All Forum Posts by: Keith Shadle

Think I'll bump this thread as I have a now vacant duplex in Marion county and am similarly confused.  I would sell but the new rent increases as @Jennifer T. mentioned has me thinking of renting to Section 8. Anyone getting total rents toward the new FMR? Understood that amount includes utilities, correct? Both sides of my duplex are 3 bed.

Any update on the search @Jason Miller?  I'm looking for the same.

Well Lordy  @Patrick McNerney that’s awesome!   Congrats!

Appreciate the run down.  What area of SD if you don’t mind me asking? 

Getting rid of your mortgage insurance with the refi was great.  With the refi did you pay yourself back the original down payment?

Wife and I are wanting to try and take on this similar type of deal while I got the W2 & before prices get too high in SD. 

Thanks for sharing. 

Glad to hear it's been done with 10% down @Jake Miller, @John Underwood. Did your lender let you use the potential short term rents to help you qualify for the loan? That's the issue i'm running into as my W2 is not too high to help me qualify. I found a few hard/private lenders (Visio) that lend based off only financials of the property and not your DTI but they required 20% down.

bump on this for any update. I'm wanting to do the same with a FHA in San Diego. Thanks too for noting the self sufficiency rule. I was only looking at 4-plexes but will now not due to the above.

I assume a fixer upper duplex can't qualify for a FHA?

Great success story @Scott Simpson!, especially since you built.  

When you converted financing into the second home mortgage was the result you paying back the cash for land, construction loan and holding costs...to equal the "free vacation home"?  10% down or equity in new mortgage?  

Did future short term rental income of property help you secure any of these loans?

I want to do same here while I got my W2.  

Nice work!

Bump on this.  @Christina Labowicz did your strategy pan out for a FHA loan on a SFR and adding a ADU? I'm looking for similar house hacking possibilities in SD while I got my W2 to back me up. SFR in front and a Duplex/Tri in back was looking ok but numbers not quiiiite there for me. Didn't think about AUD's instead. Any FHA lender accept short term rental income on ADU's to help qualify? Good thread.

Thanks @Dmitriy Fomichenko and @Stephen Pratt! I used Monument Title. They didn't have a issue holding extra $ in escrow on the HUD.

@Matt Silverstone, @Rand Knutson. Sorry for the long time coming reply! I think I should and would estimate higher rehab budget next time and pay that amount on HUD. Whether it came from my HELOC or cash in an account didn't matter much to me. The rate on my HELOC was pretty good so I was not going to worry about any of those extra payments as I was confident with the rental price to cover it. In any event if I over estimated rehab, paid it on HUD and didn't use it I could request the residual from the title company whenever I wanted.

I was not aware of Postell's strategy of putting a LLC on property. Will look into it!

Currently trying to fix up my first off market rental in Indy using hard $ so we'll see how that goes.  Fingers crossed.  

Bump on this thread. @Patrick McNerney were you able to come through with your plans?  I am in the same boat and was hoping for the same thing with STRs.  

Wow what a great thread!, even if a few years old.  Curious if there is more modular, buy/hold, investment topics folks have done in high priced markets vs lower.  

Bummer you closed your account!  Would love to keep following and complete one of these ourselves.  What modular manufacture did you use if you happen to check back hear.