All Forum Posts by: Shawn Tompke

Hey just want to encourage you man! Good job getting educated and for having passion and a dream for your life! Keep at it and don't quit and you'll achieve so much more than you ever believed was possible! Bless your time and may God protect you as you defend the most important country in the world! God bless Israel!

How close to the 2% rule is realistically attainable in Bellingham? Would a 1% deal be considered good? Thanks for all the good stats! Very informative!

I'm a beginner about to purchase my first property. I'm looking at a property that has a 3/1 stick built house and a doublewide (2005) ADU on it. It is on about an acre of land. This is in WA state, thurston county. I have already had a few different lenders say they wouldn't loan on a property with an ADU. I think I've found one now and I'll be using an FHA loan. I'm just wondering if I would be able to rent this ADU out legally? Or what questions I would need to ask to make sure that I can. Thanks so much!

That's good to know! Didn't even think about the LLC thing.

I wonder if you could transfer it into an LLC after the 1 year owner occupied time is up?

And still working on my first deal. Almost went into a intense remodel project on a triplex but the work needed to be done was a little too much for me. Also I have a wife and 2 kids and living in a small unit doesn't really fit out situation. BUT if I was still single I would try and find a multiplex as soon as possible. And you could possibly house hack another one after that year. Seems like the easiest approach to getting in with little money down.

Now I'm looking at a 3/2 house with a 2/2 alternative dwelling unit on it. Gives us about an acre of land too.

Have you looked into doing a BRRRR? There is an FHA 203k loan that gives you the loan for the property as well as the financing for the remodel in the same mortgage payment. And it's owner occupied as well. This could help you find a property that is priced lower but able to cash flow good after you doing the repairs. If it is major repairs then you will need a licensed GC to do it for you. But there is almost to limit to the extent of the remodel FHA will fund! Good luck!

Ned Carey Thanks for that comment! That's a good few sentences to help me get focused on practicing analyzing properties. I'm just a beginner as well but eager to learn. Helps a lot! Appreciate it!

Such an encouraging Thread! I'm looking to buy a 4-plex in 2017 using an FHA loan. It's an awesome way to get my first deal moving. Just waiting for that right one. Thanks for all the info!

Hey I appreciate it!! Also I found remodelingcalculator.org It is pretty sweet!

My lender said they would finance however much the renovation needed. Even over 50% ARV. And I don't have the capital to do HS. I think the 3.5% down with the FHA is all I can afford at the moment

Looking into a deal on a 3-plex unit. 3bd 1bath 2bd 1bath 1bd 1bath studio. About 2828sqft total. I'm wondering what a super broad estimation could be for hiring out this work with a contractor for a full remodel. "Most" of it needs to get gutted to the studs but not all. Also pool removal. Am I getting myself into something too deep? Just wondering what I could expect remodel costs to be. In a B- area, so not a super fancy remodel job. Thanks!