Slow Start

[Evan Manship]

BP,

I am beyond frustrated. I have done so many things, talked to so many people, understand almost each scenario and have a goal of what I would like to do - but I am still waiting and not acting. I have dome everything from searching online daily, cold phone calls, and even door-to-dooring looking for my first prop.

My biggest fear is not moving forward, and while I know I am more educated each day - I want to get started but for some reason I am having trouble seeing the opportunity. My goals are as follows:

1. Acquire a multi-family property with FHA 203k financing so that I can instantly walk into 20%+ equity in my property.

2. Refinance out of the FHA loan as quickly as possible to avoid PMI and nullify the owner-occupancy rule then lease out the other side.

3. I want to have a minimum of $100 in cash flow per door monthly at very conservative numbers.

I know investing is about confidence and believing in your process, knowledge, and will power - but it has been difficult to get started and have a track record to push me along to something I want to do the rest of my life. I'm ready to pull the trigger, I just need something to come into my crosshairs.

Anyone relate?

[Mark Ferguson]

Hi Evan, refinancing the FHA 203k does not nullify the owner occupancy rule. You will have to live in the property one year if you get a 203k loan.