All Forum Posts by: Justin C.

Hi guys,

Just purchased my first rental property in S. Florida (first time homebuyer), and am going to take the next year to get a feel for prop management and save some money while living in one side of the duplex.

Question I have is how long will lenders typically make a first time homebuyer wait until they will let you make a move on another property?

Chances are we won't be moving into the next property as an owner operator so there goes my 3.5% down option, so what options are available to finance a 2nd property with depleted funds???

Thanks for your insight!!!

Hey Aaron,

I appreciate the quick response! Everything is valuable insight. I've set a budget for $4K per side max in reno, so not too bad on that front. I see you're a multifamily investor so you might be able to answer my next question. I used an FHA loan to finance this one, and will likely in the next year or so have the means to do it again. This being my first property, how long do you think I'll have to "prove myself" to the bank before I'll be able to finance #2? Thanks again for your help!!!

Hey everyone,

My name is Justin, 26, and I just bought my first investment property in S. Florida. Obviously I'm a newbie to owning real estate as well as to BP so really just trying to set up a process that will ease the way in the future as I am planning on multifamily investing long term... I have some good people around me but there are a few questions that keep arising so please see below and any insight you could give would help a ton. Thanks in advance!!!

1. To simplify the puzzle at tax time, is it a typical practice to designate a new bank acct. to be used only for property-related transactions such as collected rent, security deposits, purchases for rehab and maintenance, etc.?

2. As my fiancé and I are moving into one side of the duplex right now, and the tenant of the previous owner has signed a new 12 month lease with us, from everyone's prior experience, is there anything I should consider or look out for as we will be accessible to the tenant pretty much anytime...?

3. We are taking a month to do some renovations to the side we are moving into and will do the same when the ^above tenant decides to move out in the future. I love the opportunity of "forced appreciation". We are planning to lay down new tile throughout, paint everything, stain kitchen cabinets, and just some small improvements that are needed. Is there anything that you always try to do whenever you purchase a new property that adds value (or will catch the eye of a future tenant at least)?

Sorry for the book! Thank you so much for your help guys!!!