All Forum Posts by: Latasha Griffin

State Farm, Allstate and Farmers either allow pitbulls or dont have breed restrictions at all. 

I havent BRRRR'd myself yet. However, the method David Green teaches in his book is to rent the property out to stabilize the cash flow then refinance.

there isn't a cap on how many units of your property can be rented to Section 8 voucher holders. However, each unit will have to pass a Section 8 inspection prior to the voucher holder moving in. After the inspection, you'll negotiate a fair market rent price with the Atlanta Housing Authority based on comparables. Since you have one comp in your second unit, you will likely get close to that number again, assuming both units are in the same condition. The Atlanta Housing Authority has a lot of info on their website for property owners. Here's a link to the site: https://www.atlantahousing.org...

With only $10k of investment, I'd counsel you to go with the FHA 203k route because the loan product only requires 3.5% down payment and you can finance 100% of the renovation budget. With the Fannie Mae Homepath loan, you'd have to put down 5% of the ARV, something like 15-25% of the reno budget, and closing costs. At 150k you'll need all 6% allowable seller concessions and maybe more to get to the closing table. Also, I believe you're limited to purchasing Fannie Mae properties. Most people dont like the fha 204k because it's more restrictive since a HUD consultant has to be involved if anything structural is being done or the budget is over $35k. I see this as a plus being a new investor. You will have someone to ensure the contractor is holding up to the agreed upon statement of work. This should also be someone to learn from if you're new to the construction process. I'm more knowledgeable about the 203k loan as I'm going to use this loan product once I find the right deal. Feel free to message me to discuss more if youd like to.

Insurance premiums are reflective of the replacement value of the property. If the rehab increases the value of the home, you can expect the insurance to increase. However, if you're renting the property out, the policy should only cover the structure and liability--not the value of the contents. Your tenant's renter's insurance policy should cover contents.

@Jon Hill What a great post! I love seeing goals from so many investors at varying stages of their career. It's very inspiring.

I'm currently working full time but looking to follow the FIRE method to leave corporate America in 5 years or less. In 2020, I will be focusing on the following goals:

1. Purchase duplex or quadplex to house hack and eliminate my personal housing expense.

2. Eliminate all debt, except mortgages (which will all be income producing).

3. Subsequently, increase saving rate to at least 50% by reducing unnecessary spending.

4. Workout at least 3x week consistently, even when traveling (which I do a lot for work).

5. Cook food at home 90% of the time.

6. Attend at least 1 REI Meetup per month to grow my local network and follow up on those connections.

@Ana M. Let's connect! I will be using the fha 203k myself to purchase a duplex or quad. I've done a substantial amount of research but would love to chat with you about what you've learned. Maybe one of us can help the other avoid unnecessary challenges.

@RJ Dixon you should consider an FHA 203k which allows you to finance the purchase and the renovation budget into one loan with 3.5% down. 1-4 unit properties qualify. Youd have to live in the property for at least 12 months after the renovation is complete before refinancing or moving out. I've done a lot of research on this loan product as I'm going to use one on a 4 unit once I find one. Feel free to reach out to me to discuss. This loan has quite a bit of complexity but is a great way to get into a profitable house hack.

@A.R. Coningsby heres the code in Ohio regarding homestead exemption: https://www.tax.ohio.gov/real_property/faqs/homestead_exemption_faqs/tabid/3074/Default.aspx?QuestionID=2820&AFMID=9554

@A.R. Coningsby as long as the 1-4 unit property is taxed as one parcel, the homestead exemption would apply to the entire tax bill for said property.