All Forum Posts by: Justin Yen

Hello!

I'm starting to put some pieces together and my potential lender stated that they aren't familiar with 203K process. Does anyone have any lender recommendations that are familiar and proficient with the 203K process? 
Thank you!

Justin

@Dan M.

Okay! Thanks Dan! Will continue to update when I start making moves! Appreciate your time!

@Dan M.

One of the things that's hard about this for BRRRR deals is that a lot of foreclosures in a livable area are listed for almost the same in like 300-400k range. I don't really know how to look for a BRRRR like this.

@Dan M.

FHA/House Hack

https://www.zillow.com/homedetails/496-Burton-Ave-Hasbrouck-Heights-NJ-07604/55451141_zpid/

2 family. Listed 375k. 3 separate lots, 5% down at 3.5% is a mortgage of $1600/month + 18k taxes a year for all three lots.

Has potential since it has the other lots. Will need landscaping work and interior work. I don’t know too many details about roof, hvac, plumbing etc., I haven’t driven the area yet.

I will post a BRRRR deal once I analyze one that I think has potential.

Hello BP!

Due to Corona and my wife’s surgery—we’re currently living with my family in the NJ/NYC area where cost of living is high so we’re able to save in rent. Currently we only have 50-60K saved up.

We've been dying to get into real-estate. And I'm about half way through the BRRRR strategy book. Motivated by the most recent Q&A podcast, my question is should we save up cash for a BRRRR deal on a multi family or should we house hack using an FHA?

Using an FHA on a two family will still run me (mortgage+taxes) 3-4K a month or so—so even renting out the other unit will not cover the mortgage. Unless I can get like a 3 family for that price.

BRRRRing on a multi family and then living in it while renting it out sounds ideal, but again we don’t have the capital to make a cash offer and fund the rehab.

Hoping to take some action soon!

Thanks for your thoughts!

Justin