New Member In West Palm Beach.

[Lesa McComber]

Don't know why Palm Beach is not on the list here in Florida.....

But here I am.

I am an investor located in Palm Beach County. Currently I am Quasi House Hacking.

My Wife bought the house with the intention of making it an Adult Family Care Home, during the start off Covid. Well the business did not work out.

Started re-reading Rich Dad Poor Dad for the 3rd time in my life and BAM it finally kicked in.

Wife left me because she does not have faith in me and still thinks to be successful you have to work for someone else.

Oh well, not me. 

I am here because I need help "Period...Full Stop.

My house hacking is great I have a 5 bedroom. Or 4 doors and an AirBnB which is in progress.

the 4 doors Cashflows 1500 after utilities and reserves.

I have a work from home day Job that brings in 9-10k a month with little effort.

BUT the only thing I can think about is refi'ng into a conventional loan and buying a 4 plex with an FHA.

My nightmare is refi'ng out of my comfy 3.5% Mortgage at 2k a month into rate hell and a minimum 3k mortgage. Plus the New FHA mortgage. And as a Libra with nobody to lean on for advice I find myself here feeling out of place like a red nosed reindeer.

But I am open to make friends and obtain mentors for mutual benefit :-)

Okay I have said a heck of a lot.....

Am I still welcome?

[Lesa McComber]

Quote from @Ray Hage:

@Lesa McComber Good morning, sorry to hear about the tough personal situation. I am investor myself and also have read RDPD a few times haha. I think it is clear your wife/ex-wife is still stuck in the employee-mentality. If it makes you feel better, my mom still asks me "when are you going to get a real job?" as if investment income doesn't pay the bills.

Based on the info you provided, I would say be patient, keep you job for the moment and keep putting enough money away to afford the FHA without refinancing out of your current house. Ideally, you can keep this house and your new 4-plex. You can live in one of the units, rent the other 3 and the original house.

 Thank  you for the support.

My current home is FHA and my Broker and others keep telling me I cannot have two FHA loans within 50 miles of each other.

I do plan on living in one of the units.

I am looking for a 4plex that is either a 2-2 or a 2-1 with a decent sized bathroom.

My other thought is a large 4 or 5 bedroom home and two to a room for parolees, this place would be located out in Belle Glade Florida. My neighbor is a deputy out there and he can eyeball property for me.

Just analyzing trends I see people are now having to deal with that pesky non payment of rent, evictions or just plain tired of living where they live and don't make 3x the rent to live alone.

And returning citizens also need housing.

That market never goes away.

Once again thanks for the advice, I find it helpful.

E :-)