All Forum Posts by: Jeremy P.

@Colt Taylor sounds like House Hacking with an FHA Loan or FHA 203K (includes Rehab Costs) 12 month requirements, owner Occupied 3.5% down payment.

Most all Lenders offer that type of loan.

FHA also looks at multifamily up to 4 units and classifies it as a Single Family.

So in theory you could buy a 4-plex with the FHA loan, house hack it (live in 1 unit) and then rent the other 3 units out. Paying all the costs of the mortgage, expenses, and hopefully making some cash flow at the end of the month.

You could even fix up the units when they are vacant, charge more rents, then after FHA requirements are satisfied you can BRRRR out of the FHA loan and start the process again.

@John Kent I would like a referral please, being 1099 is hard to find lenders that don't use Tax returns for Income verification.

@Spencer Hsu You can PM me also. I found a Property Manger through my Agent when I moved to my Primary Residence. They are attentive to requests from the tenant and also the owner (me).

Just make sure you screen everyone you get to see if they are a good fit for your Team.

Being local I have the option and ability to drive by my rental to sometimes see what the tenant is asking or just to check on the properties appearance.

If i was out of state I would ask the Property Manager to do that.

@Chris Grenier What part of 32808? I lived (North Lane and Pine Hills Rd) since 1983 and just recently (2015) moved to Dr. Phillips.

I would rate that area a solid D Class. My current rental is very hard to rent for the types of people looking. They always claim the rent is high, and the area is not so good so they want it lowered. I've had vacancies of around 3-4 months between tenants.

@Thomas Anderson  Thank you for the info. Do you have a link for the BP Meet? or more info?

CFREI Monthly Meeting is Tomorrow March 1st at Edgewater High

Another meetup from local Investor @Foster Algier Thursday March 2nd https://www.biggerpockets.com/forums/521/topics/41...

Saturday March 4th CFREI hosting: Creative Financing (With a Twist)" with Chris McClatchey

It happens more than you think. https://www.biggerpockets.com/forums/12/topics/405...

I would compare Redfin, Realtor estimates also.

You can't beat having comps run by an Agent/Realtor to see what the house could potentially sell for.

You can read J Scotts post on Estimating ARV to help get an idea also but you need Comps
http://www.biggerpockets.com/forums/311/topics/731...

Welcome to BP, don't forget about the Weekly Webinars: https://www.biggerpockets.com/webinar

Welcome to BP.

What you mention is called the BRRRR method. Buy, Rehab, Rent, Refinance, Repeat.

Check out these articles:

https://www.biggerpockets.com/renewsblog/2015/04/2...

https://www.biggerpockets.com/renewsblog/brrrr-buy...

There is even a calculator to help with the analysis: https://www.biggerpockets.com/brrrr-calculator

welcome to BP. Congrats on making the first step.

read Read Read, listen to podcasts,etc.

@Mindy Jensen has a great post here: https://www.biggerpockets.com/forums/12/topics/416...

If you will be living in the house then look at:

FHA loan 3.5% down payment and first time home buyer programs

Also FHA 203k Loans (includes $$$$ for Construction/rehab) little longer to obtain more paperwork, still same 3.5% down payment and first time home buyer programs

Be aware FHA requires you to live in the Property for at least 1 year before selling or renting out.

On the podcasts I have heard them talk about:

https://podio.com/

http://leadpropeller.com/ (I believe websites for Investors)

https://www.reimobile.com/ (same person/company as Lead Propeller but CRM)