All Forum Posts by: Rebecca Peters

buu and hold. Owner occupant using FHA loan.

Hi BP! I need some help. I've been looking for a property in Bridgeport for since November. I dont have enough time to view as many properties as I would like and to get an estimate of rehab costs for these properties. To give you a bit of background, I'm a first time purchaser looking for a multifamily to 'house hack'. I've narrowed down my search to Bridgeport, CT. I'm looking for help in terms of seeing the property and getting more information on the property so I can then make a more informed decision without me physically seeing the property. I work full time which is why I have my time constraint.

Can anybody recommend a wholesaler that works in Bridgeport, CT?

I'm open to any other suggestions as to how to get around my problem of not being able to see as many houses as I would like. I'd be more than happy to hear any other way to go about this.

Thank you!!

I asked the same question to my mortgage broker and he said that any unused rehab money would reduce the principal, but your monthly payment would remain the same. Which means to me that your total mortgage payment time frame will shorten.

Im looking to purchase my first property with FHA 203k. My understanding of the FHA 203k loan is that rehab loan portion is included in the whole mortgage upfront. I don't think you can add the rehab portion of the loan on after. I asked my mortgage broker a similar question and his response was that the monthly mortgage payment is based off the total loan, whether you've spent any money on rehab or not.

Thank you all for the responses! This has been extremely helpful. To be more clear, my father would be the snowbird traveling down to Florida during the winter months. So I was interested to know if 6 month rentals during the summer in the Tampa area common.

The owner said that the condo can be rented out, but of course their may be limits to that according to the association. 

Again, really appreciate the information. especially the other options for snow birds! @John Lowe 

Thank you @Elizabeth Colegrove for the response. I agree with you in terms of working with family members. To be honest, I would not go through with this deal because it would be working with family, but I wanted to see if anybody on the BP community have dealt with a similar situation. 

Hello BP!

Over Christmas break, my father proposed an interesting deal to me. He has developed a relationship with the owner (who lives in NY) of a 3/2 condo in Tampa, Florida. Long story short, he said he would be willing to put down the down payment if I took out the mortgage in my name. 

My question for BP is if anybody has ever been successful in doing a 6 month lease in Florida during the summer? 

I have not run any numbers, but I understand that there's a very good chance that this property will not cash flow with only 6 months of income!

Would appreciate any thoughts or comments on this situation. Thank you!

its also advisable to only use 30% of your credit limit. For example, if you have $1,000 credit, you should use no more than than $300. 

congrats Jordan! I'm hoping to be able to post something similar soon!!!

congratulations!