Wow, thanks! Minor change. Most likely not working with Matt. He's got his hands full at the moment and can't wait for him to free up. Working with Keith Radonis on this one. I recording this a while back.
Awesome! If you're thinking of buying a house I totally recommend you check out my course. I say that because it's packed full of information that will help you with your decisions and management of said project.
The Italy Airbnb idea is really interesting. Bro u just opened up my mind more. I'm currently trying to open up more locations in China due to national wide 50% rent cut everywhere and the economy there is going very strong. Hope u do well Karl.
Go for it! But China mandate a rent cut...that's crazy. What I have been looking for is chinese investors to invest in real estate in the USA if you can connect me with investors we could have something going. Better to invest here, more stable less government bs.
ENTP LIFE the situation is like trump administration doesn’t want any chinese money comes in so he raised the EB5 and investment bar plus limiting any flies from China that makes the current situation not optimal. Not until cov 19 is resolved for sure.
So funny you release this as I'm thinking about finally getting my foot in the real estate game. As someone whose in your area I think the sistrunk area maybe what you're looking for. It's a hood area going through gentrification so you may be able to find something there.
Hello, I really enjoyed this video and the previous video you made talking about the lessons learned throughout your first FHA 203k process (it was mostly about dealing with contractors and how you handled the money). I lived most of my life in South Florida, I hope you found the 2-4 unit property you were looking for! I wanted to comment on a statement you made about a 4 unit property giving you "cash-flow", I know everything is a case-by-case scenario... I did however noticed that you failed to mention Repair Expenses, Cap Expenses, Vacancy Rate Expenses, Misc. Expenses, Realtor Fees (if you pay a realtor to rent your property out and manage it yourself), Management Fees (if you aren't managing your own property). Do you usually take these into consideration before considering that you have a positive-cash-flow?
I have property management on payroll so we self manage and the costs is shared. All of those metrics can be define and added to a proforma however real life will tell the story.
@@Karl__Pierre Thank you for the feedback, agreed, the actuals in the end will tell the story as a case-by-case scenario. I will hopefully be closing on my first property next week (using an FHA 203k loan) and couldn't be more excited, your videos are helping me understand how to handle the contractor/repair part of the process.
I’m an ENTP too. I reached out to you on another video asking how to contact you because I’m at a crossroad in regard to a business decision. In true ENTP fashion I’m also a bit ADD and struggle with completion. Both ideas involve housing for two different populations both being equally needy. Seeing several of your videos I see we are VERY similar except YOU complete. Let me know if you’re willing to give advice. Thanks for all you do and great info here and in your other videos.
Hi ENTP, I recognise that filming location, it's the SpacesWorks building at Fort Lauderdale Las-Olas-Square, I've been there on a business meeting. How do you manage to not have anybody walk behind you to the reception desk? What time of day to do film?
You're amazing 👏. You don't have to share this information but you do it out of kindness. I live in Los Angeles, do you happen to know of any people that are either in the mortgage industry or contractors. I understand that you are located on the east coast but you may know someone.
Email me at the email address in my about me section I will connect with someone I recommend that I think administrates loans in the entire USA. If not I will try to find someone else.
@@Karl__Pierre so how do you go about finding one and doing it? We want to live in it then rent it out in a couple years and move into a bigger place. Approved at 350k
I am looking for a 4-plex in the East Orange, Weequahic, general area of New Jersey. How long would a full gut of such a property take using a 203k loan (guesstimation of course). 4-6 months?
8-12 weeks if inspections come in on time. Thanks total gut including new electric, new plumbing roof windows siding running about $60-80/sqft closer to 80 because its 4 units. let me know when you're moving forward I can get my guys on it.
@@Karl__Pierre Will do! Do you normally roll construction time mortgage payments into the overall mortgage, or would you advise that? Also how do you feel about someone refinancing out in a year in order to do sort of a house hack/BRRRR?
Looking forward to following you on the 203k process, but I have a question. You mentioned that you can use the future income you expect to generate in the multifamily home to qualify for the 203k, but is that true for a regular fha loan for let's say a newly built duplex. My wife and I live in Lehigh Acres near Ft. Myers. Thanks
So crazy! I have been thinking of building in lehigh acres. Yes this is true for a standard FHA acquisition so it can apply for a duplex newly constructed where you don't require renovations.
