All Forum Posts by: Josef Hardi

Hi Eileen, 

I'm in the same boat as you, trying to avoid replacing siding as well on my duplex. Trying to research for options as well. Mine is wood however, and has peeling paint on top of it. I think what I'm going to do is:

1. Scrape off the paint

2. Patch off any cracks on the wood with stucco

3. Put on a paint base, repaint and finish 

Hi Max,

I don't have a CPA to recommend, but on tip I heard on BP podcast is to find one that is also a real estate investor. They would really be familiar with all the tax deductions that can help lower your tax bracket.

All the best!

Hi Alex, 

I think it varies by market. I would suggest you call 4-5 other property management companies and interview them. Make sure they at least deliver all of the things your current management company does (in terms of tenant screening, tenant moving out, responsiveness, maintenance, etc).

If you like your current management, you can try to negotiate some terms with her (perhaps offer to take pictures yourself, or do the listing yourself, etc).

Hope that helps!

hi @Renee Harris 

Can I get the lawyer info also? My sister is in need of one. Thanks!

Hi Adam, 

I am also a new investor, and thought a lot about house hacking a property. I ended up buying a property that is pretty much turnkey because:

1. I don't have any experience in renovation. And I got some crazy numbers after calling some contractors. You need to find that solid dependable reasonably-priced contractors. 

2. It would take about 8 months in average to do these renovation. Again, probably because I don't know the right people. But the cost of mortgage 8 months for a property in South California is too high of a risk. 

If you can get over those hurdles, and budget conservatively, then the project might work for you. All the best!

Hi Danny, 

I don't have a PM yet, but will be as soon as I closed escrow on my duplex. From my limited knowledge, what is crucial is to have a great property management. And to find one, you would have to do your due diligent in terms of interview them. You need to know:

1. What is the screening process? Do they take pictures/inspections before/after tenancy?

2. How do they deal with tenants? Maintenance scenarios, etc.

3. Examples of scenarios they've dealt with? Or throw a nightmare scenario you read and listen to their approach. 

4. Do they have great communication and responsiveness? Important since you will be an out-of-state investor.

5. What platforms do they use to communicate / manage rent / contracts, etc? Do they seem organize?

Hope that helps, I spent some time calling up a few PMs, and I think I found a good one :)

Hi Andrea, 

I recently (December 2021) did a refi on my current property and used that amount for downpayment of a duplex. I was only able to do 75% LTV on the refi. And then I did an additional HELOC of roughly 5% to help with upgrades on the duplex.

I will only use the HELOC fund if I have an exit strategy, I wouldn't just do it for a long term investment. If you have an exit strategy on your properties (for example, refi next year), then you need to calculate the cost in case the rates does not drop.

My HELOC with Fremont bank has a promotional period of fixed rate for the first 9 months. But I don't think anything significant can happen in 9 months. It will probably take the fed a bit longer to taper off interest rate.

All the best!

Hi Nadira, 

I am also a new investor, wanted to welcome and encourage you on this journey! Also- congrats on your newly born. 

I think you need to run the numbers on all of the scenarios above and see what works best to your advantage. 

Some notes:

1. NACA - I believe you need to have 2 years of employment history and one solid year of employment & income. I am not sure if they have to be consecutive or not. As a side note, I was unemployed between Sep 2020 - Nov 2021 and I was still able to qualify for a conventional loan. I just had to provide past employment history and explanation for the employment gap. Why don't you give them a call and check if you qualify?

2. FHA - Just remember that even though it will be a lower down payment. There will be a fairly high monthly insurance cost. Calculate the numbers and see if it would benefit you or not. Advantage is: lower down payment and lower interest rate. But the disadvantage is the high PMI.

3. Conventional - Like what I shared above, even with my employment gap, I was still able to secure a loan. 

4. House hacking is awesome, but remember that you still need to fund the "hacking" part yourself. I still don't have a good grip in terms of what renovation might cost, so if I were to do it, I would give myself a lot of buffers.

In general, i think if you can start the pre-qualification process with a couple of lenders, it will give you a good idea of what your options are. I used this brokerage company to help me shop around: https://www.the1brokerage.com/

Hi George, 

These programs might be what you are looking for:

https://www.hud.gov/states/geo...
https://www.dca.ga.gov/safe-af...

And the ones listed here is specific to African Americans first home buyers:

https://www.hometrek.org/what-...

Hope that helps!

Hi Bhaumik, 

Do you know if the non-paying rent is due to COVID? I would recommend speaking to an eviction lawyer ASAP. Here's one that I got from an interview on YouTube: https://evict123.com/

All the best, my sister is going through something similar right now.