All Forum Posts by: Jeremy Hunter

The numbers you mention are a challenge we are all dealing with in this market. The market is RED hot in most areas! Chances of finding something sitting in MLS that's going to cash flow with 20 or 25% down is slim in most areas I know of. But that's why you analyze deals all the time. If you know when the numbers don't work, when you find a deal that does work believe the numbers and jump on it. Off market deals may be where you need to focus, or patience. The market will cool eventually.....

Great loan if you can make it work for you. You can buy up to 4 units with USDA as I recall, issue becomes the income needed to qualify is often more than the max USDA allowable income in many multi-unit situations. But there are situations where it can work!

Some good advice here, and a lesson learned for you either way you need some system in place. But before taking any of the advice, be sure you know what the laws are in your state/county/town, etc. It's different everywhere as to if you can turn off utilities, etc. 

In my experience, and when I owned a property management company,  when a unit is rented and a new lease input, part of the admin checklist was to put in for utility disconnect the day the new lease starts. Tenants are advised of this in writing in the lease, and again when they received move in instructions the day before the lease start date. If they don't set up utilities, they don't have gas, electric, water, etc. Maybe something like that can work for you. It's what I do with my personal portfolio now.

Hey if you "break even" on your first house, then you are living for free! Not a bad way to start. Yes lack of down payment with VA, assuming rolling in closing costs, is going to have a higher payment. But get in the door if you can.

Hot markets can make using VA/FHA/etc harder, but search and you will find a deal. Don't forget looking at 2-4 unit buildings also... you can do that with VA.

Thank you! I will look into this right away. I easily meet the 60% LTV threshold. :-)

Hi all.  Has anyone every done a lot split on a property with a conventional Fannie/Freddie mortgage on it and gotten the lender to sign off on it? I've done this with a commercial loan and it wasn't hard. But I don't think it's going to happen with a conventional loan packaged up in some security somewhere. I'd love to be proven wrong a it would save me a ton of money!

I have acreage with 2 homes on it and looking to add an ADU as a guest house and Air B&B. I can't build a 3rd dwelling on the property with the zoning, but I have enough land to split and then have two lots, with their own house, and I can build an ADU on each of them. This property is my primary residence and locked into a 30 year mortgage at 3.75%. Having just transitioned to a full time investor about 2 years ago and of course writing off everything I possibly can to minimize my tax burden, I won't qualify to refi on a conventional loan at this time. Goal is to NOT lose the 30 year fixed note I have in place at a great rate. I have the cash to build the ADU so no need to finance that part.

Again... based on my 20 year real estate experience I don't think there is a way to split the lot and get the current lender to sign off on it (which is required by the county for the split.) But I would LOVE to be proven wrong! Thank you