All Forum Posts by: Kevin Izquierdo

What do you mean by they include the costs of the renovations? If renovations are going to raise my taxes, how would they ever make sense on a cash flowing property? Can the raise be appealed?

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Originally posted by @Matthew Paul:

permits include the costs of the renovations ,this goes to the tax man to raise the property taxes

What do you mean by they include the costs of the renovations? If renovations are going to raise my taxes, how would they ever make sense on a cash flowing property? Can the raise be appealed?

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@J Scott on a side note, I'm currently reading your book, the book on flipping houses and estimating rehab costs. Thank you for those! Its got a ton of great info that im absorbing right now!

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Originally posted by @J Scott:

FHA will only loan against houses that are essentially move-in-ready. If there are any defects -- even as small as a broken window or broken water heater -- FHA won't insure.

Sellers that won't sell to FHA buyers likely know that the house won't pass FHA inspection.

Awesome, thanks for the info. Where can I find more details on fha loans?

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Originally posted by @Kyle Penland:

Sure, I believe are in a unique situation. Owner occupy homes only need a 3% downpayment. You will put 20-25 down on investment properties (that you don't owner occupy) so while you are in a situation where you can actually live in the homes for the time required, (check your local banks but I think it is a year) then you can use that down payment to purchase more properties and live in them commonly called here "house hacking". Pardon the run on sentence. With that said, do what you feel is best. but if you purchase a 3/2 rent out two bedrooms, it may take you longer than 12 months to save for the next property if you put 25% down...If I were in your shoes, I'd put 3% down, live there for a year, rent out the house fully in the year, and have someone ready to take your place and in month 9, start looking for your next property, put 3% down, rent out the other two bedrooms, rinse repeat type deal...With that being said, there will be some difficulty in finding a property that will cash flow at 2/3rds occupancy so keeping more of your funds liquid would be my suggestion...If you put the 3% down on property one, and 3 months down the road the Duplex you dreamed of comes up...you are ready and have the 20-25% downpayment and be good to go. The real estate game is one where you are in or you are out most of the time depending on money...You have to be prepared to be in 24/7 so when the time comes where a great deal you want comes up, you can move and build your portfolio.

Would you happen to be talking about the FHA insure loans with the 3.5% down? If you are, I thought you can only have 1 fha loan in your name? I didnt know you could rinse and repeat the process after the one year requirement...

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Originally posted by @Kyle J.:

They just need to add an outlet in there too so you can blow dry your hair while taking a shower. Really cuts down on the morning get-ready time.

i also recommend plugging in that toaster. so they can have their morning toast along with a nice shower. i love this post hahaha

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Looks like a comfy house! I agree with the other Members, add some shutters to match the the house. Maybe even powerwash the siding if needed. I would also take out those bushes. Although neatly trimmed, I dont think they provide good curb appeal. I also recommend taking out those weeds that are growing in between the cracks of the sidewalk and even powerwashing that side walk too, it does wonders! And depending on your budget, take out that lampost and do some sort of landscaping in that open front yard. Maybe a pond or just some thing nice to call attention. look on pintrest or ask local landscapers for their portfolio to get some ideas :). best of luck to you! post a picture so we can see what you decide to do.

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I didnt know that some sellers wont take an FHA loan as a form payment when selling a house. Are there any articles or advice anyone can give me on how to convince a seller to accept FHA? My goal is to purchase my first multifamily home in NJ with an FHA insured loan.

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@Angel Rosado thanks for that ! I was trying to get a pre approval for a loan and told him my goals and criteria when he told me that. I though it strange sonce thats all i hear Brandon Turner talk about.

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I recieved information from a loan officer that stated, FHA loans are only for Duplexes and not 3-4plexes. Can anybody confirm or expand on this?

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All Forum Posts by: Kevin Izquierdo

Kevin Izquierdo has started 51 posts and replied 146 times.

Post: Permits

Post: Permits

Post: How to Convince a Seller

Post: How to Convince a Seller

Post: 1st house - Atlanta, GA

Post: Breaker box in shower!!!

Post: Design advice

Post: How to Convince a Seller

Post: FHA only for duplexes?

Post: FHA only for duplexes?