All Forum Posts by: John Anderson

Hi all,

I live in the Bay Area, but I am looking to do some long-distance real estate investing. I am targeting the Cleveland Ohio area, due to having some family in the area. I’m looking to do smaller 2-4 units in the $50k-$100k range to start.

I have a solid W-2 income, but I am scratching my head as to how folks are getting financing for smaller investment properties. Interest rates are obviously through the ceiling, and no lender seems to have any options for me. If anyone could please provide me with any guidance, I would greatly appreciate it. Thank you!

Hello,

I am a remote worker, who is based in the Midwest but works for a company out of California. I recently purchased a home using an FHA loan. However, my girlfriend just got a job in another city, and I would like to move with her.

It has only been a few months since I purchased a home, and when I bought it I did intend to live there for at least a year. However, my circumstances have changed and I would like to move to be with her.

Is there anyway I can do this legally without having anyone accuse me of mortgage fraud? I am happy to not rent out or sell the home until one year is up, but I will not be living there.

Hi all,

I am looking to do an owner occupy of a multi family unit, and I am thinking of asking the seller for 3% as seller credit instead of using a buyers agent. from my perspective, the seller wouldn’t really care, because I am not lowering the purchase price of the house. Instead, they are getting the purchase price they want, and paying at 6%. I don’t see why the sellers agent would care either, since they are getting their standard 3%.

from my perspective, the seller credit could be used to offset any closing costs I may have, and even cover some points to buy down my interest rate. Alternatively, I could use that money to make some basic renovations.

3% in cash upfront is pretty significant, so I’m wondering if this is a good idea. If anyone could comment, that would be great! Would love to hear if I am making a mistake!

My partner and I own a fully paid off property in an LLC. The LLC is incorporated in NC, but the property is located in South Carolina.

We would like to create a LLC in South Carolina and transfer the property from the current LLC to this new one. The ownership interests in both LLCs are the same.

Are there any transfer taxes or reassessments that we should be aware of? I’m hoping this would be a smooth process but any guidance would be greatly appreciated.

Hi all,

Small question regarding FHA residency rules. I am planning on purchasing a home using a FHA loan near my parents, and looking for a job that allows me to work remotely full-time. My parents currently live about 100 miles away. My current employer has said that they want us back in the office eventually, but have not yet given us a set date.

I understand that the FHA rules say that I must intend to live in the house for one year. If my current employer calls us back to the office before that one year has ended, would I get in trouble if I moved out? Like I mentioned, my intention is to find a new job but I am just thinking of worst case scenarios here. What if I didn't rent out the house for a year after purchasing it? Thanks!

For those of you who are not flippers, but rather ordinary W-2 folks who are trying to househack or build wealth through RE, how do you estimate how much money it will cost you to fix up a home? Do you first buy it, and then start calling general contractors, or do you have them take a look during the inspection period?

Thanks!

@Chen Zhou thank you! Any referrals would be greatly appreciated!

I am looking to build a two bedroom ADU in San Jose. The total square footage will be approximately 720 ft.² and it will be detached. The property is primarily for my in-laws, so I will not be receiving any rental income in the short term.

I am aware that the city typically does not value the ADU very highly, and that it is unlikely that I will be able to recoup the building costs on day one. However, I am curious as to whether there are any steps I can take to maximize the appraisal value so that I can maximize my ROI to the extent possible?

Many thanks in advance!

Interested to hear about how the current rise in lumber, steel, etc. is affecting the ability of folks to BRRRR. Was at Home Depot and couldn't believe how much prices have skyrocketed!