All Forum Posts by: Edgar Sanabia

Hi! New to real estate investing. My partner and I are looking to house hack. We are wondering if we can use an FHA loan twice if the first house hack is put solely under my name and the second will be under hers. Thank you!

Hey @Edgar Sanabia, @Devin James hit the nail on the head. I am going to bet that you would not be allowed to convert both garages. You might be able to convince the city that one of them could be an ADU, but I have never seen a municipality allow 2 ADU's on a single zoned lot.

Now because it is a duplex, that could change things. On one hand the lot could be zoned R4. Which might allow the 2 to be converted. It also could be zoned to not allow any ADU's at all because it is already a multi family property.

Time to get on the horn with the city.

EDIT - Here are the rules around ADUs in St Pete, (I am assuming the place is there) - https://www.stpete.org/residen...

If I had to pick a couple. #1 would be getting a consistent, fair contractor that delivers when they say they will. They seem to be unicorns. When you find a good one, tell them you won't nickel and dime them if they don't do it to you. Having that relationship is key. #2 I would say is to understand how to back into a strike price on a buy. Starting with the ARV and then subtracting out reasonable profit, rehab and sales costs, the time value of money/carrying costs, contingency reserves, etc to come to a maximum amount you'll pay for a property and then stick to it no matter what. It's all just a math problem. If you can't get your price, don't get romantic about it. Walk and get the next one. I would have to say those are my top 2.

If you had to guess, how many off-market deals are you coming across per month? In such a hot market, are you putting them under contract significantly below ARV? Feel free to message me and let's connect. I am always on the hunt for something good in St Pete.