All Forum Posts by: Dan M.

Hi everyone, I'm looking for a recommendation for a home inspector in Winter Haven, FL. 

Thanks so much! 

Dan

I recently read an article on Biggerpockets about getting the experience of being a landlord for 2 years and being able to find lenders much easier afterwards. 

My wife and I bought a house in 2014. Meanwhile we opened a small business operating at home. The question is: in order to build the 2-year experience as landlords, is it possible to rent a room in our house to our company (LLC, or INC) and count that as rental income on our tax returns? Would lenders possibly object? After all, the company is making money and is a separate legal entity.

Please advise. Your insights are greatly appreciated!

Congrats, Bob. That's a beautiful home! I want to be like you one day! :)

Thanks for sharing your contractors and team members. My wife and I are in the process of buying our first house in St Pete with the 203k renovation loan. We have found good resources on Angie's List, but it's always good to have referrals for good people. I saved your recommendations for future.

Cheers!

Thank you Tom and Jennifer. I appreciate your thoughts. Our mortgage broker recommended an FHA consultant. We're waiting to schedule an appointment with him. He is going to guide us through the next few steps. Meanwhile, I will start getting quotes from contractors. I'm gonna use Angie's List and perhaps I'll take the advice to visit Home Depot at 6 am :)

Thanks Wayne. How do I find a good GC?

Hello Everyone, 

I have recently discovered BiggerPockets.com as the go-to source for real estate information. I was wondering if anyone is familiar with the process of getting financing via FHA 203k and if there is a checklist of things we can do while waiting.

Here is where we are in the process: My wife and I found a house in St Pete, FL. This will be our first house. We put an offer in and got accepted. One of the requirements was to get a 203k renovation loan along with the FHA loan. We just signed a ton of paperwork with our mortgage broker yesterday. We only have 49 days to close and the mortgage broker said it might take up to 60 days. There is a $100 fee for each extra day past the 49th. The seller is a bank.

We already had an inspection done, which revealed some issues with a flat roof over the one room addition, which used to be a garage = no leaks, just old. The main roof has another 5 years, so we might be able to keep the main roof and only change the flat roof. Other issues are: AC outdoor unit trips the breaker - it might be the capacitor; 2 joists under the house need replacing; and some minor plumbing, painting, carpet and tile removal, as well as some small window replacing must be done.

We just don't like to sit around and wait, but want to get involved as much as possible. The mortgage broker did not recommend that we do any of the work ourselves, and we should just incorporate everything in the loan. 

We will definitely have to hire people for the bigger projects, but meanwhile, I could change the capacitor and see if that's the issue with the AC. I could also replace the 3 small broken windows. But, since the house is not ours yet, are there any negative consequences we should be aware of, other than potentially wasting $100 bucks or so in fixing these small issues? 

Is there a checklist we can use to get things done while we wait? We would really like to close on time.

Thanks everyone for your input!

Dan