All Forum Posts by: Milena Blanch

Anyone with current experience in adding a unit or converting a garage in a duplex to eventually turn a duplex into a triplex/fourplex in West Palm Beach, FL specifically? If not, any experience or contacts to add an ADU?

Hi BP, we are under contract for an investment property in the Vero Beach, FL area. We consulted with 3 mortgage companies and they recommended a renovation loan. Currently looking for a general contractor to submit the estimate to bring the property to living standards. Need someone who is willing to submit a quote this weekend or earlier next week.

Any real estate CPA recommendations in the West Palm Beach, FL area with househacking real estate investor clientele experience?

I offered 508K on a duplex and offer was accepted, one unit is already rented for a year (below market, we could get more when lease is over) and the ROI and strategy to househack for a few years is perfect for my family to start-off our investing journey, we would be saving a lot on rent. However, the appraisal just came back at 450K. I talked to my lender about numbers and we're going to start the negotiation at 460 but the lender gave me the numbers at 495 (asking price was 500K) and mortgage still makes sense. I know the market is crazy, and the numbers looks good but offering 45K over appraisal value? The sellers realtor said they had a cash offer after our contract was signed, we don't know if this is true but even so is this the new normal for a multihome?

@Kevin Sobilo I'm not sure I understand your response.. I ended up talking to Penfed, they do Helocs on duplexes. I told her my scenario buying at 508, putting 101 down and asked her can I get a HELOC out of the money I put down once I close. She said yes about 51K and then explained the conditions etc...

I am purchasing a duplex and househacking with a Conventional 20% down and was planning on getting a Heloc to continue reinvesting. But my lender told me most bank don't do helocs on multifamily properties only single family residencies. Are there any banks you can recommend that will do Helocs on an occupied duplex once I close? 

Lender also told me for my next property I will need at least 15% down and 6 months reserve and since I already have a primary residency I would have to apply for an investment property. Are there any other options, once I close on my first duplex I won't have enough to get another property, only about 20K left.

I recently sold my townhouse and made about 90K and am ready to invest on my first multihome (Florida market, planning on self managing as I am just starting out) Should I put down 20% down to make more profit (no pmi) and later on get a heloc to reinvest in more properties or use the fha loan for 3.5% down, I am thinking of house hacking at first and use the remaining money to invest in a couple more properties (less profit due to pmi)?