russell Brazil Just got the appraisal and you are absolutely right, thank you for the feedback. 

@Rico Nasol Thanks for the feedback, I ended up moving forward with the HELOC as the appraisal didn't quite give me the 20% to refi conventional but plan to pay off the HELOC pretty quickly then refi conventional once the 20% is hit and pull a new HELOC.

@Femi Ibrahim I'm working with a local credit union in VA.

I purchased a duplex with FHA financing in July 2019 that I still occupy. I bought the property off market at a discount and with appreciation now have 20% equity. I was considering a cash out refinance to tap the equity but landed on 100 LTV HELOC product which I am in the process of completing now. My question is can I refinance the FHA to conventional to drop PMI even with the HELOC? In hindsight, I think I should have refinanced to conventional then pulled the HELOC. Also, if the latter is the case, is this still an option as I haven't completed the HELOC yet? Thanks in advance.

Took me around 4 months and 3 offers for my first. More recently for my 3rd it took me 6 months and 4 offers. I ended up buying an off-market deal. Competition is incredible right now as I’m sure you know but as mentioned above stay patient and do your best to keep the emotion out of it. One lesson I learned was despite how defeated I felt after having offers rejected I am always glad they were when I end up with the property my offer is accepted on. This mindset will save you a lot of unnecessary grief. 

I am newer to investing so I am looking forward to input from others but will share my feedback. I own a duplex in KC which I currently house hack. I also own a SFH in Orlando which is where I am originally from. What I have found (others may be seeing something different) is there is better cash flow at this time in KC; however, I see a better long term play for appreciation in Orlando. I flew to Orlando for the first time in a couple years last month and hardly recognized the city, the growth is incredible.

In either scenario you are going to need PM at some point so I would focus on clearly defining your short term and long term goals; are you trying to build a portfolio so you can live off the income, purchase a couple properties for supplemental income, scale a large RE business? Depending on your goals, I think this will better help you answer your own question. If your goal is a large portfolio, KC may be more appropriate because as you mentioned, you will always have ties there. Also, as you are from KC and presumably know the area, this may serve you well. 

One last major point I would focus on is financing. It sounds like even if you purchase in Orlando you will not be occupying the property? Based on this you will be paying 20%-25% down. If you purchased in Orlando, occupied the property however long that may be, you will have more flexibility for a lower down payment. Yes, you will pay PMI and have less equity in the deal which will hurt your cash flow but this may allow you to turn around and purchase another property much more quickly. Again, this goes back to your goals and risk tolerance. Hope this helps.

Thank you @Edgar Estrada and congratulations on your first property as well.