All Forum Posts by: Connor Murphy

@Jesse Bruce coffee with investors is for anyone palm beach/broward area. They meet today actually, 1-4 at Gizzis in delray

@Jon Huber what time?

BP!

TL;DR using FHA is only option but getting tenants to leave is not guaranteed.

Planning to make an offer on a unicorn of a deal in South Florida but need some advice, struggling to find a similar situation on here in recent times. I am preapproved for an FHA loan for this duplex that I plan to live in for at least a few years, but there are some complications.

Issue is it is fully leased long term until next November (2022!) allegedly. I will not be able to see the lease agreements until my offer is accepted, which is a risk as is. Both tenants are leased long term for wildly below market rent so I can see them not being so keen on leaving in the next 2 months. The seller will not entertain any contingencies saying one unit must be vacant for the sale to go through (they are family, and family friends of seller). My only course of action so far is to try cash for keys but if that doesn't pan out, I am worried about the FHA 60 day policy. A longer shot would be comb through their leases and see if there are any violations but that opens a whole new can of worms.

Please share experiences, advice, info, anything helps !

Hey BP,

I’m trying to house hack in a very competitive market where multis at a reasonable price in safe areas are few and far between.

I am moving to said area in late July and will be there for 4 years. I have signed a 7 month lease for an apartment to give myself some time to adjust to the area.

A unicorn of a deal just came up, fantastic area with above average rents, clean, updated, and right in my price range. Big issue is that it is fully leased. Now, I was ok with the thought of managing tenants for the rest of their annual lease, assuming that meant until this time next year at the latest. I was just about to make an offer when I was informed that their leases extend until November 2022. Also, they are paying barely half of market rent as they are friends of the seller.

Quick number crunch for you all, fully rented it could gross 4,000/month and cover the mortgage and all expenses. The leases currently in place would gross 2,400/month and I would still be on the hook for roughly another 1500/month out of pocket. Not to mention I’d be renting elsewhere in the meantime. Long term benefit would be I’d have a place to live come next November, and the Airbnb scene (it’s south Florida) is very popular so I could be looking at decent returns for most of the year once the tenants are out.

Is it worth going for it and maybe trying to deal with removing the tenants over the course of their remaining lease, or leaving them in place and biting the bullet for 16 months and count on long term benefits?

Any advice is appreciated.

Hey BP,

Potentially moving to Boca Raton area this summer and want to house hack a multi family. I’ve been doing some digging on Zillow/Redfin etc just to get a feel for the areas, but wanted to reach out here to see if anyone has any general input.

My fiancé may be going to the FAU medical school so we’d like to be within a 30 minute commute or so. It seems like from west palm down to Hollywood would be our range (broad, I know). Again, just looking to get my feet wet with any advice.

I’m unfamiliar with that entire area and Florida in general, so any tips would be great if anyone has experience in these markets.

Ill be using an FHA loan, have a good amount of capital up front, and have emergency funds. I'm being optimistic and looking for 3-4 units but it seems to be a duplex dominated market. I travel often for work so safety is a main focus. I still have lots of my own research to do for sure but love coming here to see what everyone else has to say as well! Thanks in advance.

Hey BP,

Moving to Philadelphia this summer and planning on trying out a house hack. Girlfriend is going to Drexel University Med School, and we are complete strangers to the area. Hoping to get some insight on some decent neighborhoods in the area around the school (North Philly area) or a reasonable daily commute. I travel a lot for work so general safety is a main concern of mine. Open to any and all suggestions, I’m new to this. Thanks in advance!

Newbie here looking to get my feet wet anyway I can. I’m a recent college grad with good paying job, not much in savings yet though. I binge BP and lurk here in the forums so I have basic background knowledge.

There’s a house in my home town that is “for sale by owner” and I was wondering if that’s a good sign to aim for a wholesale, given that I can find a list of buyers or line one up before proceeding.

I know agents typically shun wholesalers so this particular deal stuck out to me while driving around town. As always, any info is appreciated!!