All Forum Posts by: Joe Procopio

Thank you @Jonathan Moody, this is some sound advice -- much appreciated! 

Thank you @Guifre Mora & @Jonathan Moody  - I appreciate the responses! To clarify, my intent would be to have the seasoned funds in an existing savings account that could cover the down payment if needed. I would prefer to use the 0% credit card for half of the down payment (ie. 20k down payment, pay 10k out of pocket and then 10k on the credit card). 

My biggest concern would be getting the clear to close, and the ACH payment via Plastiq be declined from either the credit card company or not accepted by the title company. From Jonathan's post it seems like it was a smooth process - would love to hear about any other experiences anyone has had when implementing this strategy. 

Hi Everyone,

I'm looking into new creative financing strategies and hoping to learn more about one that piqued my interest. 

Has anyone had success utilizing Plastiq to process a down payment from a 0% interest free credit card? If you can show proof of funds to your lender, will most title companies accept this form of a wire transfer? Are there limited types of credit cards this process works with?

If anyone has had experience with this and is willing to shed some light, it would be greatly appreciated!

Got it - thank you @Brian Van Pelt!

Hi Everyone!

I'm seeking advice on how difficult it may be to convert a SFH with an ADU (accessory dwelling unit) into a legal Duplex. I'm sure this process varies by state, city etc. but figured I would take a crack at the forums to see what I could learn.

I've found a SFH in the Myrtle Beach, SC area that has a "mother-in law" suite that has been built with a separate entrance, separate electric meter etc. From what I'm being told, this addition has been built to code and although this will be confirmed once the inspection is complete, I am trying to better understand the process to convert this property into a legal duplex. I want to ensure that I would be allowed to rent out both the SFH & the "mother-in law" suite prior to purchasing the home. I've been told by the county that the property is zoned for a 2 family, so we are in good shape there, but it will need to be reviewed by the "code" department and would need to be legally converted from an ADU to a duplex in order to be able to rent out both units.

Has anyone gone through this process before and may be able to lend some advice on how long a process like this can take? Is it typically expensive? What all does a process like this entail?

Any insight at all that is provided would be much appreciated - thanks in advance!

 

Thanks @Richard Xiong appreciate the insight! Going to connect with a mortgage broker tomorrow to get a definitive answer.

Can you use a FHA loan after purchasing your first investment property? Or is a FHA loan only for your first time home purchase, regardless of whether or not the purchase is your investment property or primary residence?

For example, I live in NJ and would like to purchase my first rental property in South Carolina. If I choose to go with a traditional mortgage on this property, can I use a FHA loan down the road when I want to purchase my primary residence up here in NJ?

Any help would be much appreciated!

@Justin Donnarumma