All Forum Posts by: Jonathan Rivera

Hi

The square lot sizes in Houston, TX is huge yet some houses are only around 2000 sq ft. I’m curious to know how open Texas law is about adding additions to property like a mother in law suite or converting a garage into a studio house for house hacking? Thanks in advance.

@Michael Ablan. Thanks. So true. My gut has never failed me yet and even it did it was worth the experience I earned. Thanks again

@Crislie P. Thanks Crislie. Nice to meet a local. Let’s stay in touch!

@Theresa Harris. Thanks. I’ve been running the numbers and it’s so close only because the market changes depending on what block you live on around here. Thanks again!

@Scott Stewart yes the red hot market is making me want to pull the trigger. Thanks for your insight

@Mikael Winkler thanks for your insight. The numbers may work if I do high end finishes to the place but that would warrant a big upfront cost. Thanks again

@Eric Ruiz I would love to join

Hi

I’m currently holding onto 2 properties in Montclair, NJ and debating on selling them and move into another state with better weather in the Midwest and house hack over there.

My question is should I refinance these 2 properties. Use that money to pay for renovations and upgrades and then sell or just sell outright now as refinancing will put more money on the backend and it wont make much of a difference.

The renovations I’m thinking about doing is finishing both basements and adding bathrooms which can be an expensive job. Any insight would be helpful

Thank you in advance

Your friend

Jonathan

Welcome Chris 

With a 18 month old son I am proud to see you brought your children along for the journey to help you rehab.  They're learning valuable tools for passive income.

Thecreativemillennials.com

FHA 203k loan

30 year term

Rates are still under 4%

With a 203k loan you can get the same  rate for repairs and your mortgage.  Imagine a loan of 450k with a 203k loan at a rate of 3.8%

Ex-2 family house at 299k

Repairs 50k

You still have extra money just in case something breaks down and you have entered into your first multi property.

Since your a first time home buyer you will sometimes get first dibs especially if it's a hud owned property.  

Good luck