@@Karl__Pierre Thanks for the feedback. My name is Omar btw. My wife and I have been running an adult family care home (pending licensure) for the past two years out of our home here in Lehigh Acres. Florida allows us to care for no more than two ladies so now we are ready to buckle down, get licensed and grow. I started following you once I realized we shared some common interests. For example, you enjoy aircraft and flight, as do I. Only difference is I'm in school working on my A&P license out in Naples, FL. Once I saw you also do elder care, it was a no brainer that I should learn something from you. Would be great to get to know you so keep it up and God bless.
I been looking more and more into this! And i wanted to know if I have good credit score of about median 750s should i do a homeready instead of 203k? Any advise for Massachusetts where should i start my bank does not do these loans 🤔 just do a regular google search? Just so much info out there!
I'm really not sure. But what I can do is introduce you to a mortgage rep that might be able to. Email me at Karl@solislapierre.com subject line mortgage FHA 203k vs home ready. And I'll make the connection.
I'll have to rewatch but what is the usual order? Does it go Loan originator, consultant and then contractor? I do the same as you with looking on zillow and trulia but dont want to pay for a consultant to look at a place that I might not even get because of foundation issues. I just don't know the right order.
I've been a structural engineer in south Florida for 18 years. I'm very familiar with Florida construction, and have lived in the Ft. Lauderdale area on and off. I see you are looking into distressed properties, if you need some help let me know, it's always good to make new connections.
If there isn't too many 4 units in my area, as long as zoning allows, can I convert a single family into a 4 unit?. The limit for a 4 unit in my county is 840400 and I'm thinking this would be perfect. I'm thinking they'll finance it as a 4 unit and not the original single family. Single family limit is 437000. Units will be new and therefore lease for a little more. Just a thought, you got the gears turning now...
Thanks for sharing, I live in NY but most of my income is from my business located in PA. If I want to apply for this loan, do they check my total income or income generated only in NY? Thanks
Omg I need your help, I’m in the process but the lender that I was using don’t know much about this type of loans. I’m in Westchester county as well and looking to buy here as.
Hi ENTP Player, Great information and details for a first time 203k applicant! I am looking for a contractor for Orange County, Ny. Do you have any suggestions?
You had the credit score wrong bro FHA go as low as a 500 credit score. 500-579 credit score requires 10% down and with a 580 or better credit score they require 3.5% down.
I’m excited for this series, because it’s EXACTLY what I have in mind for my move back to FLL next year! 😃
Stay tuned.
Oh Man, I was saying MG would be the best expert. Glad two of my favorite real estate TH-camrs linked up! Looking forward to it!
Wow, thanks! Minor change. Most likely not working with Matt. He's got his hands full at the moment and can't wait for him to free up. Working with Keith Radonis on this one. I recording this a while back.
@@Karl__Pierre all good. Really interested in this project.
Great Channel sir, looking to do a 203k loan in March and the info I've been receiving from your videos has been very helpful. Thank you!
Awesome! If you're thinking of buying a house I totally recommend you check out my course. I say that because it's packed full of information that will help you with your decisions and management of said project.
The Italy Airbnb idea is really interesting. Bro u just opened up my mind more. I'm currently trying to open up more locations in China due to national wide 50% rent cut everywhere and the economy there is going very strong. Hope u do well Karl.
Go for it! But China mandate a rent cut...that's crazy. What I have been looking for is chinese investors to invest in real estate in the USA if you can connect me with investors we could have something going. Better to invest here, more stable less government bs.
ENTP LIFE the situation is like trump administration doesn’t want any chinese money comes in so he raised the EB5 and investment bar plus limiting any flies from China that makes the current situation not optimal. Not until cov 19 is resolved for sure.
So funny you release this as I'm thinking about finally getting my foot in the real estate game. As someone whose in your area I think the sistrunk area maybe what you're looking for. It's a hood area going through gentrification so you may be able to find something there.
sistrunk? I am so new to the area I don't know the neighborhoods yet. If you're down to meet up would love a tour. Let me know.
