Buying a multifamily with a FHA Loan
I am in the middle of selling my single family home and will be able to pay off the remaining of my debt and be debt free!!! I will have about $60,000 left over once I pay off my debt to put towards my next primary property. My plan is to buy a 3-4 unit property with an FHA loan and only put down 3.5% and live in one of the units and rent out the others for the next 2 years and then refi into a conventional loan and pull cash out to buy my next multifamily etc.
The question I have is who has done then recently in Colorado? I am finding it really hard to find a property that fits the Loan Limits with a FHA loan. I am looking to buy close to the Fort Collins area. I am a licensed Realtor, so I am planning on NOT taking a commission and have them lower the purchase price but what other strategies have you guys used in order to buy in this hot Colorado market with a FHA loan and only putting down 3.5%? Any advice would be great! Thank you for your time and looking forward to some responses :)
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Prices for duplexes, triplexes and fourplexes in Fort Collins has run up quite a bit in the last few years and there are not a lot of them that hit the market (so you may need to be aggressive to get them when they do). I have had some clients buy multi-family to live in with FHA and VA loans. I have more clients that would if we found the right one. Finding the right one has been the challenge for most of my folks.