All Forum Posts by: Joe Kern

Hey All - looking to invest in some Multi-Family or SFR, but lets say you find a SFR or even Mutli - Family deal and don't plan to use an FHA loan so the one year residence isn't a requirement. Aside from "house hacking" , where does everyone typically reside/live during this process 1. if you do not own your own home yet or 2. are currently just renting..do you continue to just rent in the interim while you build your investment portfolio? Do you use an FHA for your own home AND use conventional in parallel for investing?

Thanks in Advance BP community !!!!

Hey @Matthew Porcaro- thanks for the feedback, great summary thus far ! Couple questions if I may:

1. when you say you refinanced out, did you start off purchasing the home +rehab with a 203K loan? If so, did you refinance cash-out option at 70% ARV? Did the loan require a specific % down payment i.e 3.5%?

2. What was the rehab process like? You mentioned it took 8 months, was that all financed through the loan ? How did you identify a good contractor? 8 months seems like a lengthy rehab but I could be mistaken, were you expected to pay monthly expenses during the 8months? 

Again, thanks for the response and congrats to you and your wife !

Cheers,

JK

Hey All !

Planning to move into my first residence utilizing a variation of FHA or FHA 203k ! My question is, after meeting the primary residence requirement (1 year for example), what is the best process for transitioning to rental investment property? i.e contact real estate agent to list for rent? just looking for some advice, best practice after the minimum residence stay is over with, thanks !

will do thanks @Tim Herman!

Hey All!! Just starting to acclimate myself with the various PRO membership offerings and have been utilizing the rental property calculator. Can anyone explain why there isn't an option for the actual mortgage to be included within the expenses? Seems like the mortgage monthly payment is completely left out, and I would think that's a key expense to consider when calculating monthly net cash flow?? Thanks in advance !!

-Joe K

Member from New Jersey!