Trying to buy a multi-unit with an FHA loan..

[Andre Harris]

Are there any suggestions on how to create a 100% no money down purchase using a FHA loan?

[Chris Martin]

Originally posted by @Rick M.:

I looked into an FHA loan it's a ton of paperwork. I got all my finances in line and the day after getting the FHA approval the Quad I wanted was under contract. Pretty much 100% waste of my time and the gouge I took to my credit score.

If I looked at 'failed deals' this way, I would be nowhere. If, as you say, it was '100% waste' of time, then you didn't learn anything. I would ask, 'why didn't you place an offer on the Quad subject to getting FHA loan approval?' That would seem prudent. That is a common scenario. Did you learn that maybe that is an alternative to your approach? If so, your experience wasn't a waste of time.

I've also learned that failure is common in this business. I fail all the time. But I win some too. Sometimes I fail over and over before I achieve success. I learned that discipline from Mel Madden a long time ago (paraphrased): The key is to step back and not look at events as '100% waste' of time, but part of the earning experience as you travel on the path to your destination.