All Forum Posts by: Edgar Claudio

Hi Sue, Congrats on your journey to be an owner of a MFP! Residential properties up to a four plex qualify for FHA loans as you know. As per occupancy, you have to declare one of the units as your primary residence and live there for at least 12 months from my understanding. I'd check on FHA current occupancy guidelines, but I think it hasn't changed.

Great question! If the person is attempting to purchase a hud home as an owner occupant, are they given preference over investors?

Check out Ormond Beach area which is just north of Daytona. My friend who is also a realtor bought a condo in Ormond, 2 bed 2 bath, as a vacation rental and pulls in between $2600 for low season months and upwards as $3400 per month for peak season. Make sure you can do daily rentals and rack up the cash.

The Broward market is great for buy and hold. Rents are very high in some areas like Pembroke Pines for example. You can get something in the low $100s and pull $1500,1750 and even 2k per month for a 3 bed 2 bath home.

I would raise the rent in small increments. I would also offer as mentioned above a multiyear lease at a fixed discount price. I do this for one of my condos and it works out great.

will do!

Erica, I'm from Orlando and been looking at vacation rentals in the area. I'd like to pick your brain on learning more on how they work in the touristy areas.

Pete, Great post btw! I'm in the same boat here in Florida and would like to find a refi solution as well.

Hi Joshua, I've used my VA financing multiple times and can provide some insight on your journey here. I'm not sure how much entitlement you have left because my lender explained that it's based on a formula that the VA utilizes and doesn't share the info. To answer your question on the down payment, you do not need to put anything down. The only thing that changed was an increase in the VA funding fee. The second time you use it and beyond, it's bumped to 3.3% ish of the selling price. I even rolled in my closing costs and funding fee for a slightly higher interest rate. The second property I bought was a duplex. Reach out to a few VA specialized lenders and get their insight. Thanks

I'd reach out to the HOA board and see if they know what the other land lords do with this same issue. Not sure if this is applicable in Cali, but maybe adding a refundable fee of $250 per tenant for incidentals is a start?