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All Forum Posts by: Dean C.

Dean C. has started 6 posts and replied 38 times.

Post: Househacking Strategy in NE Florida

Dean C.Posted
  • Jacksonville, FL
  • Posts 41
  • Votes 9
Originally posted by @Charles Hafer:

Would this need to be a rent roll from Schedule E documentation, or can rent roll projections based on averages for the market work as well for offsetting debt to income ratios (provided no overlays, etc.)?

From what I've read you need at least 2 years of schedule E rent roll, if you want to go the short term rental route aka 1099 it can be one year. In addition, you will only be able to qualify for additional mortgages after you have it leased and they'll discount about 30% DTI so you'll only be left with the remaining 70% available.

Post: Umbrella policy - Do I really need it?

Dean C.Posted
  • Jacksonville, FL
  • Posts 41
  • Votes 9

That seems excessive to have 6 separate LLCs, I would forgo the liability insurance in favor of one umbrella and maybe merge/dissolve at least some LLCs. Just by personal opinion as I'm not a licensed insurance agent, I suggest consulting one.

Post: House Hack Homeowners or renters insurance?

Dean C.Posted
  • Jacksonville, FL
  • Posts 41
  • Votes 9
Originally posted by @Alan Johnston:

@Kevin Phu found this old post and wanted to see if you found an answer to the SFR house hack insurance question.

We are currently looking at single family with mother in law suites to rent out and what to know how to structure the lease/insurance

 bump

Post: Rentredi app for Owners?

Dean C.Posted
  • Jacksonville, FL
  • Posts 41
  • Votes 9
Originally posted by @Zachary Elliott:

I'm curious if you could tell me more about the bot that you use on FB? I've got a listing right now and when people reach out, the worst part is having to send the intro text back because inevitably, I'm getting a ton of responses. I know this is a good problem to have but I was actually just looking for a solution to this problem yesterday. Curious to see what you're using.

On the rental collection side, I'm actually just starting with Innago. I've been using Cozy (which I actually really like) but Innago has a few features that make it a more all-in-one solution. You can do everything from the application to leases online. I don't have a ton of exp. with Innago yet but so far I like what's I've seen. And their customer support is super responsive.

It's actually pretty basic, I paid $10 for a quick how-to I found on google, when in hindsight I could have done a little more digging as the app is free. The name of the app is AutoResponderFB. I'm not too sure if it is on the iPhone equivalent application downloader (app store?). It's pretty convenient the only downside is if you use messenger a lot it can become a nuisance, because I believe the app works off of boolean logic that is tied to your notifications.. so you can't turn notifications off and have it still work. I'm sure there's a workaround if you create another messenger account, but you might need another phone dedicated for that purpose with this app at least if you want to avoid constantly switching between accounts.

Post: Rentredi app for Owners?

Dean C.Posted
  • Jacksonville, FL
  • Posts 41
  • Votes 9

I'm going through the testing stages of using the Rentredi app currently and I noticed that there isn't an app for owners on the playstore (android user). I did download the tenant app; however, I noticed that there are horrible reviews for the apps payment feature. Does anyone have first hand experience using this software. I do like the pre-qualification feature however I've designed my own google form that I have a bot send people to on Facebook marketplace, but I like double-tapping to see if answers change ;)

Post: Househacking Strategy in NE Florida

Dean C.Posted
  • Jacksonville, FL
  • Posts 41
  • Votes 9

Yeah that makes sense, I'm looking at a duplex right now for 550 but I'm only approved for 350, rent roll is about 28k a year. Do you think that puts me in the ball park for owner-occupied VA?




Originally posted by @Raymond J. Rodrigues:

@Dean Colias they have their own risk tolerances that they create their own rules for that go above and beyond what the federal overseers require.

For example, some lenders require 20% or greater down payment on an investment property with a conventional loan, the national requirement is 15%.

The VA does not set a minimum credit score requirement, lenders who make the loans typically do. Some lenders go down to 550, some will not go below 620.

FHA goes down to 500 credit score, most lenders will not give you a loan below 580.

Some lenders will not allow you to use the anticipated rental income from the appraisal to offset your debt to income ratio.

The list goes on and on.


Post: Househacking Strategy in NE Florida

Dean C.Posted
  • Jacksonville, FL
  • Posts 41
  • Votes 9

@Raymond J. Rodrigues what do you mean by overlays?

Post: Househacking Strategy in NE Florida

Dean C.Posted
  • Jacksonville, FL
  • Posts 41
  • Votes 9

Looking to invest here in Jacksonville, who has their pulse on the market? Wondering if anyone has any success house-hacking SFHs and where at? What's the best way to find a lender that incorporates rent roll into your DTI?

Post: Househacking Strategy in NE Florida

Dean C.Posted
  • Jacksonville, FL
  • Posts 41
  • Votes 9

Looking to invest here in Jacksonville, who has their pulse on the market? Wondering if anyone has any success house-hacking SFHs and where at? What's the best way to find a lender that incorporates rent roll into your DTI?