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Updated almost 8 years ago on . Most recent reply

Joe Fornasiero's profile image
Joe Fornasiero's profile image
Joe Fornasiero
  • Investor
  • from Brighton, MI
  • Member since Jul 31, 2014
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User Stats

85
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20
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Joe Fornasiero's profile image
Joe Fornasiero's profile image
Joe Fornasiero
  • Investor
  • from Brighton, MI
  • Member since Jul 31, 2014
Connect
Joe Fornasiero
  • Investor
  • Brighton, MI
20
Votes |
85
Posts
General Real Estate Investing

FHA loan for boarding house? $1,232/mo cash flow

Joe Fornasiero
  • Investor
  • Brighton, MI
Posted
Can a boarding house qualify for FHA financing if it's considered a residential property? There is 11 bedrooms all rent for $400. The only concern is the property was built in 1850. Purchase price $150,000 FHA loan Rent: $4,400 Vacancies 10%: $440 Maint 15%: $660 Capex 15%: $660 Property mgt 10%: $440 (plan to manage myself) Insurance: $166 Taxes: $375 P&I: $867 Cashflow: without mgt: $1232 With mgt: $792
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