All Forum Posts by: Brandon Kingcaid

@John L. Jass Hello John, welcome to the site! I moved here in November with that exact plan. Analyzed hundreds of properties here in San Antonio, and just closed a 203K loan on a triplex. I’ve got several 203k lenders and know how to find contractors. PM me 👍🏼

@Austin Eschan Sounds like a great deal, as long as you get a good inspection done. I’m doing the same thing in TX, about to close in a week. You can find a 203k contractor on BuildZoom. But don’t mention 203k until they show up in person to give you an estimate. And you may need to help fund them getting started to convince them to agree to do the 203k program. And be ready for 2-3 months before the loan even closes.

@Collin Corrinton Great tip! Thanks so much.

@Gayle Eisner Yes! A buyout would be a great last resort. Good tip!

Oh, extra note. I’ll have more than 6 months reserves left over in October. I’ll just want to save up a bit more before my second deal.

@Marian Smith Agreed, I have an appointment with my RE Lawyer Thursday. Thanks for the tip!

And thanks for the advice everyone. Logically, and by the books/podcasts, I would agree with all of you, but I didn't mention, it's a double lot, lake view with potential for a 4th unit. And it's nearly impossible to get a small multi family to accept an FHA 203K loan in my target area.

I should be able to somehow get the evictions going before purchase. Under the current owner, it’s a conventional loan, so just as long as it’s not owned by Fannie Mae or Freddie Mac.

Extra note, I had to pay 5k two weeks ago to lease the property for a month, long enough for my loan to close. So technically I can serve the 3 day notice and file the eviction?

Hello everyone. I'm in the middle of closing my 1st deal with an FHA 203k loan in the middle of all this madness. It's a triplex with 3 tenants that have not paid rent since February. The property needs 135K worth of work, renovations must start within 30 days, and they must be completed within 6 months. According to the CARES Act, I would have to wait until July 24 to serve a 30 day notice to vacate, in order to evict my August 24. This would kill my savings, and put me in danger of defaulting on the loan terms. San Antonio is lifting the eviction ban on April 30. If the current owner serves a 3 day notice to vacate, and then files the eviction papers before the "federally backed mortgage" closes, can I get these tenants out of there after ownership transfers to me? Any ideas?! Thanks in advance for helping me with this drama.

@Hyacinthe Canton

I contacted BuildZoom. They vetted and referred several contractors to bid my 203k project. It’s still in process, but will post results after it is done.

@Rusty Shafer If you use the same flip strategy on a 3-4 unit multi family home, you’ll be in amazing shape, with plenty of cash flow no matter what you choose.