All Forum Posts by: Christopher Anello

Has anyone ever taken the route of buying land and having a duplex built? I was wondering if anyone had any success. My thoughts are brand new should give a little piece of mind on any Cap Ex. Can always expect minor expenses though. Any thoughts or comments?

Ok thank you. Yea I don't have any contractor connections yet so I'd be paying a fee for them to come out.

Hey BP, so I've ran the numbers on a duplex, it will definitely need to be rehabbed but I don't know how much being the fact I'm very new (this will be my first property). Would you suggest paying a contractor to come view the property with me to get an idea? Or do I need to put it under contract first? Then have the inspection done, then bring in the contractor?

Billie Miller That's a good idea, I will definitely run both scenarios. You're right things can go south real quick if I can't cover the costs. I will have to be critical on my due diligence and negotiate on everything. Thank you for your advice.

Billie Miller I need to look into it more to see if i can still qualify for the assistance even if I acquire a 203k loan which I would do my best to keep the repairs under $10k. But you feel it'd be more of a positive then a negative to use the assistance?

I am looking for my first investment of a duplex which I'll be house hacking but taking the BRRRR route. I've been doing some research and found I may very well be eligible for "down payment assistance". If I'm understanding it correctly, the assistance is an interest free second mortgage loan and with certain requirements I can potentially receive the max amount of $14,999. The only draw back is if I sell the property (which I don't intend to), refinance, or no longer occupy the property (which I intend to refinance, hopefully pulling out enough equity in 2-3 years to put down for another house hack) the second mortgage will become due. If I receive the assistance, any money I pull out will go towards that second mortgage. Although I plan to stay in the property for at least 2-3 years, does it still make financial sense to use the assistance? With occupying the one unit myself, I feel it'll be slim to nothing for cashflow. I already have enough for a 3.5% down payment with the FHA loan. What do you guys think? Smart route to use the assistance? Any feedback is greatly appreciated!

@Clayton Plank fantastic, I will definitely check that website. Ok great if this Monday is too soon, I can do the following Monday. Whichever is best for you.

Clayton Plank what is the website that I can find the network dinners? Yea Jacksonville isn't too far, I definitely would like to meet up. I am a hospital worker so I, of course, work very weird hours leaving my "weekend" on Monday and tuesday. I will of course work around a day that's best for you though. Joshua Dates thank you, I will be checking out that site!

Hey guys, I'm at Flagler and volusia county in central Florida. I'm focused on buy and hold investments with multi family homes, I'm new to REI and am looking to network with those in the surrounding area. From everything I see on BP and all the greatest books I've read, it's obvious you're only as great as your network team. If you're in the area and need any help on current projects, id love to exchange my hard work and time for just the experience and knowledge helping out. Please feel free to contact me.

@Account Closed

Thank you for your feedback, great advice!