All Forum Posts by: Gregory DeRosso

So I answered my own question specifically concerning how long one needs to reside in a FHA 203K. It's no different than a typical FHA. As a buyer, I can use a 203K mortgage to buy a one to four-unit dwelling, borrowing up to 110% of the home value with only a 3.5% down payment on the amount that is determined that the purchase and rehab will be combined. And yes, I MUST live "in" the property for at least 12 months. Now my question is, is it %110 of projected renovated value or current appraised value.?..

Answers leading to questions.  SMH

Thoughts anyone.  

 Not necessarily concerned about the Air B&B but in general. I would like to take a "long" vacation. 

I know I'm probably speaking to crickets, but has anyone worked out a "deal" with HUD contractors where you can offset some of the rehab costs?

So I'm scourning to find my first deal. I found a duplex which after I run the numbers it seems ideal for a house hack for the first year or so. I plan to live in one unit as I rehab the other and then proceed to rehab my "live in" unit. Is there a time limit in which I no longer have to list the property as my primary residence or am Im locked in for the life of the loan.  Before I contact the lenders and ask them, what are your experiences? 

Hello there.

After many months of being on BP, I'm choosing to break out of the shell and restart my REI interests. I have some minor experience with rentals and ownership but my goal is to step up out of peewee and go to the majors. I know that there's a lot to learn and I've been listening to the podcasts at 2x speed for the past few weeks. I want to learn as much as I can so that I can eventually become a contributor. So I have a few questions. 

1 Out of all of the forums, where should I start in order to pick my strategy. 

2. What books does everyone recommend (audio preferred) besides rich dad poor dad? 

3. What terms and lingo should I have in my everyday vocabulary? 

Also, out of curiosity, how did you overcome your fears?

I'm welcome and eager. Fed me like a hungry gremlin. 

Interested in how you do.  I would love to see how things are progressing

Hello there.  

After many months of being on BP, I'm choosing to break out of the shell and restart my REI interests. I have some minor experience with rentals and ownership but my goal is to step up out of peewee and go to the majors. I know that there's alot to learn and I've been listening to the podcasts at 2x speed for the past few weeks. I want to learn as much as I can so that I can eventually becone a contributor. So i have a few questions. Out of all of the forums where should I start in order to pick my strategy. What books does everyone recommend (audio preferred) besides rich dad poor dad? And what terms and lingo should I have in my every day vocabulary? Also, out of curiosity, how did you overcome your fears?

I'm welcome and eager.  Fed me like a hungry gremlin. 

I was doing some reading about getting NJ licensure. My concern is that in the end I need to be broker sponsored. I have no problem with that but does that mean I'm stuck working through them once I find that amazing deal.  

First Post FYI. 

I been reading and listening to tons of material and I can't get a market specific material. I am probably skipping ahead but do you think it's worth it to get my RE licence in NY or preferably NJ (My target areas). In most likelihood (after convincing the wife), the focus will be BRRRR.

Opinions and Butt whipping welcome.