ENTP LIFE no problem. Let me know the best way to contact you
Enjoyed you channel. Looking fir a 203k Consultant in Dallas, Texas area...
entp.hud.gov/idapp/html/f17cnsltdata.cfm
Hello, I really enjoyed this video and the previous video you made talking about the lessons learned throughout your first FHA 203k process (it was mostly about dealing with contractors and how you handled the money). I lived most of my life in South Florida, I hope you found the 2-4 unit property you were looking for! I wanted to comment on a statement you made about a 4 unit property giving you "cash-flow", I know everything is a case-by-case scenario... I did however noticed that you failed to mention Repair Expenses, Cap Expenses, Vacancy Rate Expenses, Misc. Expenses, Realtor Fees (if you pay a realtor to rent your property out and manage it yourself), Management Fees (if you aren't managing your own property). Do you usually take these into consideration before considering that you have a positive-cash-flow?
I have property management on payroll so we self manage and the costs is shared. All of those metrics can be define and added to a proforma however real life will tell the story.
@@Karl__Pierre Thank you for the feedback, agreed, the actuals in the end will tell the story as a case-by-case scenario. I will hopefully be closing on my first property next week (using an FHA 203k loan) and couldn't be more excited, your videos are helping me understand how to handle the contractor/repair part of the process.
I’m an ENTP too. I reached out to you on another video asking how to contact you because I’m at a crossroad in regard to a business decision. In true ENTP fashion I’m also a bit ADD and struggle with completion. Both ideas involve housing for two different populations both being equally needy. Seeing several of your videos I see we are VERY similar except YOU complete. Let me know if you’re willing to give advice. Thanks for all you do and great info here and in your other videos.
yes I am interested. Reach out on my about me section my email address is there. That is for all real estate related inquiries.
Karl when is episode 2 coming
Never lol I was having issues finding a lender and just said screw it.
ok do you still have connection with 203K contractors up in the NY orange county area?
Can I add my prospective tenant income to my income to calculate my debt to income ratio?
Yes 75%
Hi ENTP, I recognise that filming location, it's the SpacesWorks building at Fort Lauderdale Las-Olas-Square, I've been there on a business meeting.
How do you manage to not have anybody walk behind you to the reception desk? What time of day to do film?
early or on the weekends or evenings. you're right!
Do you have any recommendations for licensed contractors in Fort Lauderdale?
Another good video. Are the other episodes out?
no I actually got annoyed with the bs of FHA during the pandemic and went at the next project in FL with cash and hard money.
Awesome content.
Thank you
You're amazing 👏. You don't have to share this information but you do it out of kindness. I live in Los Angeles, do you happen to know of any people that are either in the mortgage industry or contractors. I understand that you are located on the east coast but you may know someone.
Email me at the email address in my about me section I will connect with someone I recommend that I think administrates loans in the entire USA. If not I will try to find someone else.
I want to look at doing this for a single family house. Is that possible?
absolutely. My first one was a SFH
@@Karl__Pierre so how do you go about finding one and doing it? We want to live in it then rent it out in a couple years and move into a bigger place. Approved at 350k
@@2012funfamilytimes email me to setup a zoom call.
You need to do a show just about pros/cons of Hard Loans...I’m intrigued 🧐🤔
noted. Its on the list!
I am looking for a 4-plex in the East Orange, Weequahic, general area of New Jersey. How long would a full gut of such a property take using a 203k loan (guesstimation of course). 4-6 months?
8-12 weeks if inspections come in on time. Thanks total gut including new electric, new plumbing roof windows siding running about $60-80/sqft closer to 80 because its 4 units. let me know when you're moving forward I can get my guys on it.
@@Karl__Pierre Will do! Do you normally roll construction time mortgage payments into the overall mortgage, or would you advise that?
Also how do you feel about someone refinancing out in a year in order to do sort of a house hack/BRRRR?
How did you find a bank that offers the 203k loan. I am in NYS.
Just kept calling around
Also I think you can Google it or locate through hud.gov
Do you happen to know if the lender has to be local? Absolutely struggling in my area here!
Does not have to be but the consultant should be
Looking forward to following you on the 203k process, but I have a question. You mentioned that you can use the future income you expect to generate in the multifamily home to qualify for the 203k, but is that true for a regular fha loan for let's say a newly built duplex. My wife and I live in Lehigh Acres near Ft. Myers. Thanks
So crazy! I have been thinking of building in lehigh acres. Yes this is true for a standard FHA acquisition so it can apply for a duplex newly constructed where you don't require renovations.
