All Forum Posts by: Soniel Estime

@Alex Uman

Thanks so much for the information. Still discussing some things with my partner, I will definitely get in contact with you as things progress.

My agent sent me a property that consist of 8 1bed 1 bath units. The units generate $400 a month no AC. Asking price is 270k.

I was thinking of house hacking with an FHA 203k loan and converting the units into 4 units or a 3 unit.

4 unit would be one 3bed 2bath two 2 bed 2 bath one 1 bed 1 bath.

3 unit would be two 3 bed 2 bath and one unit would be 2 bed 1 bath.

Would doing this qualify the property for FHA financing? Not sure if this has ever been done before or if it is even possible?

Are there any other low down payment financing options? I have about $50,000 liquid that I can put into the project.

@Alex Uman

Thanks Alex,

I appreciate the feedback. What do you think the best type of financing would be. I been looking in the Georgia market and things are moving fast. It’s hard to compete if you don’t have cash. Is it possible to get lines of credit with a partner?

My partner and I have about 50k each to invest. I have never financed a deal with a partner before.

What are a few creative or conventional financing strategies to Buy and hold/ flip when you have a partner or two.

What are some pitfalls I may need to look out for when implementing some of these strategies?

@Bill Hampton

Thanks for much for the referral. It is much appreciated.

I have made up my mind to move to Georgia for my next house hack. I have found a great RE agent, and now I am focused on building my team before starting my search for a property. Does anyone have good referrals for RE lawyers, General contractors, handy men, and property management companies? I am looking for teammates in the College Park area. If anyone knows of local meetups in that area, I would love to hear about it.

@Courtney Valderrama

Sorry for the Delay, if you are still looking for a contractor feel free to look into Hart Remodeling. Reach out to Ron Washington.

Unfortunately the person who managed the project (Andrea) is having some health complications but his father who owns the company is still available. Give him a call and let him know Sonny sent you. I’ll shoot you a message with his number.

@Jennifer Torino

Absolutely,

Unit 1: 1200 square feet. (2 bed 1 bath)

Unit 2: 1200 square feet. (3 bed 1 bath)

Basement: 1200 square feet.

Mortgage after Refi: $1184 (taxes and insurance included)

Rent: $1000 (Market rent closer to $1300)

Negotiated price due to personally knowing renter and they keep property clean and pay for small maintenance items.

If I was in your position I would listen to my consultant bc my consultant told me my newly built back porch would be closer to 20k while my old contractor told me he could do it for 10k. Sometimes it’s better to lose a deal and save you time and money then to get into a deal where you were way under bidded. How have things been, I would love to hear an update.

@Aaron Gordy

Thanks for the input, I’m narrowing down my search. I’m actually in Dallas right now checking out the RE while on a work trip. I hope to go to Austin soon.

@Jennifer Torino

https://www.biggerpockets.com/topics/890020