All Forum Posts by: John Kent

@John Carreira welcome to the Bigger Pockets community. If you have any questions specific to the Orlando, FL area feel free to PM.

@Account Closed licensing law is specific to your state. Best is to speak with an attorney who is familiar with the both the state real estate licensing laws and the Dodd Frank Act, a consumer finance protection law, which superseded many provisions of the SAFE Act in 2010. Also note that there may be special requirements for contracts exceeding 24 months. If you are building a company spending an hour with the attorney is worth the money. Have him/her review or draw your applications and tenant/buyer agreement.

Finally, if you or your company are not the title holders of the property then you need a brokers license. 

@Mark Crowder HUD has a $100 down program that is owner occupied only and available only in select markets. While not a rehab loan I do believe it can be combined with a HUD offered repair escrow.

Hi Corey, 

Welcome to Bigger Pockets and to our lovely little city. If you need a local loan officer referral feel free to ask. The small multifamily market here is a bit challenging so you will want to have a renovation loan option along with traditional loan product. The only other tip is to determine your budget first and do some research to see if you are comfortable living in the areas where a duplex will match your budget. 

@Andrew Patocchi i see that you are in California. You may need to look deeper than usual into the REI community but there are usually a few 100% hard money lenders in Cali. That being said, even if they fully fund a deal I can't imagine they would lend to a borrower without sufficient operating capital to complete a project.

As for private lenders, someone you know personally would be the most likely source of 100% financing. In addition, learning about deal structuring can help with finding the money for deals. 

Hello Austin,

Not sure if this is helpful but in Orlando $100k-$125k is in the bottom range of the market for a duplex. Also in agreement with Xeniya's comments on the Tampa area, finding a small multifamily property purchasable with an FHA loan is a challenge in this area as well. Keep in mind that you must move into one of the units within 60 days of closing with FHA loans. If the property will need to have an available unit or a vacating unit for you to occupy after closing.

If you need a referral for a lender in the Orlando area feel free to PM me. I may even have an option for you that will help to increase your max purchase amount a little bit which may open up a few more options. 

@Maria Graciela Wysocki  ask about the training that broker offers. Since you are new a broker that offers plenty of training courses in sales techniques and real estate contracts. Availability of the broker or sales manager to answer questions and provide support is important. You will want to ask about fees charged by the broker and commission splits. 

Disclosure of your personal investing is not a requirement. You may wish to ask about the broker's policy on listing your own property for sale or rent. 

Lastly, if you plan on doing general real estate as well, it may be helpful if the broker has a lead sharing program for the agents. 

Welcome to Bigger Pockets @Dane Nichols. Learning from your contractor friend is a great idea. Contracting knowledge will add a valuable advantage to your arsenal when negotiating deals. All the best to you. 

Nick, Since you will be occupying the house and taking in borders try using DPA and seller concessions to make the first purchase. This will allow you to hold on to your savings for making your first non-owner occupied purchase. 

@Dudley Cabildo you should be able to get a non-owner occupied cash out refinance loan on the condo. Local residence is not required for a non-owner occupied loan. You may need to find a lender that offers loans on non-warrantable condos. 

As for moving title to an LLC you will most likely have to use a portfolio lender or commercial purpose residential loan.