All Forum Posts by: Kyle Sosnowski

Glad I could provide value! 

A mortgage professional can, in theory, take less than an hour to preapprove you. But oftentimes it takes a day or two because not all borrowers are clear-cut. 

What I mean by this is that a mortgage professional is going to have to take into account all of the following: Citizenship status, income, employment history, address history, credit score, debts, and assets. This information is going to need to be verified by documentation (Valid U.S. ID, bank statements, W2, paystubs, etc.). This info is typically what the professional is going to need to see, but different programs require different information to be gathered. 

Once they verify all the information about you, they can preapprove you for a certain amount (this process is often humbling and it is good to have the professional explain exactly what they are doing when looking at your info so that you can leave the situation more educated). After you have the preapproval, time to go shopping!

No worries, happy to answer your questions!

1. For that first BRRRR in OKC, we were able to keep the tenants in place for the rehab, because thankfully most of the work was exterior cosmetic stuff. There was some work needed inside, but not so much that the tenants couldn't stay. That was a big plus since we kept getting rents through the rehab!

2. Definitely. The rehab will probably take longer than anticipated, and will likely go over budget. As long as you anticipate this and your margins aren't so tight that a delay or overage will break the deal, you'll be fine. The time delay was due to things out of our control (weather, supply chain issues, etc). We didn't go over budget a ton on the rehab, but its not uncommon for things to pop up during the rehab that weren't on the original scope of work. 

I made a stupid mistake when it came to the cash out refinance. I was at the closing table and read the rate was fixed for 3 years, then variable! I thought I was getting a long term fixed rate, but after reading the fine print and previous emails between the lender and I, i just completely missed it and assumed I was getting fixed for 30! 

3. I remember reading through bigger pockets blog articles about markets, and searching the cities in the forums to get more detailed info. I also recommend going to the chamber of commerce website for a city you're considering and seeing what they're doing to attract businesses. You can also google " population growth" and " business growth" to see what's going on in that town. 

Good luck! Let me know if you have any more questions.

Hey @Joon Kang, I have some great realtor friends in Jacksonville, we are in a mastermind together, and they invest themselves in the market too. Hit me up and I will connect you!

Welcome to the REI Industry!

Turn-key is difficult to have cashflow.

I work with clients often in FL and would love to connect if you ever have questions or need some insight on deals!

As @Doug Smith had mentioned, it very much depends. If you are trying to purchase a home for all cash, then you won't need a preapproval. If this is the case, just explain it to the realtor/seller that you are intending on buying the property this way. 

If you are planning on purchasing a home with a mortgage, then oftentimes realtors will not show you a home unless you are a verified buyer; A.K.A. preapproved. 

Lots of buyers think they can afford what they are looking for, but often times they are misguided because of things they didn't realize were taken into account when applying for a mortgage. I'm not saying this is you, but this is why realtors don't like showing homes to buyers who are not preapproved. 

If they are not guaranteed that you are verified to be able to afford the purchase you are trying to make and they put hours/days/months into helping you just to end up getting denied on the financing, that would be a great waste of time and money for both parties. 

You don't have to get preapproved, but for realtors and sellers to take you seriously (unless you are a cash buyer willing to show funds) you should get preapproved. 

(904) 268-3106 Augustyniak insurance- a great independent broker. Ask about Chubb layered with Citizens. Shapiro my second choice for independent agent. Get an umbrella policy. Call and talk about options now. 

You will really need to call a local agent to get an idea. It is very slim pickings right now, Citizens is the only option for many people. If you do get stuck with Citizens remember they only offer 100K liability, you'll have to buy an excess liability policy from another carrier to get higher amounts.

When buying a property here, allow for the expenses of updates to make the property insurable. They don't allow aluminum wiring, poly pipe, or (generally speaking) roofs more than 15 years old here. If someone does insure a roof at 15+ years it will be at a very jacked up premium.

Good morning everyone 

I'm planning a move to Florida within the next year or so. The plan is to find a duplex and house hack. As of right now I am planning on going the FHA route, living in one unit while renting out the other until I am ready to refinance and repeat the process. Any advice that could possibly make my life easier would be greatly appreciated. Location advice is also welcomed. Right now I am looking in Jacksonville, Tampa, and MAYBE Orlando.

Have you thought of turnkey investment to start out journey in real estate?