All Forum Posts by: Daniel Jodrey

Hello, I am currently looking for a triplex or four plex in the Miami area as a first investment property. Looking for anyone who may have any insights or opinions on best areas. My overall goal would be to buy with FHA and 203k that I could do some work with and owner occupy. Eventually I would like to BRRR. Anything helps!

hello Richard,

Are you still a broker in the Miami area? Are you sponsoring any people with a license?

I am not set on my plans, I am in the stages of researching and learning-most definitely a newbie. But I want to understand as much as I can and figure out the best way to get started. You spoke abotu how competitive HUD homes are once the OO period ends; I want to live in it so I feel like as a first investment to get started, I could have a leg up on the competition because I want to occupy the home. And then while I am living in it, I can make improvements and watch the market. I would hope that in a year, my property appreciates and I can sell for profit and then take that profit and reinvest. If the market is not in my favor, I can rent it out or refinance-have several exit strategies.

I am not set on New Orleans market either, I will be moving eventually-I just want to understand that HUD homes so if I move to another market I can begin looking at that markets HUD homes.

My "niche" for my REI would preferably be buy and holds with a few flips mixed in to help me build captial and have money to reinvest. Again, this might change however this is what interests me the most and what I have learned would be the best way to have cash flow and be able to do this full time later down the road.

Understood, I have no problem living in this property for a year as this will be my first property and I will need a place to live as well.

I want to understand how to analyze HUDs, is using zillow for overall comp set a good idea, how reliable is the PCR report, etc.

Does anyone know about the New Orleans area and its potential? How do you decipher strong markets?

anyone who uses HUD homes to buy and invest, please share!

can you still get a HUD home under the FHA 203k loan?

Can someone answer me this? 

I want to buy a HUD home for my first property, live in it for a year and while living in it for that year rehab and work on it. Once my year is up, i put it on the market and get my profit.

I also want to know more about how prices are put on HUD homes. Is it the mortgage that is left to be paid? How do you understand a good deal? I look at the comps and neighborhood of recently sold properties but is there any other ways?

Please help!

Yes! House hack and live in for a year and then sell 

looking forward to hearing folks inputs! I have been researching HUD homes and have found a few good condition single family homes (3 and 4 Bedrooms) in the 50k-70k range.

I cant help but think investing in a 3.5% FHA loan with around 2k down cannot be a bad way to get started. But I am having troubles finding out more information on these homes as well as what are the cons, other then having to be OO for a year.....

Hello BP World!

I have been with BP for a few weeks and have learned an incredible amount. Knowing very minimally of what I am talking about, I cant help but be drawn to a HUD home as a first investment. Ultimately, I would like to live in my first investment property, so the OO rule does not bother me. Do all HUD homes have a 12 month live in requirement.

My thinking is to find a good HUD home in a good area. Live in this home for a year while fixing it up, and once my requirement ends, sell it for market value and earn a good profit?

Initially, I was thinking of having my first investment be a triplex or fourplex, rent out the other units and live in one. 

I want to know your thoughts and opinions on my strategy, would it work? Would I make a profit once i can sell? Any other hidden requirements that would be a Con? Overall what are Pros and Cons of HUD homes?

Thank you for the help!