All Forum Posts by: Chris Bluem

I am a new landlord and proud owner of my first duplex house hack, will save that for its own post.

But I have tenants that are M2M, and I am looking to give them notice as I plan on renovating the unit. They have 60 day notice but sooner would be better.

Is there any specific law I need to follow or can I just type up a formal letter and drop it in their mailbox? Does it go with the first of the month or is it 60 days from notice?

Also, I’m looking for opinions on best way to handle this? Face to face, call, letter?

They are good tenants and nice people so just want to handle it the right way.

Any suggestions would be awesome, thanks!

Hey BP Team,

My mom and I will be launching as a real estate team next week. She has done a lot of deals in the past and is getting back into the game, I have relatively little direct experience but understand most of basics and pick up on things quickly. But more importantly, I am curious as to what your STRATEGY would be if you were launching as an agent.

Next week I will be listing my house for sale under the new team, and I want to take this opportunity to launc in the neightborhood. Below are some things I have thought of doing but would appreciate your thoughts and things that you have done.

Post MLS, Zillow, Redfin, Realtor.com (I already have great photos and staging)

Have open house next weekend sat and sun. Have house flyers and business cards ready.

Send flyers around the neighborhood, promoting the listing/open house one side, and promoting services on the other side (Services include: professional photos, direct mail, all online outlets, wholes sale list if it is a rehab (i.e. I have buyers and investors), cleaning & hosting open houses, and reduced commission promo period)

I have a few friends in the neighborhood that I could post my sign up out front on high visibility routes

Advertise on Zillow (this would be new to me)

Anything else would be greatly appreciated. Also I have no experience with direct mail so any insights on what companies you use would be great.

Thanks!!

-Chris

Still looking to understand if anyone knows the answer to this? Thanks!

@Jonathan Blocker that is exactly what I am looking to understand as well! Thanks! I feel like there must be a way

I am looking to do it with FHA, only if I could pull the 96.5% out as it would be significantly more cash out on a higher end property. Which would out way the temporary PMI in my opinion.

But I guess that was my question if it was possible, but it seems that FHA refi is only 85%?

Or is there a way to do cash deal to FHA at the 96.5%?

@Carl Fischer

Thanks for the response. But does it matter if I put the balence as “other” or as “balance to close”.

Thanks!

Hey BP,

I am looking to house hack with my FHA loan, but I wanted to see if I could further that using the BRRRR strategy.

The plan would be to buy cash and fix up a multi family property. But then when I rent and refinance I would like to refinance using an fha loan.

Is that possible/allowed?

Thanks!

Hey BP,

I want to make sure I am filling out a cash contract out correctly, any help would be appreciated.

This is a FL as is contract.

For a cash contract do I put the balance (pp - dp) in “other” or “balance to close”

Do I need to specify anywhere that it is a cash deal.?

If I am using hard money can I say it is cash and do I need to do anything specific there?

Thanks!

Any insights here would be appreciated, thanks.

Hi All,

I am looking for some advice regarding my real estate strategy going forward and specifically the sequence of the events to make it happen. Below is a little background.

I am looking to downsize my current home (FHA) and purchase two properties, one multifamily (My FHA) and another smaller property (apt/townhouse) with my partners FHA or 20% equity. A family member is also a real estate agent and would provide me with the 3% commission on the purchase of the new properties, minimizing cash outflow on the new properties.

So my high-level thoughts are, I could downsize and buy two properties, which would reduce my monthly living expense by 1) a smaller primary note and 2) income from the MF offsetting a portion of the primary note, and at the same time I would be able to pull the equity I have built up in my current home, plus my current cash on hand, to further invest after the dust settles. Also, note that I am pretty young, have a good/stable income from my primary job and great credit.

So I have a few questions on how I should think about executing this from a timeline perspective and also ask what you would do in this situation?

To purchase the MF (FHA) would I need to sell my FHA home prior, or can I purchase at the same time as the sale or even before?

Would I need to buy the second property (apt/townhouse) with 20% or FHA first, then sell my current house, and then purchase the MF FHA?

Should I try to BRRRR this MF property and refinance it with my FHA, or better to purchase turnkey? And I guess the same question goes for the apt as well?

I have the idea down, but just a little caught up on the sequence of events, and also throwing the BRRRR in there adds more complexity, given that would take more time and also would be my first project of that scale, but could save cash outflow.

Any advice and input would be greatly appreciated, thanks in advance!

Thanks, Chris