All Forum Posts by: Ellie Narie

I'm looking at a 4plex house hack where each tenant has their own trashcan, but it looks like the owner ends up paying for the trash anyway. What would I need to do to make the tenants pay their own trash? Would I need to amend the contracts? Give them a 90 day notice about the change? 

You only have to live in it for a year. But you can't get a second FHA loan if you already have one, that's why I am wondering what are the options to refinance it.

2-4 unit property. What's the best next step to get another 4plex without paying down the 20% equity?

Do you need to wait until you have 20% equity to refinance into an investment loan? Or can you refinance right away after you live there for a year, without having that 20% equity?

How do you proceed to do another house hack after a year if you don't have 20% equity?

So we finally qualify for a mortgage this year after 2 years of self-employment... we wanted to buy our first property, a 2-4 unit place with FHA this year... but with the whole coronavirus thing, supposedly the market prices are supposed to go down... but I live in a small town, and no one here seems to want to reduce their prices as of yet... prices are pretty expensive here on the west coast. Should we just rent for now and pursue the whole FHA thing a few months from now?

Is anyone here still pursuing FHA house hacks during the coronavirus events?

Quick question, doesn't FHA require that one unit be owner occupied?

I want to invest in real estate. I haven't invested into anything yet, so I'm still trying to figure out what my first deal will be. I live in a small town. I wanted buy 2-4 unit property with an FHA loan, but the properties available in my town are expensive, and they're not 4plexes. There are triplexes for 400k. Rents at $850-$900/unit, can possibly be increased to $1000 a month in the long run... Not great of a deal, right? Doesn't meet the 1% goal... So what should I do? I am currently renting. Should I just buy an expensive multi-family with FHA? Should I possibly do new construction? I contacted some contractors and figured out that the price of building a duplex with 3/2 units (including permits/site prep) plus land would be about the same, 400k. 3/2 units can rent at around $1500 a month per unit... New construction might appraise for more, so that might be a positive. And I have a lender that can do FHA construction loans on up to a duplex (no 3plex or 4plex for construction), so those 400k could be pretty much financed and the interest would be financed as well, so no payments during construction out of pocket... or is it better to just buy a ready multifamily? Or should I just not do any of this and buy or build a single family house 3/2 for something around 250k?

What's my best strategy here? Are there any other strategies I should pursue? I have no debt so far, so my DTI ratio is free and clear. I just don't want to mess it up and pursue the wrong strategy...

Should I wait it out for a few months and not buy a property?

So everyone seems pretty worried about this virus spreading in the US. I'm just worried because I'm about to buy my first deal triplex with an FHA loan, and it's pretty expensive at around 400k (welcome to the pacific northwest!), rents around $900 a month per unit. But I'm hearing about the corona virus stuff, how the stock market had the biggest downfall right now, and I'm just worried that in a few months, this property will be worth half of what I would pay for it. Is this likely to happen? What do you all think about how the corona virus is affecting real estate?

Oregon has a law that says that if tenants have lived more than 1 year, you have to give them a 90 day notice. But FHA requires me to occupy home within 60 days. What do I do? About to make a deal on a triplex with FHA.

I heard about cash-for-keys, but what if the tenant will not accept this and wait the entire 90 days? I don't want to commit mortgage fraud because of the oregon law. Do I need to add some kind of addendum to the purchase contract that says that the seller has to give a notice to one of the tenants after acceptance of contract?