All Forum Posts by: Jason Greenway

Hello,
I purchased my first flip last Friday. I bought it as a 4 bedroom 1 bath. The garage had been converted to the fourth bedroom. I had plans to add a bathroom to it and make it the master bedroom with master bath. I called the city and they tell me there was not a permit pulled to convert the garage to a living space. Long story short they tell me I must have 2 parking places. I would have to go through the zoning board to get the permit to convert the garage and most likely they will deny it. Do I build it anyway or come up with a different plan?
Any help would be greatly appreciated.
Jason

@Dave Savage

Thanks for the advice. After looking at the figures, a HML would be much better than a conventional loan.

Thanks again

@davesavage
Thank you for your response.
I was wanting a 3 month turn around on it because I'm looking to complete at least 4 flips this year. I guess I need to compare a HML against the convential loan to see what my best option would be. What would your advice be?

I'm new to the real estate game and I'm trying to acquire my first flip (put an offer in Friday) My plan was to move into a home and work on doing the renovations myself, then sell it in 3 months. I know that a FHA loan requires you to live in the house for at least a year. I was under the assumption that with a conventional loan, I could sell it after 3 months of closing. I asked my bank today, and I was told that you have to occupy the house for 6 months before you can sell it.
I have looked into hard money and the rates do not leave much room for a profit. Does anyone know of a way to finance a house where I could sell it in 3 months without hard money or cash?
Thanks in advance!
Jason

Thanks for the invite, but I already had obligations tonight. When is the next one?

Hello

I'm Jason and I'm new to the real estate investing world. I came across BiggerPockets through a podcast a few months ago and it sent my mind racing through all the possiblilties. I'm currently a HS teacher and coach.

I'm looking into flipping homes. I took the first step yesterday by creating a LLC.

I'm here on BiggerPockets looking to chat, meet, and network with like-minded individuals or experienced investors. My goal is to acquire my first flip this month.

Thanks and looking forward to meeting everyone

Jason