All Forum Posts by: Chris Hayes

@Harris Dy I'm also looking into a single family that needs some work so I can both build equity and decrease my monthly rent/mortgage cost. I'm paying 700 a month in rent now. I want to get as close to 500 as I can if I go the SFR route. I'd then use the equity I build to get my next property, which would be a rental.

@Harris Dy there's a lot of that around Oklahoma City as well; half a duplex being sold to one buyer and the other to another. That's a shame as it really throws a wrench into the plans for those of us who would like to own full duplexes. 

@Dylan B. I went to First United. I was recommended by a realtor I'm working with who's on BP. I'll probably look for another lender though. I wonder if it's policy they have?

I live in Oklahoma City. I'm looking to buy a duplex later this year to house hack with. I've got my eyes on a few already. I went and got preapproved through a mortgage company. However, they're telling me that I can't use an FHA loan on a property that will be used for tenants, even if I were to live in one of the units, and that I would need to put down at least 25%. Anyone else run into this issue? I've heard countless times that you can use an FHA loan to househack.

@JJ Gritts can you buy HUD homes through regular financing, or do you need cash/special financing? I really like that house, despite the above concerns. Would possibly make a sort of low ball offer.

Thank you @Ron Daugherty @Dylan B. and @Josh Dillingham for the replies. I'm going to do a walk through of the house tomorrow with a realtor, but yeah, I think the numbers are too close for comfort. If it didn't need a roof or homes in the area were selling for 120-135, it would probably be a much better deal. 

I'm on the hunt for my first deal. I'd prefer to take the house hacking approach with a duplex, but another route I'm considering is buying a house with built in equity that needs some fixing up and can force appreciation. Then use the equity in the house to buy other other properties. Then potentially turn it into a rental down the road. I found a house that's on sale for 80K in an area where houses have sold for 110-120. It's in a good school district and a part of Oklahoma City that's growing. It looks like rents in the area are 900-1000 a month at the moment. Taxes were 1100 in 2017. There are a couple caveats. It probably needs a new roof, there might be a water leak, and it's a HUD home, so I probably need a private lender. I'll be doing a walk through on Monday with a realtor. What's your take on this?

@Kaushal Patel personally I'd stick with Yukon as it's schools are better than Midwest City and has better growth prospects. However, Midwest City is more blue collar and has Tinker AFB as a major employer. There are upsides to both. 

I didn't know where to put this, so I apologize if it should be in another forum. Does anyone have experience buying HUD homes? I'm looking at a HUD home with potentially quite a bit of built in equity, as well as improvements I can make to force appreciation. The numbers I've run appear good to eventually turn it into a rental. That's where the question comes in. If you buy a HUD home, are there any legal stipulations that would prevent you from turning it into a rental, or anything else that would hinder an investor? If I were to get this house, I would buy it with an FHA loan and live in it for a period of time while doing improvements until I can refinance it into a conventional loan and then potentially turn it into a rental. If there's built in equity, and I can, I'd like to use the equity via a home equity loan or HELOC to buy other properties.

Who does everyone use to insure their properties, and what do insurance rates average around OKC, Moore, and Yukon for a 3/2 less than 100K. I've got my eyes on some potential deals and am working on practicing analyzing them.