All Forum Posts by: Chris Gibbs

I will be there!

60 day notice was sent via first class mail for a no-cause eviction on October 27th.

Tenant: "I didn't receive the eviction until November 11th cause I don't check my mail I should get an extra 11 days"

60 day notice was sent via first class mail for a no-cause eviction on October 27th. 

Tenant: "I didn't receive the eviction until November 11th cause I don't check my mail I should get an extra 11 days"

With FHA you only have to live there for 1 year then you can move out and get another owner occupied loan for a new property. You cant however use FHA again unless you refinance out of your current one. I just recently bought a triplex and an extremely experienced investor in my area said the road map for FHA house hacking should work like this.

1.  Buy multifamily property and move in.

2. Once you can refinance to get PMI off and you will cash flow with new terms, do so.

3. Save for next FHA financed deal and move in once you find one.

4. repeat.

Hope that helps and congrats on your first deal!

Having your financing in place is pretty much required in the current market.  Most realtors I have talked to wont even start looking with you until you have that squared away.  When I bought my triplex I got a text from the listing agent that it was back on the market (previous offer fell through) and I made an offer site unseen within 30 min.  But you are well on your way.  The first step is to know your market well enough to just know that it is a good deal when you see one.  The next step is to prepare to pull the trigger.  You might even consider selling your house first and getting on a month to month rental agreement until you find the right deal.  That would free up everything having to happen all at once.  If you go that route though I would wait till the summer selling season.  Good luck to you!

I use http://www.finestexpert.com/Home/Index to check comps and it seems to work pretty well.

You probably know the market better then me but it looks like comps for the units should be more like 700 each for the duplex and 600 for the house and even that may be a tad low. When I built the deal looks like 350/m cash flow (counting you as a renter) with the FHA financing. Would only cost you $5,200 down plus the closing costs get get the property. I'll pm you with the PDF.

If you do not have the 20-25% down then that will limit you to an FHA purchase. That will require 3.5% down. You will have to live at the property for 1 year and eventually refinance to get rid of the PMI. That way also you will not have to drain your bank account to acquire the property and instead can use that money to renovate. Make sure you talk with a mortgage person that does this type of loan on a 3 unit. I had to shop around a bit to find one.

The 90 day is just for Portland proper.   After the sale of the property I could have given a 30 no cause. 

Already offered to give his deposit back if he gets out on time(even though he trashed the place).  Guess I might have to do my first eviction, on my first property, in the first month of being a landlord :D

Thanks for the response