All Forum Posts by: Huso Akaratovic

Greetings, 

I was in the forum section attempting to locate an authorization form, but there was no luck. My tenant is requesting from me in writing that I authorize a cable company to connect their services in the unit. Apparently  they need to come down the attic into a ceiling from what I understand, and they need my permission. I just want to make sure that I have proper forms covering me before I authorize this work. Any help is much appreciated. Thanks everyone!! 

@Brian R. thank you for the reply. I’ll check them out. 

Great job sir! What type of floor is that? How much was it per sq ft? And where is it available? Thank you. 

Great job! 

Thx @Josh Engelhart, sounds like there is really no way around this, or it may be way too complicated if I go the financing route. 

@Michael Lewis I can't get out the other FHA loan. That was my first mortgage ever, and I'm upside down on it, and now it's just a rental in my portfolio.

@Rodney Sums hard money wouldn’t be a bad option, I’ve never had to do it before. It’s something to think about. 

What do you guys think about this option? 

I have few paid of properties. What if I do HELOC on couple of those properties and take that money and pay for this new home. Do the rehab and then refinance. I guess this would be the BRR. I just have never done this before. Would this route be good? Thoughts?

@Josh Engelhart great information. Thank you. Since I already have one FHA loan. Can I qualify for another one?

@Matthew Paladino ok. Thank you. 

@Matthew Paladino I think that I could get this house for $165k.. rehab cost $20-25k... ARV $260K... please share how would you handle this, or anyone else. Thx

@Neil P. what bank did you use? 

Greetings,

I am stuck and would appreciate some advice on which avenue to take regarding the financing on my next primary residence. I currently own a house that I purchased in October of 2015. It was a HUD home and my intent was to rehab it, live there, and sell it 2 years later and escape the capital gains. I currently still live in that same house, but I found another HUD home that I am interested in. I am considering this home as my next primary for the next 2-5 years. The new house is in a very good neighborhood, and I need to act fast while its still under the owner-occupied stage. The home needs work, but it's in decent enough condition that it can possibly pass for a conventional loan with certain restrictions. The HUD placed a following disclosure. "Insurable With Repair Escrow: A property that requires no more than $10,000 for repairs to meet FHA's MPR and MPS. REPLACE MISSING FLOOR COVERING”

The floor is missing throughout the entire house, so how does this normally work when obtaining a loan, if someone can please break it down for me. I was considering getting a conventional loan with 5% down. What other options do I have? I have other assets. Would it be smart to do a HELOC on some of my rental properties, and just pay for the house that way, fix it up and then refinance it on a 15 or 30-year conventional loan? Any help is much appreciated.