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7 December 2024 | 150 replies
An individual carrying back the sale of their home (owner occupied) won't be held to higher institutional standards, RE operators.investors may be being in the business.
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5 December 2024 | 6 replies
Start with your primary, rent out any spare bedrooms "house hack"Use that to practice upgrades, kitchen, bathroom, curb appeal... etcNow you have experience as a landlord and flipper, use that to buy a distressed propertyAdd 40% equity to the property through home makeover, refinance into a low cost mortgageNow you are cashflowing a healthy margin on a second property, use that to build equity over time, cashout later and buy your duplex/quad.If it's going to take you 10 years to save up a down payment for a small apartment building, yeah it makes more sense to start growing your portfolio with cheap SFR flips instead.Every market is different, every borrower is different, every property is different, it would be ill-advised to recommend anything without recognizing the individual's nuanced goals and objectives with their next acquisition.
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3 December 2024 | 22 replies
Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney.
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5 December 2024 | 5 replies
The renovations were already factored into the LTV during the initial loan approval, and the increased value of the property due to those renovations may not automatically allow for an earlier PMI removal under Fannie Mae's standard policy.Workaround/Next Steps:Reappraisal: You might be able to request a reappraisal if the lender is open to it.
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4 December 2024 | 6 replies
Practice tips include budgeting, saving, and leveraging strengths.
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2 December 2024 | 6 replies
Three years is the standard PPP, but 0-5 year options are usually available.
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5 December 2024 | 13 replies
According to 5, the city has battled efforts to limit local regulation of short-term rentals.The state of Florida recently approved Lee County's minimum standards for vacation rentals, which means that reservations can resume in Cape Coral.
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2 December 2024 | 1 reply
This means they will have practically complete control over whom to rent, how much to rent for, and how much to charge for repairs, etc.
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2 December 2024 | 1 reply
I'm a licenced Broker and I also handle project management for flippers, contractors, etc.FEMA 50% Rule: ALL of the homes that exist in a Flood Zone have a 50% limit on work that can be done to repair them without bringing them into compliance with current flood standards.
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5 December 2024 | 17 replies
There are exceptions - some properties are set up such that installing a few electric baseboard heaters might be possible to save on the gas bill - but i would still just shy away if not metered separately at the outset. 10) do shop for a lender and compare (usually pretty standard but there can be some fluctuation) - dont fall for the ones that sound too good to be true - there are gimmicks out there - big bank or reputable broker should do you fine.