FHA Strategy Suggestions - Multi-Family - First Purchase
Hello All,
This is my first forum post on BiggerPockets. I’ve enjoyed clicking through the forum and have learned a lot. After tons of research, I’m starting to put my plan in place on how I can purchase my first multi-family investment.
I have a strategy that I’m leaning towards, but I need some insight on whether this is the right way to go, and if so, the best way to go about it.
I’ve sparked my family’s interest in investing, and I have their support, but I’m the one that will be spearheading everything. My contract just ended for the company I was working for and I don’t plan on going back until 2 months or so. I have good credit (700+), but lack the personal capital to garner a mortgage for myself (I believe) without getting creative.
My plan is to use my sister as the person to obtain an FHA loan (she has good credit 700+, Ok paying job, and capital). My question is how should I go about this so that I benefit (on paper) as being part of the deal? From my understanding you cannot obtain a FHA loan when using an LLC, so in what way can we partner on the deal? I'm pursuing the FHA route because I'm looking to invest with low money down.
Most Popular Reply
Talk to a loan broker. They will help with the FHA rules, like... you have to live in the property you buy.
Welcome to BP