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Updated over 7 years ago,

User Stats

13
Posts
2
Votes
Jennifer Newby
  • Kodiak, AK
2
Votes |
13
Posts

Fourplex purchase with FHA 3.5 down in pricey Alaskan market

Jennifer Newby
  • Kodiak, AK
Posted

Hoping to get some insight on an opportunity I have. There's a fourplex I'm looking at, seller asking 550,000 that I can qualify for with an FHA, 3.5% down, using the rents from 3 of the 4 units. I love the idea of using the economy of scale, the great condition of the fourplex compared to most homes in our area, and the potential for much greater equity build-up from renters, than I'd normally be able to support with just a median income and not having 25% to put down. With mostly all new appliances, I'm guessing that cap ex and repairs should be relatively low. Gross rents once I'm out of the place should be around 5700, for the year I'm in will be about 4700. Monthly payments will be about 3600 (principle, interest, taxes and insurance, incl. PMI). Curious on the insight from others who have either used this approach, or who have sage council in this area. Our island in Alaska offers mostly pricey SFH ranging from 250-400k and I don't see many opportunities there. Thanks!

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