All Forum Posts by: Raymond Kovats

Hi, I have a primary residence that I just refinanced to lower the payment and possibly rent it out. Can I rent it out and get an FHA loan on another owner occupied property even though I just refinanced?

thank you 

Thanks for all the info! The price points are definitely high out here in SoCal so that’s the reason why I was going to try and partner up to start scaling a bit faster.

Hi My name is Raymond and I currently own a condo in California but not much equity in it as of yet. I have about 30k saved up and I really want to move out, rent it and househack a 4-unit Multi-Family through an FHA Loan at 3.5% down. My question is.. can I partner up with a family member on a house hack and would we both have to live there or can I just live there? Feel free to leave any and all comments. Thanks again for all the help

I’m looking for turn key. I’ve been doing research and I’m now focused in the Memphis area. 

I’m currently doing a 1031 exchange on my home in California and should have about 60-75k to invest OOS with. I’m  looking into the Memphis area. any recommendations in that area? PM? 

thanks for the help

@Brent Coombs thanks for the info. while renting my house out it should pay the mortgage and the HELOC that I would do. Also, I have about 25k for repairs etc put away.

Hello all!

So me and my wife own a home and we were thinking about renting it out and house hacking a multi family property here in Southern California. Our goal is to create income through multi family rentals. We wanted to know if anyone has done that recently and what is some advice that you can give for us first timers? Also, what's the best way to pull out cash... doing a HELOC or a cash out refi to get started? We owe about 225k on our current home and it's worth about 375k so we can pull out some cash to house hack. thanks I'm advance!

Hi everyone, first off I want to say thanks for all the great info so far! I have a couple of questions. I currently own a home in the lake Elsinore area with an FHA loan for about 3 years already. My wife and I decided to rent it out recently because my commute for work was too far. We are deciding to refinance soon out of FHA into a conventional loan since we are at 73% LTV. We have about 15k in our savings and zero debt. our credit scores are rising again and are about 675 FICO. "still working on raising the scores". We want to get into the world of house hacking a 4-plex out here near the Upland, Ca area. they are pricy out here ranging from $650k-$800k. My question is how would you recommend getting started? I really don't want to sell my house but I would if I had to. I feel like we can do this along with keeping my house as a rental since I am making about $275/month after all expenses. We make about 95k/yr between both of us and no car payments or loans. Should I get some cash out when I refinance out of FHA for down payment on 4-plex? just trying to figure out ways to get started. Thanks in advance!

Hi everyone, first off I want to say thanks for all the great info so far! I have a couple of questions. I currently own a home in the lake Elsinore area with an FHA loan for about 3 years already. My wife and I decided to rent it out recently because my commute for work was too far. We are deciding to refinance soon out of FHA into a conventional loan since we are at 73% LTV. We have about 15k in our savings and zero debt. our credit scores are rising again and are about 675 FICO. "still working on raising the scores". We want to get into the world of house hacking a 4-plex out here near the Upland, Ca area. they are pricy out here ranging from $650k-$800k. My question is how would you recommend getting started? I really don't want to sell my house but I would if I had to. I feel like we can do this along with keeping my house as a rental since I am making about $275/month after all expenses. We make about 95k/yr between both of us and no car payments or loans. Should I get some cash out when I refinance out of FHA for down payment on 4-plex? just trying to figure out ways to get started. Thanks in advance!

Hello!

I've been reading lots of posts and watching BP podcasts for a while now. I'm new to real estate and wanted to try and invest out of state cause of the high prices out here in SoCal. I'm looking into duplexes or multi family 4 unit properties. What is the process for investing out of state? Do I have to actually go out there and view properties or would doing extensive research and getting answers be good enough before purchasing? just wanted to gather as much info as possible before stepping out there. 

Thanks!!