@@Karl__Pierre Thanks for the feedback. My name is Omar btw. My wife and I have been running an adult family care home (pending licensure) for the past two years out of our home here in Lehigh Acres. Florida allows us to care for no more than two ladies so now we are ready to buckle down, get licensed and grow. I started following you once I realized we shared some common interests. For example, you enjoy aircraft and flight, as do I. Only difference is I'm in school working on my A&P license out in Naples, FL. Once I saw you also do elder care, it was a no brainer that I should learn something from you. Would be great to get to know you so keep it up and God bless.
Thank you for this.
My pleasure!
How do I contact you if I found a distressed property ?
Comments like this. Or email me at Karl@solislapierre.com or DM on instagram. Best option is email
I been looking more and more into this! And i wanted to know if I have good credit score of about median 750s should i do a homeready instead of 203k? Any advise for Massachusetts where should i start my bank does not do these loans 🤔 just do a regular google search? Just so much info out there!
I'm really not sure. But what I can do is introduce you to a mortgage rep that might be able to. Email me at Karl@solislapierre.com subject line mortgage FHA 203k vs home ready. And I'll make the connection.
@@Karl__Pierre thank you so much 🙏 I will definitely email you. Really appreciate it.
What if my 1st home was a conventional loan and I'm not relocating 75 miles away? Would I still qualify
May not eligible.
I'll have to rewatch but what is the usual order? Does it go Loan originator, consultant and then contractor? I do the same as you with looking on zillow and trulia but dont want to pay for a consultant to look at a place that I might not even get because of foundation issues. I just don't know the right order.
Pre-approval, find property, get contractor and to give a bid, then consultant who is involved with appraisal, close, start construction
Thank you, I really appreciate the guidance.
@@gmoore326 you're welcome
I'm in westchester I need your help
I need your contact info. You said your a contractor. Looking to buy soon
Email me at Karl@solislapierre.com
I've been a structural engineer in south Florida for 18 years. I'm very familiar with Florida construction, and have lived in the Ft. Lauderdale area on and off.
I see you are looking into distressed properties, if you need some help let me know, it's always good to make new connections.
Hey Eddie. Shoot me an email Karl@solislapierre.com would love to chat I have a townhouse project coming up.
If there isn't too many 4 units in my area, as long as zoning allows, can I convert a single family into a 4 unit?. The limit for a 4 unit in my county is 840400 and I'm thinking this would be perfect. I'm thinking they'll finance it as a 4 unit and not the original single family. Single family limit is 437000. Units will be new and therefore lease for a little more. Just a thought, you got the gears turning now...
If it is zoned for you you can convert with the loan.
@@Karl__Pierre thank you, keep them coming...
Thanks for sharing, I live in NY but most of my income is from my business located in PA. If I want to apply for this loan, do they check my total income or income generated only in NY? Thanks
Yes, absolutely They check all income. So have verifiable w-2 income and show your business returns and stability.
ENTP LIFE thank you 🙏
Omg I need your help, I’m in the process but the lender that I was using don’t know much about this type of loans. I’m in Westchester county as well and looking to buy here as.
Email me at Karl@solislapierre.com I can help you also we the contractor since I'm licensed in Westchester.
Okay I will email you now.
How can I contact you here in MA .
email karl@solislapierre.com subject line FHA 203k
Great content man. Im actually planning on using the FHA 203K program for a property in Phili. Would it be possible to chat?
sure shoot me an email and we can coordinate a call
@@Karl__Pierre where can I find your email ?
If your licensed contractor can you do the work yourself
Yes
Good Stuff!
Glad you enjoyed it
@@Karl__Pierre how can i get in touch with you?
@@davon0105 you have on ig
Do you work in Delaware ?
No unfortunately. Whats going on?
Hi ENTP Player, Great information and details for a first time 203k applicant!
I am looking for a contractor for Orange County, Ny. Do you have any suggestions?
Yup me - email me karl@solislapierre.com tell me about the deal and I can introduce you to my project manager
You had the credit score wrong bro FHA go as low as a 500 credit score. 500-579 credit score requires 10% down and with a 580 or better credit score they require 3.5% down.
Thanks for clarifying. At The time of filming they adjusted up upwards
I'm in the fort lauderdale area myself, we should connect bro.
Sure
Email me at Karl@solislapierre.com
✨
haha
I thought covid shit down 203k? It opening back up?
Everything is changing daily. Contact a mortgage broker for the latest.