All Forum Posts by: Zachariah Hays

How to find a BRRRR investor friendly agent? With that being said, included as you could imagine is low ball offers that have a slim chance of being accepted or entertained.

Many deals are not found on the MLS but there is a chance with swift action and/or stale listings, some could be possible.

I want to keep all options to find deals on the table as it is very hard at this point in time. Often commissions are not high or worth their time as well as lots of time to put in offers. What was your strategy to add an agent willing to do so on your team?

@Mike Trzaska nice man, congrats! Huge accomplishment to get the first one under your belt.

I am getting ready to begin my first. Would love to chat more about your experience prior to heading into mine

@Jesse Byrer great insight! Question for you since you seem to be comfortable with the FHA products.

I currently have an FHA loan on my duplex (house hack). I want to refi out of my current FHA into a conventional so I can use an FHA loan again.

Do banks raise an eyebrow at this kind of behavior? Or do they not care?

Also, after refinancing out of FHA loan, how long do you recommend before applying for new FHA loan?

Welcome back @Cam Wilk ! Nice move getting into the Ohio city property and buying as opposed to renting! I love Ohio city and Tremont as they as super close to downtown without all the traffic (not so much with covid though)

I currently am house hacking a duplex in Old Brooklyn as you mentioned in your post.

If you ever wanna chat about it or the experience I’ve had using this strategy, feel free to reach out. I sent you a connection request!

@Christian ODonnell debatable...doesn’t have to be “move in ready”, just has to be habitable.

You can still purchase with terrible paint, old carpet, old bathroom vanities and kitchen sinks.

With FHA, you just can't have like faulty wiring, unsafe roof, no plumbing, etc.

@Christian ODonnell if you get FHA loan, you will have PMI for the life of the mortgage, you will have to refinance in order to lose PMI. With a conventional loan under 20% you'll have PMI but it will automatically drop off once you hit 20% equity, no need to refinance.

3.5% FHA vs 5% owner occupancy conventional...if you can pay 3.5% down, you generally should be able to afford the 5% (depending on your market.

Let me know if you have any more questions, I’m here in Cleveland too.

@Alexander M Stanton that is one hell of an idea and never even considered it till now. However, I would have to refinance out of my current FHA loan into a conventional loan...

I already refinanced this property once with a stream line. I did it the second time the Fed dropped rates and locked in a 3.6. I then I just worry about all these mortgage inquiries prior to trying to get another mortgage Q1-2 2021...

@Kyle Fairbanks you’re on the right track my guy. What I’ll say is 2 things..

1. Shoot for the other unit to cover your mortgage entirely, IF NOT, no big deal. Look at what you’d be spending if you didn’t house hack..(8-9-1000 bucks?? Idk San Diego)...versus if the tenants pay 90% of the mortgage and you’re left with 1 or 2 hundred bucks, I still view it as a win cause you significantly cut down your housing costs and when you move out, it’ll cash flow.

2. Don’t count on appreciation, look at it as a bonus. I agree with you and the facts 100% that San Diego appreciates like crazy and it probably will continue, but one should not speculate on appreciation and shouldn’t even be in their equation prior to purchasing. Its icing on the cake brotha

@Marc Rice yeah my numbers on this place is absurd, I hear you

@Tyler Mutch no it makes perfect sense even without the numbers. It all depends on what that appraisal came back as...that would then in turn, determine what the best route to leverage the appraisal results towards, I get it, thank you