All Forum Posts by: Jose Vernaza

I am currently chewing on a deal. Multifamily 2/1 for around 65k one unit is rent ready the other will need some repair. The problem is that I am new to this. I am from PR so I have some advantage. Care to compare notes?

0 Votes

San Juan, Puerto Rico

Quote from @James Wise:

Quote from @Jose Vernaza:

I am new to RE investing and I am interested in BRRRR section 8 rental niche. So far I have educated myself on here as well as reading David's book Long Distance Real Estate Investing several times. I have been in contact with an Agent in Cleveland and am pre approved. I am very nervous since I feel like there is help in this group but mostly just agent and brokers farming for customers. I seet either mentorship or just an ally who remembers how nerve racking their first step was. I have found a property that seems promising and want to take a leap of faith, first I would like to learn from your past experience. Thank you and I look forward to your advice.

I guess I am naive because I thought of this group as a place for like minded individuals to share and possibly learn from one another.

Jose

Orlando, FL

Well one thing is for sure, you're spot on in your assessment that everyone here is looking to get paid in one way or another. It'd be naïve to assume otherwise. It's the ones who won't admit that they are here to get paid that you've got to worry about.

0 Votes

Cleveland, Ohio

Jose

Orlando, FL

2 Votes

Cleveland, Ohio

Quote from @David Vanlandingham:

You would have to occupy the property for 12 months. Look into the requirements for the FHA 203k. On a multi family you could occupy one unit and rent out the others. Pack some cold weather clothes!

Does the same apply for Fannie Mae Homestyle loan?

0 Votes

Cleveland, Ohio

I have been interested in a property in Cleveland, OH and I live in Orlando, FL. The property I am interested in will require full renovation as I may be considering Section 8 housing. My question is. Can I use an FHA 203 (k) loan if the property will not be owner occupied? If not are there similar options to finance the property and the rehab in one loan?

Thank you for your insight.

1 Vote

Cleveland, Ohio

Hello group,

I am really green to Real estate and mostly interested in single family section 8 rentals. My question is the following. Can I obtain a DSCR loan to cover the purchase and renovation of a property? The property in question is just under $30k and will require about another $30k (guestimate) so total for DSCR around $60k. Is it better to secure the property first then obtain a separate loan for the remodel? Right now I am in the educational phase so this is just a hypothetical scenario.

Thank you for your input.

Jose in Orlando FL

0 Votes

Orlando, Florida

All Forum Posts by: Jose Vernaza

Jose Vernaza has started 3 posts and replied 6 times.

Post: Section 8 In Puerto Rico

Post: Ready to begin my journey

Post: Ready to begin my journey

Post: Using an FHA 203k loan

Post: Using an FHA 203k loan

Post: DSCR to buy and renovate