All Forum Posts by: Ash Hegde

Welcome to the community Jonathan! 

I would get a 2-4 unit using an FHA 3.5% down loan. They are more expensive but you will be able to offset the mortgage with 75% of the projected rents which might bring the property within your income range. It's recommended often here because it works.

Hi Elie, by house hack a condo, do you mean renting out a room while living there? If so, check the HOA rules and make sure it's ok (I mention this because my HOA does not allow room rentals). The best way to ensure appreciation is to force it yourself by buying something distressed and rehabbing it. You could also look for a growing area, though future results are never guaranteed. Best of luck!

Most of the time, you'll have more control with single family (no shared walls, possibly no HOA) so I would recommend that for a rental. For a flip it won't matter as much, go with whichever one will get you a bigger profit in your market.

Yup, you should be able to do an FHA streamline refinance if you are just taking their name off.

It is common for hard money lenders to want 15-20% down on the purchase price for people without rehab experience. There are creative ways like seller financing and subject to that have more room to negotiate and possibly get into with nothing down. 

Welcome Martell! What types of real estate investing are you interested in? This is a great place to network and ask questions, but if you have a local real estate group meetup in your area that would be a good place to learn as well. 

Since you are looking at FHA, I assume you are planning to buy and live in it as a house hack?

#1 sounds like you would be fixing it up before purchase, every family is different but I would probably hesitate to spend that much on renovations before owning it. 

From the info provided, a 203k loan does seem like a good fit.  

Rents have gone up quite a bit across south Florida, but I agree with Ray that Broward and Palm Beach are going to cash flow better in general. 

Agree with Chris. Interest only is not great for a long term loan. It works with hard money loans for purchase and rehab since you are trying to force equity in that scenario, but for long term you should aim for a deal that will cash flow with a fixed rate loan (or something creative like seller finance or subject to).