All Forum Posts by: Tim Kaminski

Good luck Gregory Potemken I'm currently looking for Quad Plexes to house hack around Tampa area. They are out there but inventory is very low, at least for my price range. My realtor has been telling me that investors and hedge funds have been drying up the area about 1.5 yrs ago. I'm looking in Seminole heights currently but may expand my search based on what is available. Visiting a triplex today!

I don't have enough credit history to get pre approved for a loan. Very frustrated since I have about 25k saved up for down payment +small renovations.

Thanks for the replay @Tami DuBose.  So you just pay all water bills yourself, regardless of how large the bill is?  Definitely want to decrease expense wherever possible so I will look into your tip about water meter splitting services.  Thanks!

Curious how investors handle multifamily units that don't have separate meters?  Maybe separate for electric but not for water etc.  Do you split the costs evenly among the tenants?  Seems like that is a good recipe for drama.

Good point.  I will have to contact an Agent then.  Thanks!

Thanks for the reply @Tom V.!  My credit report is mid 700's, just not much of a credit history as even obtaining a credit card was kind of tricky.  Not sure if going after smaller banks would even be worth the effort.

I understand PMI and that once I have 20% equity in the property, PMI will not be a factor.

An agent might be a good route to go for my first property, though I don't know how many "off market deals" they would send to a first time buyer.  Would be nice but wouldn't hold my breath.  The relationships I can obtain through them might be reason enough though.

Hey BP,

Looking to get started with my RE journey through house hacking a multifamily (3-4 Units).  I have saved enough for a down payment and some modest repairs. Interested in student housing as there are 2 Universities located near me in Tampa, Fl.

• Graduated from college a few years ago and basically have no credit history.  I got my first credit card a month ago.  Any tips to build credit fast?
• I have been reading about REI and listening to BP podcasts for the past 2 years and am certain this is what I want to pursue. I am anxious to get my first property and start learning by doing. Any advice on best way to do this with little credit history? Seller Financing is a possible solution, though I don't know how common that is. Would it even be worth checking out smaller banks for loans with little credit history?
• I am interested in FHA Loans since this area can be kind of pricey. Are there any downsides to this? I believe you now have to have 3 months worth of mortgage payments to be eligible?
• Would you all recommend trying to find the off market deals for my first deal or to simply get an agent and learn how the whole process works?

Thanks guys!  Any response is appreciated

@Aaron T. Yes, they do seem scarce in this area and the ones that do exist seem to be somewhat new construction.  I will have to drive more of these areas to find a Multi that works with my price range. Thanks for the advice.

@Jim T Pappas So I can expect to add 1% of the purchase price monthly until I pay >20% of the property?  Is the 1% an estimate or is that how it is actually calculated?

Quite a few ppl have mentioned Westshore/Interbay so I will definitely do some driving around there. Plant school district seems like it would be higher cost but higher potential appreciation.  Would that seem accurate?

@Lawrence Johnson Thanks for your response.  Forgive my ignorance, but wouldn't they be getting their money regardless through the bank when I use a loan?  Why pay more money out of pocket when the whole point is to let tenants pay my mortgage and create wealth? I guess the more I pay, the quicker I can get the property paid off and collect more cash flow each month.  I just don't have that capital yet.