All Forum Posts by: Account Closed

The person who told me was my brother...he isn't a REI but he has lived in the Pensacola area for quit a while. I'll look further into it.

@Mark F. Weird, never saw a setup like that

I was told that in some FL counties there is an owner occupancy requirement before you can rent out units. Is this true and how can you long distance REI here?

Ha!  update...just when I was scheming with my realtor what I should do to get some movement going...Fannie Mae came back with an acceptence!!!  I sucessfully negotiated Fannie Mae down after rehab estimates were way more than I had anticipated.  I will be house hacking and I think that the fact that the property will be owner occupied helped in the negotiations. I'm so happy! One more hurdle past me.  

@Charlie MacPherson The property is a foreclosure owned by Fannie Mae.  After I hit my max I have not heard anything from and the clock is ticking so I need to get some response.  I'm thinking of asking for closing costs. Not sure what other options I have to make the deal sweeter for them, besides more cash

During the inspection period you are made aware that the repairs are much more extensive then you originally anticipated.  So you go back to the seller and ask for an amount off the sale price.  They take a little off and then you are going back and forth.  One you decide that you cannot increase your price any further  and you haven’t heard from them, what are your options?  And what are their options?  Can they cancel the sale and then you’re left with noting after the time you’ve put into the deal already?  Are there any creative solutions the buyer can come up with to make the sale at the lower amount more attractive?

@Troy Grudin I think I’ve experienced what you’re talking about as I have been looking to house hack for a while. Usually when I came upon a duplex the issue was that only one half of the property was for sale, as the other half was owner occupied. But I’ve come upon the situation you’re talking about a lot too. Sometimes you can boot a tenant (bad karma) although many property owners have clauses in the sales contract that say you have to honor the current leases. The only solution, I’m afraid, is time and patience. Look every day and have it set up so that you get notifications when the type of property you’re interested in are for sale.

My plan is to house hack for a while in Madison...I'm still working on my first deal.  For those people who said they were down in Rock county @Calvin Ozanick @Corina Eufinger I was wondering about the rents in the Beloit college area.

Thanks for your response, Craig.  I'm a cautious person by nature so I felt like I wanted to throw it out to experienced investors to help me weigh the risks with benefits in this situation.

If you are house hacking does does that mitigate the risk if your property isn’t meeting the 2% rule??? In a nutshell I’m looking at a 2unit property with a potential income of 28,800 with purchase price of 276500. It’s going to be a complete rebuild so cap ex and maintenance will be negligible. I’m adding the rehab cost into the purchase price. I would be living in one unit so The property is providing benefit other than just the income. Does this make any difference?