All Forum Posts by: Ryan Newport

Besides the BP insights tool, what other tools do you guys use for reliable rental comps. Hopefully with more filters than just bedroom/bathroom count, and preferably something that doesn't require subscription/payment. 

TIA! 

@William Collins @Matthew Brill So my follow up question then is if I’m legally allowed to evict, aren’t evictions very very backed up right now? Would I still have to wait months and months for it to process or is there a different system because this is specifically an owner occupancy issue. Being able to file for eviction legally and actually processing it and getting the tenant out are two different things. 

I’ve also heard that if a tenant claims having a covid related issue that it could prevent/delay an eviction further. 

Any further insight into these possibilities/concerns? I really appreciate the help!! 

Hey all, 

Curious to hear some feedback here and see what people's takes are on the topic. I'm currently seeking a house hack with an FHA loan, so of course two of the requirements are that I live in it for a year and move in within 60 days of closing.

I've been steering away from completely filled properties, even if tenants are on month to month leases, because the general consensus I had gotten earlier this year was that it wasn't possible to evict people or move them along. By steering away I mean that if a seller doesn't come back saying they're willing to make a unit vacant on close, then I've been moving on without making an offer. 

My two questions are this: 

1. Is it easier to evict someone, even IN the state of the moratorium if say one's FHA offer is accepted, the property becomes my primary residence and I am then required to live there. I would think there would be some different regulations for this scenario vs. a straight out non-occupied investment property. (And if anyone has insight please do let me know, get in touch, and provide any links if possible!)

2. With the moratorium coming to an end soon anyway (I live in CT and its currently scheduled to end May 20th), should I be switching up my criteria and putting in FHA offers even if properties are completely filled.

Appreciate any and all Insight! 

@Sept Jones I poked through the CTREIA website and joined too, but it looked like everything was still virtual. Maybe I missed something? 

I know covid is still a thing but, which meet ups are up and running in person right now? Or which are coming back to life soon? 

@Alyson Augenstein I've been searching the area as well, and spent some time in New Britain when I was in highschool as I grew up in the neighboring town, Berlin. Things aren't necessarily exactly street by street there. Where are you coming from? I'd say if you can find the time, break the town into zip codes and spend 20 minutes driving through each one, jotting down areas you approve of by main streets/sections, or even circling on a map. This way as things come available you'll know whether or not to spend any more time on it. 

Shoot me a message if you'd like to chat. Good luck! 

I'm looking online now at the loan requirements and it seems based on multiple sources that this loan package is strictly for SINGLE FAMILY homes only now. Is there fine print elsewhere that allows for it to be used for a multifamily duplex or triplex? Everything I'm reading about now very clearly and explicitly shows that this can only be used for a single family, 1-unit home. Maybe the guidelines have changed? Appreciate the insight! 

Hey all, 

So I got pre-approved and I'm going to start actually heading to some properties. 

Brief of investment target: I'm targeting 2-3 unit MF own-occupied house-hack for my first investment property. It needs to cut expenses down to a minimum while living in, and create positive cash flow for years to come. I'm using an FHA with low down, so for more than one reason I'm planning to hold the property for a good number of years. I've vetted out the areas I'm willing to invest in and I've gotten a solid handle on what rents are running for in each market based on bedroom and condition. But I want to make sure to stay ahead of the game and make sure nothing bites me down the road. So with that being said I'm looking for 2 things here that sort of overlay each other.

1. What questions should I be making sure to ask at a showing? Questions I should be asking the owner, my agent, the landlord, myself? A list of the questions that you make sure to ask would be very helpful. 

2. I'd like to be able to estimate my Cap Ex, and how much I should be appropriately setting aside monthly. I know some people do a percentage of gross rent, but I personally feel a bit more compelled to actually spreadsheet out all the items and come up with a more definite number. I think visually it just makes more sense for me this way too. Combining the first question with this concern, what should I be making sure to check on to be able to most accurately create said spreadsheet. 

All insight, personal experiences, documents, and suggestions are very appreciated! TIA :)

Also looking for a concrete answer on getting into a 2nd FHA loan, AFTER refinancing out of the first one.

I am about to get into my first house hack duplex, and a mortgage broker I was speaking with advised me that I would have difficulty obtaining another FHA later (12+ months later) because they'd require me to have a justified reason for another move using an FHA (and I'm talking over 12-months after, so completely fulfilling that requirement.) I've read other posts of people not having any issue, and FHA house hacking, refinancing, and FHA house hacking right into the next year, year after year, acquiring a nice rental portfolio. I would like more insight as to whether or not this is a specific underwriter/lender overlay, or if this is common hurdles that investors need to overcome and come up with a real justified reason to needing another FHA, ie: garage for new cars, more bedrooms for marriage/kids, etc. 

** Specific examples/experiences are most appreciated, but all insight is helpful. TIA! 

@Ashish Acharya

Where can I find info about this online? I’ve tried searching and can’t seem to pull up anything about it. Maybe it’s cause I’m on my phone. I’m not sure why I’m having so much difficulty with something that seems it should be fairly easy to look up and figure out :/