All Forum Posts by: Patrick Q.

Hello All,

I plan to do a 3-4 family house as a house hack with FHA financing.

The plan would be to buy the property, renovate one of the units nicely, live in that unit for 1-2 years and then move on to a house that we buy and live in long term.

The 3-4 family would then become a rental that we would ultimately hold long term.

The other 2 units we would clean up and do minimal work to initially and when the first round of tenants leave, renovate/upgrade the other units as they become vacant to hopefully increase the rents.

I had been researching single family options prior to COVID and am starting my research on multifamily and hoping you guys can point me in the right direction to save some time on a couple of things.

My questions are as follows:

-In terms of financing. Are there any avenues/tips that you would advise I explore?

-Am I at a major disadvantage in the multifamily world seen as though I am not buying with cash like other investors?

-I would like to avoid paying PMI for the life of the loan. Any tips on how to approach that.

-Does anybody have any good resources/study material that they would recommend?

Thanking you all in advance for any information/advice you may have.

Best,

Pajo.

@Karran Gupta

Hi there,

I found the Jersey City departments very helpful and informative when I called.

COVID messed up my plans so I didn’t go through with the permitting process yet.

I would call them with short clear bullet point description of what you are doing.

They will explain the steps to you.

Then ask roughly how long a permit similar to yours is generally taking at the moment if there are no issues.

I can tell you that they guarantee you an approval or denial within 20 business days from the time they put it into the system.

The steps that lead up to that are few and somewhat reliant on your doing things right as much as Jersey City.

You could also hire an expediter.

@Colin Simon

Thank you kindly for your advice.

That's a tricky one with house hack#2.

Maybe speak to a small regional bank with flexible rules and ask them how others have addressed this kind of issue in the past?

@Sean Doran

Thank you.

Hello All,

I am using the BRRRR calculator on BP and struggling with it.

Can anybody recommend any specific resources that will explain the process of using the calculator and help me get better at using/understanding it?

Regards,

P. Quaid.

Hello All,

I am looking to connect with a hard money lender for upcoming BRRRRs I am doing in Jersey City.

Are there any investors on here who have any recommendations for suitable hard money lenders serving this area?

Regards,

P. Quaid.

Thank you Darren and Megan.

Hello all,

Hope all are well.

I am putting my team/network together ahead of my first NJ rental property purchase.

I am looking for a property inspector that is thorough.

I would love to hear from people regarding property inspectors that they have actually used themselves.

Does anybody on here have anybody that they have worked with that they would recommend?

Regards,

P. Quaid.

Hello All,

I am considering purchasing a home (home A) with a FHA loan to avail of all the benefits that a FHA loan has to offer and then move on to another property (home B) and do the same again with the FHA loan.

Home A would then be kept as a rental investment property but be financed still under the FHA loan.

We would purchase house B after we had been living in house A for at least a year.

We would still be living in home A when trying to buy home B.

We would also still be living in house A after we have purchased house B and were renovating house B.

In order to qualify for the FHA in Home B, home B would have to become my primary residence (I believe).

My question:

Is it permissible for my family and I to live in house A right up until we move into house B?

We would essentially be claiming that house B is our primary residence although we would actually be living in house A for a while before moving to house B.

With all the above said.

Can I do the strategy above and get FHA loans for both house A and house B?

@Rob Moogan

Thanks Rob.

Been meaning to text you about something else also.

Will reach out to you over the next couple of days.

Thank you Dave Edwards.