All Forum Posts by: Erik E.

Thanks @John!

Hey everyone, If you were to buy an SFH with an FHA that needed renovations, would you rather do a 203k for reno budget or pay for projects as you go over the next year from your W2 income? Thanks, Erik

Thank you @Stephanie P.!

Hey everyone, I wanted to see if anyone has any suggestions for a real estate attorney in Virginia, preferably with an office in northern Virginia. Thanks! Erik

Has anyone else had an awesome experience with BP support? (i.e. They are fast, direct, and attentive to you needs when you send them a question.)

Just had the fastest support turn-around with Sandra right now.  Simple and easy.  It's taking me longer to write this post than it did for her to take care of my question!

Keep up the great work Sandra and the entire support team! @Joshua Dorkin should be proud!

Thanks for the specific, actionable responses @Jeff Dulla and @Russell Brazil. Great (albeit somewhat disappointing) info!

Hey everyone,

I met a Wells Fargo home mortgage consultant at a meetup in Virginia. I told her I was interested in house hacking a 4-plex and using the first time home buyer benefits for that situation as well. She was going to check on how that would work for the numbers and reported back to me that 20% down would be needed on a 4-plex! Say it ain't so! :'(

Has anyone else run into these numbers instead of 3%? I believe when she and I spoke at the meetup the 20% was because Wells Fargo viewed the property more as an investment rather than a personal home since you're going to be renting out the rest of the units. I'm hoping this is just a Wells Fargo thing and not becoming an industry standard!

Thanks!

Erik

Hey everyone, My wife and I have always wanted to have a property or multiple properties in South Beach Miami. Keeping it basic for a moment, does anyone know why there are so many properties for sale right now? We like Meridian Ave., and even just on Meridian alone there are multiple condos for sale in seemingly every other building. What is the status of the market right now and in the future? Thanks, Erik

Hey @Christopher Wedde, thanks for the information! I'm originally from NH, but looking to start investing in the Norfolk, VA since I will be moving down there soon. Seems like we're pretty much on the same page with things, best of luck to you in your investing!

Hey Ian.  I know it was a bunch at once, thanks for keeping up with it though.  I am on the fence about duplex vs. 4-plex, for the same reason you mentioned.  I think that might simply come down to what is available in the area that I would like to live in, since there seem to be more duplexes than 4-plexes, but we shall see.  As for the business structure, I have heard many people will roll their first or second properties they they purchased into a business name at a later date.  I know I need to just jump in a get going (within reason) but I don't want to be kicking myself for the next 30 years for doing it "wrong"! :-)  Great info, thanks for the response!