All Forum Posts by: Justin Morris

Hi BP,

My wife and I are looking to house hack a property in Saint Pete, FL. We want to buy a duplex, rent it out, then move back in and fix it up. We've talked to a conventional FHA lender and we've got some work to do on the credit to get an approval. I am considering going the private money route and purchase a property through that route while we work on the credit/pay down debt so our DTI is better and we can get approved for more, then refinance in a year.

During that year we’d rent/Airbnb the duplex (we’d only be buying a duplex that needed cosmetic Reno as it’s our first property). and live abroad to save $$ then come back and refinance the property as our primary residence. My questions are:

1. Is this a good strategy?

2. Is there private money lenders out there that will do 100% financing that aren’t crazy expense with points and high interest.

Thanks.

I'm looking for a FHA lender in FL with no overlays that will go up to the max DTI, approve with 3 charge offs and 1 collection account and will include rental income as qualified income.

How long is the seasoning period once you purchase a home in cash before you can refinance? Are there lenders out there that have no seasoning requirements? My wife and I are about to purchase a tax deed home and I’m trying to get my timeline down from purchase to rehab complete.

Additionally how much of the value of the home can be refinanced? I’m looking to pull as much money out as possible.

Thanks

Hello BP,

My wife and I are jumping in to the REI world and buying our first property. I've been on BP for years and have dabbled a little bit but never got serious. Now I am. We are looking to buy our first home through a Tax deed sale in Pinellas county Florida. We've made a list and are going to look at the properties next weekend, once we've got our final list. We'll do title searches and that will ultimately determine the final list we bid on next month.

From my understanding if I am the highest bidder. Then I need to do a quiet title action to clear the title and then the plan is to refinance the house and pull $$ out to rehab it. Once we rehab it we plan to rent it out and do it all over again.

Is there a certain period of time I have to wait before I can refi?

Any advice from any experienced investors who’ve purchased tax deed properties in FL before?

I am aware it’s more risky but I’m working to an advisor who has 5+ years experience in tax deeds. Just thought I’d post the plan here to hear any feedback from community here.

Thanks!

Hey All.

After years of lurking on here, I am finally about to jump into the game. My wife and I are now in a financial position to buy a property. My parents have graciously offered to co-sign and our plan is to buy a duplex. Live in one unit and rent the other. We'll do the traditional FHA so we get in with a low amount down and then live there for the required year while fixing it up and then buy and move into our next Duplex.

My wife and parents will be the ones on the mortgage for this first property as I just started a new position this week. This position is 1099 for the first 6 months and then it transitions to W2, so the income wouldn’t qualify.

My question is can I qualify for FHA when buying our second property if I'm not on the mortgage, deed or anything else associated with the first property?

Also, how do folks finance properties beyond property number 2 if you don’t have the cash upfront? As there is only so much banks will lend to you.

Is the best strategy after property number two, to buy with private money and then refinance the property within 6 months? Is it easier to refinance a rental property? Does the bank count the rental income along with property value when looking at a refinance?

Any insight would be great thank you!

Hey Everyone,

  After years of lurking on here my wife and I are out to buy our first property. We want to house hack a duplex or triplex

in St Pete. Live in one unit and rent out the other while fixing it up, then buy another and do it all over again. Kind BRRR I guess.

We'd like to find something that needs cometic fixes and nothing insane. 

We'd be using a FHA with my parents co-signing to do it and then we'd refi it it a few years. What areas are good to look in? I've only lived in St. Pete for about a year so I'm not extremely familiar. I know avoid the south side and that old Northeast and Kentwood are good.

But, I know those areas have become very expensive and we are probably going to be in the 200-250k purchase price range. 

Also, is this a good strategy? What are the best tools for evaluating a deal?

Thanks!

Hey All.

After years of lurking on here, I am finally about to jump into the game. My wife and I are now in a financial position to buy a property. My parents have graciously offered to co-sign and our plan is to buy a duplex. Live in one unit and rent the other. We'll do the traditional FHA so we get in with a low amount down and then live there for the required year and then buy and move into our next Duplex.

My wife and parents will be the ones on the mortgage for this first property as I just started a new position this week. This position is 1099 for the first 6 months and then it transitions to W2, so the income wouldn’t qualify.

My question is can I qualify for FHA when buying our second property if I'm not on the mortgage, deed or anything else associated with the first property?

Also, how do folks finance properties beyond property number 2 if you don’t have the cash upfront? As there is only so much banks will lend to you.

Is the best strategy after property number two, to buy with private money and then refinance the property within 6 months? Is it easier to refinance a rental property? Does the bank count the rental income along with property value when looking at a refinance?

Any insight would be great thank you!

Hello Everyone,

 I'm looking for a referral for a experience GC you've worked with that services St. Pete. I'm looking for a initial estimate on a gut

rehab on a property I'm looking at purchasing with a FHA 203K loan. Thanks

@Jeremy Taggart thanks so much for your advice. I really appreciate it. That’s a brilliant strategy with the 203K. So if you refi out of it do you have to wait a full three years before applying for another 203K?

Hey All, 

   My wife and I have finally decided it’s time to do something. I’ve been a silent member and observer on BP for years. At this point I just think it’s time to jump it and do something. I was inspired by a BP podcast show where the guest said when asked what advice to give to newbies. “ Just do something, you’ll regret it when your 65 if you don’t.” So here we go. 

My wife and I want to house hack a duplex in the edge of a upcoming neighborhood in St Petersburg, FL where we live. We want to take advantage of the FHA 203k with this property as it'll be a full gut rehab. We would live on the units and rent the other. We went to view the property today and we both see a ton of potential and upside.

My main question is, how do I get estimates of rehab cost? I tried calling a couple GCs and they basically said they won’t do it with a project like that if we aren’t already the owners because it’s a waste of their time. I’ve run numbers using the snap rental cal with a general $100k in rehab costs built in and it all looks good but that’s just honestly an uneducated guess on my part at this point. Any advice on this? Is it better to just get the financing in place and under contract before approaching a GC? Any advice would be very apprenticed. Thanks!