All Forum Posts by: Jonathan Perez

Yeah, it depends on the loan type but typically it’s a minimum of a year.

If you get any down payment or closing cost assistance, sometimes they’ll have their own minimum requirements too.

The FHA loan I used required 1 year but the down payment assistance program I was on required 3 years to be "forgivable" with each year knocking off 1/3 of what they provided - so pretty much, each year living in the property, out of the minimum of 3 years, 1/3 of the total amount they gave me for the down payment and closing costs, was "forgiven" / not needing to pay back.

So make sure you ask your lender and any assistance you get, all the questions.

There’s definitely a need for affordable housing and MTR’s are a great opportunity to help with that!

One model I’m seeing investors doing is the rent by the room strategy / padsplit.

IF done right, you can turn a single family home to function like a multiplex - increasing the cash flow by double, even triple oftentimes.

Has to be the right property of course / layout / characteristics to minimize drama and conflict between roommates / tenants since it's a longer stay than STR and spaces are shared but with the right set up and systems in place in can be extremely effective and super profitable.

You can easily switch from STR to MTR since it's already furnished and just make a few tweaks.

I can definitely help you put some ideas together or connect you with some investors I know doing it in Jacksonville FL. 

You can do either; get it under contract first then send to investors OR send the stats to investors to see if they like before contrsct. It’s really up to you.

Pros and cons to both. With the latter at least you’ll know if you have a buyer before going under contract. 

Make sure you know your investors won’t go behind your back and contact the owner to buy direct.

Your wholesale fee should be subtracted from the 70% the amount is really whatever you desire. Just don’t overdo it. 

Contracts are everywhere, I believe biggerpockets has some.

Whether it’s under contract or not doesn’t even need to be disclosed to the investor. Just show the stats if that what you chose to do. 

Sometimes wholesalers will tell you straight up “assignment of contract”. Sometimes they just provide the details and you’ll have to dig to find out. Totally up to you.

Hope this helps. If you need a mentor, Adam Locklear is great he’s located here in Jacksonville FL but mentors virtually as well. Let me know if you want to get connected.

Never used one but I know it’s all about relationship, experience and the deal.

Really mostly the relationship. 

They need to trust you. Show them what you know and exactly what you plan to do with whatever deal you need them to finance or partner up with you on. 

Hope that helps. 

 Check out Rentredi, Avail, and door loop.

I never tried any of those. I just did a quick search and I see they have automatic payment options. 

Not sure if that’s possible for you to make it automatic on your side unless the tenant signs something with you agreeing before signing a lease. 

Hope that helps! Unless someone else comments with a better idea / option. 

 Maybe not "untouchable" but it may be an added layer of protection. 

I would make a few quick phone calls to some real estate attorneys nearby and ask to see what your options are exactly. 

Hi Lara, I would recommend getting with an attorney to see if you can maybe have the tenants sign a hold harmless agreement for if in the case the dog were to injure someone that you would not be sued for it.

Not sure if that would help but I would definitely look into it! 
 

Hey India! What are you looking to do with the Duplex? House hack? 

I would highly recommend doing so if that's what you're thinking. It's a great way get the investing journey started and it's a lower risk way to begin since it'll be your primary residence and you need a place to stay. It also requires less money to get started when you're owner occupying 3-5% down (lower barrier to entry) and you can take your time to learn the how to be a homeowner (if not already) / landlord / investor in training. 

This is how I got started and it really is an awesome way to get in the game! I'm still doing it today, the arbitrage way (renting an apartment and hosting the extra room on Air BnB.)

Feel free to reach out if you have any questions! 

***Also, maybe you can use the hard money to acquire and rehab (non owner occupied) to your liking and then as soon as you finish, you can refinance with conventional, in which at that point you can move in and hack it however, ( rent / sell later )

This is what I thought you were saying at first. But that may be something you can do too. 

Hey Deaven, as others have stated, with hard money you cannot occupy the residence so it pretty much takes away the whole “live in” part of the flip. 

Why not purchase a property that requires a lighter rehab that could pass conventional / FHA inspections and live in flip it as you go?

You can do this with a duplex. Rehab one side as you live in it (while the other is rented), then once finished, you move to the other side and rent the rehabbed side out for a premium and repeat for the other side.

This is what I did for my first one and it was definitely a great way to get started.

I highly recommend it for starting out.

Feel free to reach out if you have any questions!