All Forum Posts by: Jason Wray

Mike,

Cape Coral is a great location and to be honest its gotten a lot better in terms of sale prices and vacant lots. I am here in Pinellas County just North of Cape Coral and have done many deals in and around Charlotte and Lee County. Florida had a Hurricane that shocked the area and did enough damage to scare people out of the area and insurance cost did go up but there is hope a head.

I have lived here for over 30 years and have only seen 3 hurricanes really worth talking about while the rest tend to miss us and hit center Gulf or East Coast. That being said bills are already in place to supplement more insurance companies and options. You will see prices come back down in terms of insurance but sale prices are in favor of the buyer.

Great spot for both LTR & STR with the VRBO rentals still holding strong with most places booked 3-6 month in advance. There is a Big build going on with the "Seven Islands" and when its complete it will increase the growth and appreciation in and around Cape Coral over the next 3-5 years.

If you are up in Minnesota you can always use the Vacation Home loan to only have to put 10% on any single family.

Kevin,

Great time to get into the REI world as rates are starting to come back down and prices are still on idle. North Carolina is another Hot spot my team just left a huge convention where majority of the vendors were talking about the net wave of REI with Tiny Homes and Modulars.

In many areas inventory is low and one way to circumvent that is to start buying land lots and creating new homes. Great thing about a Modular, Manufactured and Tiny Homes is No building required in regard to breaking ground. Units are affordable less than ground up builds but rents are almost identical in most cases.

The timeframe to have a company come out and install a TH, Modular or MH is usually 60-90 days. You avoid 8-12 months of pain having to deal with builder delays, ground breaking due to winter/hard ground, costs of materials or shortage of inventories, etc.

If that's not your cup of tea you still have Charlotte, Duram and Fayetteville all offer some great sale prices on SFR's and 2-4 units for STR/LTR.

Owning a home is a plus to get started if there is equity to use and you want to stay cash fluid just pull out some cash through a refinance or Heloc to cover the DP on the new REI.

Nicole,

Arizona for sure provides a lot of opportunities to create and build a "Tiny Home" community. You can find a lot of great deals on lots of land with acreage for a reasonable price. I have a lot of investors who have managed to find a great home and land to go with it for a good price.

You do not have to buy next to a hot market instead buy and wait for your market to become hot. Land is going to get harder and harder to find in the future and its value will continue to appreciate.

Tiny Homes are becoming very popular to those who know and see the value. My team was just at a huge trade show where Modular and Tiny Homes were the talk of the show.

Dyllon,

Best advice I can give is talk to an expert who knows the area and for that I would tell you to reach out to another Bigger Pockets member who is also an Agent in DFW @Lucia Rushton

@Lucia Rushton

Matthew,

If you are looking at a HUD home it varies in some cases you can buy as primary or investment. All Primary offers will be reviewed and most likely accepted prior to all investment offers. The Bank or Lender is the one who decides on if you qualify for both homes or need to transition vacating to investment.

There are general guidelines as well and some lenders have overlays requiring the new home to be bigger in GLA/SQFT, closer to work or school to avoid primary home hopping.  

John,

I am open to having a conversation, I sent you a message to connect.

Helen,

There are more than a few loan programs that offer a low down payment and fairly easy to qualify for a new primary home.

FHA 3.5% Down, Fannie Mae 5% Down, Fannie/Freddie 3% First time home buyers programs.

Credit scores under (695) I would suggest FHA due to flexible fico requirements. Credit above (700) Fannie Mae easier on guide lines and finally Freddie Mac almost mirror image.

FHA will allow higher debt to income ratios for DTI. Fannie/Freddie have lower caps on DTI.

Fannie/Freddie will have Lower PMI versus FHA MIP if your Fico is above 720.

FHA 3.5% may have a tougher time getting offer accepted by seller versus Fannie 5% down.

Andrew,

If you own a primary home do a cash out refinance to pull out some funds.  If not use a DPA loan to buy a primary and wait to refinance.  Other option is find a partner who will contribute the cash and you can use dual incomes to qualify for the mortgage.  

There are also personal loans you can get up to $50K if you can show employment and income with  good to excellent credit.

Jeff,

Great to hear your embarking on a new REI journey! All good stuff, feel free to connect I enjoy networking and talking shop!

You will find evverything you need here on the BP forum.