All Forum Posts by: Obed Calixte

Congrats on the deal and thank you for sharing that lesson learned!

This is awesome, glad to see folks involved in this deal. From Pace's videos and hearing Veena speak on multifamily during he early days of Clubhouse, I can tell you're going to be in great hands. 

I'll be interested to hear your perspective in 1-2 years time about how the deal is going. 

The Florida Housing site has the below additional key notes about the program— with the second sentence being key. Gathering additional details around that would be critical (if you have not already).

“Down payment and closing cost assistance is available in the form of a 0%, non-amortizing, 30-year deferred second mortgage. This second mortgage becomes due and payable, in full, upon sale of the property, refinancing of the first mortgage, transfer of deed or if the homeowner no longer occupies the property as his/her primary residence. The Florida Hometown Heroes loan is not forgivable.”

To your question— some ideas would be considering house-hacking, live in flip, small multifamily with FHA or a home that has potential to add an ADU.

They say what comes after the “but” in a sentence is usually what matters most. Sounds like you want to convince yourself to buy something you know you wouldn’t otherwise. 

Great right up and insights.

In regards to subdividing the 2 bedroom units, do you have a rough idea on how long it would take to breakeven on the rehab costs?

Live like a broke college student, even when you get that first job out of college.. ie, live well below your means. Find actionable methods to monetize your current skillset. Best will always be subjetive and unfortunately you won’t find a definitive answer here. Set a $ goal and track your progress weekly. The fact you are asking this 1-2 years out however, you are on the right path!

Talking with the City of Tampa zoning department has been helpful for all my zoning questions in the past. Mind you I have not subdivided lots, but reaching out to them may be a start if you haven’t already. If for at minimum having a papertrail of documentation for future reference.

 Always, no. The BP calculators give you a strong basis to start with and to share results however. Overtime, you make create your own tools but the math is essentially the same. 

Just wondering - have you played with the Biggerpockets calculators as of yet? Or are you looking for something further.

Congrats on the deal!

You mentioned " ...in order to get this to appraise out, I had to think outside the box a little."   What solution did you ultimately come up with, if you don't mind sharing.