All Forum Posts by: Tim Kaminski

I am a new investor, trying to acquire my first multifamily property to house hack. My plan is to use FHA financing to do this but I'm having problems finding property. I live and work in Tampa, Fl and most Sellers do not accept anything other than cash and conventional. The properties that may accept FHA are in areas that are less than favorable for me to live in. Tampa seems like a market that is very hot and has inflated prices.

I want to house hack before I start to look in other markets that I wouldn't be able commute to work from.  Reducing my living expenses through house hacking seems like the best way to save money and slowly build wealth.

I have been looking on the MLS through realtors but not having much luck. Should I start looking off market by driving for dollars? My only issue with this is even if I do happen to find an Owner who wants to sell, it still has to be a property 1.) In my price range 2.) At a purchase price that is able to cashflow 3.) Meets my criteria.

I'm just feeling a bit discouraged with the lack of FHA properties on the market and at everything at inflated prices. Am I looking in the wrong spot? What am I doing wrong?

Tim

Hello,

Looking at a property tomorrow that is a triplex, 2 buildings, but 2 of the units are on the same electricity and water. I'm wondering if FHA requires electricity to be separate for all units or if that isn't an issue? Would FHA 203k Loan let me do that, or would they require Seller to do this? Curious if anyone has any insight.

As a landlord, I would like them all to be separate eventually but could do something where I house hack and airBNB the adjacent unit until I get that figured out.

Thanks!!

Thanks Scott Pollard. Referring to how many zones it is set for, and deed/neighborhood restrictions, would I be able to find any of that online(where) or would I have to call city? I understand it may be different in different locations. Any input appreciated!

Looking at a 2 building duplex that has a garage on first floor of the second unit. MLS said the previous owner had converted the garage into a 3rd unit for a time and it was able to be easily converted back to a 3rd unit. I'm curious if I would be able to do that legally, and if so, how? The property tax website has it listed as a multiple unit property, but just showing the 2 total units. Walking the unit Tuesday so can give more info then, but would like some knowledge going into it if I should be looking at it like a potential triplex.

Bruce Lynn thanks. I imagine it would be easier to start in one country and slowly test the waters. Have to get started at home first. Just wanted to see if there was anything major I wasn't seeing. Appreciate the response.

Hello BP!

One of my dreams is to own hostels throughout the world. For a long time, this was just a far fetched dream that sprung up from backpacking around the world. Recently, I began wondering if I could someday make this a reality. 

What would you say are the biggest drawbacks to owning hostels internationally? Would I have any troubles owning these investment properties in different countries or would I have to confine my dreams to one single country? I am more concerned with the bigger picture of if this is actually a plausible future for me.

Let me know your thoughts!

Ryan Booth That is assuming you have electrical wire running in arm's reach of the hole you cut, correct? You would then have to connect it to the wall switch too, wouldn't you? Curious. Thanks for your info.

I just don't understand sellers who have a property that is just sitting there, and decide to narrow their buyer's pool even further by requiring cash only.

Forgive my ignorance but why do some sellers only accept cash offers? What is the benefit? They get paid either way. I'm sure I'm wrong so please enlighten me. Thanks.

Consider pulling back the carpet and putting wood screws into the subfloor. Just make sure you are hitting the truss. That usually does the trick for me. It's usually just screws/nails that have gotten loose over the years.