All Forum Posts by: Andrew Meyer

if anyone else follow Consumer Reports, they actually rated 'shaw' from Lowe's the highest of the vinyl planks, by a significant bit even over allure ultra or smart core. And it's priced about $2 sq/ft.

Welcome! Glad to see you guys hacking a duplex, my wife and I just closed on own and we're similar. PITI is only about $100 more then rent.

Have a good Christmas everyone!

 Did you try seller financing? That is what I am going to try, will see if it works.

Welcome! There are several of us in Bloomington that are starting up a REIA. I just moved here myself and bought a duplex to house hack and I am renting my house in WV.

Finding the hard money and actually getting it is going to be very tough, at least for me. I am house hacking a duplex,but don't have any further rental history.

Just make sure you get good numbers. Double check, get actually estimates and numbers for repair work. 

I am looking at a duplex that is in similar situation. Its a 3/2 each side, rents for $850-900.

One side needs extensive repair, subfloor (pet damage) in probably 1/3 of the floor, new flooring throughout, drywall, paint floor to ceiling, complete new kitchen/bathrooms. Other side needs flooring/paint mainly. Both sides have OLD HVAC and roof will need repair soon as well. So looking at at least 40k work done to rent both sides. ARV is probably around $160k-170k max, but seller has $130k mortgage.

Also, the one side is in such bad shape it probably won't go through with a normal mortgage for duplex, so not sure what we can do to work this deal out.

Also, I closed out of state for my FHA loan and it was fairly easy for me. Maybe it was my lender was good or my Realtor, but it was wasn't any more difficult then when I closed on my conversation loan. Actually less since the appraising requested a lot more work done on the conventional loan then FHA loan, but that could partly be the house.

Also, I have the money for down-payment on conventional, but using FHA so I can save money for another down-payment on my next property.

Did you check out the Home Style loan? It is another type of rehab loan that works for OO SFH to 2-4 plex and investment SFHs.

I just purchased a duplex for $160k with FHA loan. I brought $1k in earnest money and then $5500 to closing, BUT this included the sellers concession for nearly $4,000 in taxes to me. So excluding the tax money that I was given for taxes not yet paid by the seller, I would have been all in for about $10,500. So give my numbers, I think your $9,800 seems about the same.

Also, for reference I needed to pay 3 months taxes ahead into escrow, and the taxes without homestead were $4500/year or about $375/month. So over $1,100 of my closing costs was purely tax money going into escrow.

Taxes are a big part, you need to figure out what they are to get an accurate cash flow. For instance, I just bought a duplex to house hack, the taxes are $4,500 without homestead and about $2250 with homestead.