All Forum Posts by: Jon Huber

@Letitia Poteet Absolutely. Glad to share everything I can!

@Gene D. I've already spoke with the store owner. He's going to section off a place for us. We are all set for tomorrow at 1pm. Place closes at 4pm. 

@Account Closed Why not both? You hear a lot about "house hacking" here. You can use an FHA loan to purchase your first house, and have it be a duplex, triplex, or quad. Rent out the other units and live for free. It's just an option...

@Roger H.  I think I can help you with questions 2-4. 

For 2, I use Rentometer, craigslist, and my realtor on the MLS. Rentometer should be free for a basic search.

For 3, I personally use 5% for vacanacy, repairs, and CapEx each, and 10% for Prop Mgmt. This means 25% of my rent is put away for up front expenses. Others may use more conservative numbers, but these work for me.

For 4, I have a great property mgmt company, but I know BP is particular about promotion in the correct forum, so send me a private message and we can discuss.

@Nat C. You did the right thing! I am going through something very similar here in Boca Raton. I never had issues quite like this in NJ or California. 

@Andrew Hinkley I purchased my first home in Los Angeles, and I am very happy I didn't sell it. You could refinance the properly to leverage the equity you have. However, if your property appraises high, as a conforming refi, you are maxed at $417k. I was in that same situation, so in my instance instance, I got a HELOC. I used the line of credit because I had substantial equity, appraised well over the 417, and didn't want to sell. Send me a message if you'd like a contact of someone to speak with. I was very happy with the guy I used, and have referred him out

Excellent job. I like the pics... was that your drone work? I'll have to think about a catchy name... 

@Lenny B.  I think a lot of it would depend on your goals and your budget. Here is a list of some great online resources for checking neighborhoods in any city. CIty-Data, AreaVibes, and Neighborhood Scout are some great ones.

Online Resources

I would speak with a mortgage specialist in your area. I'm aware of programs that are available for 10% down if the home is used for a "2nd property". But to be sure, you should speak with the specialist to see if you qualify properly

@Allan Tamez This question is REALLY broad... 

How many sqft will each unit be? What does the lot allow? 

Will there be a basement? Finished?

Will each unit be a studio? 2 br? 5 br?

Will this be a wood frame, concrete? Would the exterior be wood? stucco?

As you can see, there are a million different combinations. I think you may need to do a bit of research on what it is you will be building... or perhaps talk with a general contractor in your area. I wish I could be of more help