All Forum Posts by: Jonathan M.

Hi everyone,

So I've been interested in the possibility of constructing a shipping container multifamily home.

But Why??? So what I have gathered from the Internet.

 Shipping containers are inexpensive and durable buildings for residential, commercial and even industrial use.

• They are extremely easy to build into a home. Storage containers usually stand superior in the face of building codes.
• Properly insulated, they can make for a warm and cozy home in the winter. There are also effective ways at making them resistant to excessive heat.
• Since they are originally built for transport, they can be easily moved when they need to be.
• They can withstand practically any extreme weather, such as hurricanes, tornadoes and earthquakes. Standing alone, an ISBU can handle 100 mile per hour winds. Securely anchored, it can take winds up to 175 miles per hour. You can also rest assured that it will never collapse during an earthquake. By far, they make for the safest storm shelters.

So cheap to build, made from steal and able to get permits. Sounds great right? Truth is... I Don't Know! 

I need help, has anyone done this before. Pricing? Permits? Financing? Insurance ? 

So I found a duplex with water views in Florida, where the rents in the area range from $1,400 to $1,600 for a 2 bed 2 bath, the property is zoned commercial. My idea was to build a second story on top of the existing duplex, the second story would have a total of 4 beds and 4 baths making it a Fourplex. Any Idea of what my cost would be everything included?? I just want basic finishings and concrete construction. Thanks 

Hi everyone!

 I am currently am ready for another investment, I currently own a duplex in which I live in one side and rent out the other which covers all my living expenses .

Right now I have about 90k in equity in my duplex, another 90k in cash and a 760 Credit Score.

So far all of my financing options require me to put a 25 percent down payment on a second investment property with about a 4.7 percent interest rate which leaves me little room for MY NOI.

So my question,

Is there a way for me to put less than 25 percent down with a lower interest rate? I've also heard of cash out refinances which would give me a way to put zero of my cash down but I am uneducated in this area.

Additionally, I have also looked at the option of a FHA construction-to-perm loan with 5 percent down and 3.5 interest.

So building a Quadplex in high desired area where rent is high, however, I am uneducated in this area of construction financing. 

Thank you for the help! John