All Forum Posts by: Ryan Barr

@Christian Salazar I'll be living in one of the units and renting out my side, which is why FHA/203k makes sense for me. I don't believe I need hard money for this because the down payment will be so low. I just don't want to have an offer approved and then not be able to secure the loan, that's what I'm most worried about at this point.

The large banks that I've been getting pre-approved for FHA loans apparently do not offer 203k loans. Anyone know of local banks/anywhere else that does them?

@Joe Facenda They are the same city! Just sent you a PM.

@Michael Hastings Thank you for taking the time to reply. My reason for wanting an investor-friendly agent was that the numbers still have to work for me after I leave when the mandatory year is up. I'd obviously prefer to make money while I live there too. I won't have questions about financing choices or the area. I assumed that if there was a deal that would cash flow, at this moment in the market, it would be snatched up before it would get filtered all the way down to me with my very little connections. That was just my thought process though!

Hello BP,

I have seen this question asked a few times, I've seen quite a few articles posted about it, too. But, because everybody's circumstances are different I felt the need to ask the community what they would recommend for my situation. 

I've been pre-approved for an FHA loan, my price limit almost certainly guarantees that I will be purchasing a duplex with it (not interested in SFH). I have multiple people that have expressed an interest to live with me on my side of the duplex, but they want to move in soon, before the start of next year. So I've got about 3 months before my guarantee of someone living with me turns into a maybe. I'm going to treat this purchase as an investment. If the numbers work for me I have the will-power to buy, but I won't put myself in a financial hole just because I want to move out of the basement.

Because I'm on somewhat of a time crunch, building up a relationship with someone who from what I've read so far is unlikely to be on the same page as me, would it be wise of me to search for, network and ultimately select an agent? I am only interested in this 1 property for the time being AND it will be my first deal; which is why I don't envision agents wanting to give me their best deals.

While we're at it, without utilizing an agent, what are some other ways you guys find deals in your marketplace? I have considered cold calling duplexes for rent in my area and asking if the owner would be willing to sell their property, as well as using the county assessor's office. 

Anything helps, thanks for taking the time to read!

@Charlie Jordan Thank you for the info!

Struggled with the title. 

Like the title says I was pre-approved for a $235k FHA loan without a property in mind. Theoretically, I find a duplex worth say $280k, with a tenant in one side paying rent. I go back to the bank, adding that monthly rent to my income and potentially get approved for that higher price? Also if I have a roommate agree to paying me monthly as well does that count towards my income?

@Michael Cohen ,  Okay so if rates do change daily, is getting pre-approved essentially just showing the agent/broker that you are serious about investing? I believe I would get approved.

People who have gone through the process of getting an FHA loan for a 2/3/4-plex, what lenders have you gone to and which lender offered you the best terms? I'm looking to talk to a lot of lenders while in my grace period. I plan on talking to two of my personal banks, Wells Fargo, Flagstar, and Quicken Loans. Any I'm forgetting that I should check out?

For some context: Do not have a property in mind, first time buyer, credit is not a problem (800+), no debt, very very low expenses per month, but also not a lot of capital, Kansas City area.

I appreciate the feedback and the advice. Nichole I actually read that post you made earlier this week. Thank you guys for validating an idea, I'm excited to see where my next steps take me.

@Terry Warren Okay, feel free to message me. I'm open to hearing everything but again, I don't have anything lined up yet.