All Forum Posts by: Greta Andrews

Any suggestions for a CPA in the St Petersburg/ Tampa Bay area. Preferably one who owns small multifamily themselves.

 That's what I thought. Thank you.

Hello, I am trying to find a triplex in my home city. I need approximately 15,000 additional for a down payment. My question is when you borrow from a hard money lender, can it be sent as if it was a gift. I'm working with an FHA 203k renovation loan. And as you know FHA only allows gifts for your down payment and closing costs. Any other suggestions?

I have just wasted a month and a half trying to make a 203k loan work. I'm probably going to run out of time in my contract due to slow bids. My lender and consultant pretending to know so much. But really no one I've met really does. And for the contractors and consonants they have much easier money that can be made. At the moment I am trying to raise money so that I can change my loan to conventional. Or possibly get a hard money loan.

1.  I ran the numbers again and they actually make more sense, since the payments are lower with the conventional loan, even if the interest rate increases.

2) the units are cash flowing as is, and I plan to increase rent in a fair, but immediate way.

3) The real problem lies in that I'm doing a renovation loan and I'm pretty sure no one involved really knows how to handle that, myself included. I'm being forced to do repairs that don't increase value. And they have to be done by a contractor, which means ridiculous costs.

4) The price is great. The after repair value is not a huge improvement.  It's pretty in line if not better than most I have evaluated.  I know others on buying for equity at this point. However, I won't be paying rent, so that's already a win for me. As I will be living in the property. 

Thanks for making me rethink. I was already questioning was it still with it. The answer is simple. Yes.

I apologize for the long post to come.

I'm currently under contract for a triplex in my hometown, where I reside. This is not a common occurrence. The seller has own the property for the past 15 years, and has done no repairs. Only maintenance that's necessary for the lowest quality of life. I decided to make an offer with an FHA 203 k loan. Due to only having the 3.5 down payment and reserve saved. My intention was to replace a roof that is nearly 20 years old. And they're really aren't too many things that necessarily need to be done to make it livable. It already has tenants, and I was willing to work with them on rent. The issue lies in the fact that I am using an FHA loan. With this type of renovation loan I need all of the repairs to be done by a licensed contractor. And they are charging so much money that the deal really isn't worth it anymore. So I would like to regroup and purchase with the conventional loan. But I don't have the conventional loan down payment. So I need to raise it. I have considered hard money, but this is by no means a flip so repayments that quickly isn't really possible. I can't say I have a wealthy circle that I could borrow from or have invest in this. I don't have the time to raise the money by myself before the contract ends.

Hello all. I am trying to find insurance on a triplex in St Petersburg, Florida. Any suggestion for insurance carriers? I will be residing in one of the units. It is composed of one single family building and one duplex on one lot. The duplex has an 18 year old roof. No leaks yet, but I will be replacing it anyways with a renovation loan.

Thank you for this info.  This was very helpful.

What is your experience with 203K loans? I'm having a hard time finding the right lender. I'm currently casting a wide net with lenders to see who knows how to and is willing to do it, and I'll narrow it down to one when I go under contract. I'm learning more and more everyday.  I think I understand the concept.  But how do I choose a contractor?  I know the wrong contract can cost me so much more in my money and time.  I'm nervous, but I think in the end it will be a worth while deal if I stay the course.  Anyways that was just a long winded way of me asking for any advice on the 203K loan.