All Forum Posts by: Adaryll Gandy Jr

@Hayden Hirzel I have been looking into doing something similar here in Southwest Florida. I currently do not own any property so this would be my first investment so it is a bit different than your situation. However, from what I have gathered you would still need a 3.5% down payment if you're able to use FHA. From people I have spoken to you can use FHA more than once but there has to be a valid reason such as outgrowing your first home, etc. Being as though you have turned your first home into an investment I do not see how you would be able to qualify for an FHA on a second home particularly a multi-family complex. Here is an excerpt from Riverbank Finance:

"In general, a borrower may have only one FHA mortgage loan at one time. If at some point they want to obtain another FHA loan then the first one needs to be paid off before applying for another one. However, there are exceptions to that rule according to The Department of Housing and Urban Development (HUD). They will allow a borrower to have two FHA loans but only under certain circumstances such as a bigger family size or because of job relocation.

Although the general rule only allows a borrower to have one FHA loan at a time, HUD also allows borrowers to have multiple government insured mortgages under the right circumstances, depending on their individual situations and what has changed since the close of their first FHA loan."

You can use the rent from your primary home and the rent from current renters of the MF you intend to buy as income when applying for a loan whether it be FHA or Conventional if you need help with your income and expense ratios. As I mentioned I haven't purchased my first property yet but I have been doing a lot of research so I hope I could help. If I am wrong or there are other strategies please share with me so I can learn as well! All the best!

I haven't purchased my first property yet and all my knowledge comes from reading books, BP forums and listening to podcasts so I am still learning as well but was interested in your question. From what I have gathered isn't the upside of an FHA the low 3.5% down payment vs the conventional 20% down? If you have already purchased the house cash and intend to refinance to pull out equity after your new appraisal wouldn't you then just go with a conventional mortgage since like @Kyle Tipton mentioned you would avoid the PMI that comes with FHA? I was reading that a FHA Cash-Out Refinance only lets you take out 85% LTV which isn't much different than a conventional loan with a LTV of 80% and when you add PMI FHA would actually be more costly. As I mentioned I am still learning so I would be interested in figuring this out as well. Best of luck!

@Eric Cozby Welcome to BiggerPockets. I live in Cape Coral and have been looking into REI for a little while now. I haven't begun investing but I plan to soon. I have found this site to be a great tool for networking and increasing your knowledge in REI. What is strategy (Buy and Hold, Wholesale..etc)?

@Travis L. Thanks for the advice. I will be sure to look into it as a viable option moving forward! 

@Adrian Smude Yeah there are opportunities in every market it just takes the knowledge to recognize where they are. Sounds good man if I am up that way I definitely will.

@Fausto Carosella I stopped pursuing medicine as a major a couple years ago and have since been doing business. I am trying to work my way into a comfortable position either in a corporation or obtain skills to get into business for myself. I try to read as much as I can in my limited free time. I have been listening to the Podcasts while driving in my car (I work in Bonita) so I can get almost 1 whole podcast in per trip to work. From what I have heard from other members FL is a different market compared to the rest of the US. Just have to get creative and find where the deals are. I will definitely reach out! Thanks.

@Nataly Llanes That is great! I definitely can relate. I realized through my readings and seeing things first hand that you cannot retire early solely on a middle class income. Making good decisions early and choosing the right investment vehicles is from what I saw the best way to reach the promise land. I wish you the best on your adventure and hope you find it prosperous and fulfilling. Look forward to possibly helping each other in the future!

@Adrian Smude Thanks man I appreciate it! I used to live in Tampa a couple miles from USF, I know exactly where you are. Have you found success in that area?

@Richard Jeffries Yeah the reason I considered Property / Community management is because I want to continue in  full time job that will allow me to learn about real estate while earning.  By working in RE while learning about investing I surround myself with everything RE and it will allow it to become second nature. 

@Adam McCarty I can definitely see the value in having the hands on experience with construction.  Especially when buying flip properties and foreclosures because it would allow you to cut labor costs on the repairs. It also would give you an idea of the cost to repair or renovate a possibly purchase. 

@Adam McCarty Definitely makes sense. So something like general contracting? or more of like a specific area of construction?

Hello BP,

I am a 22 year old college student currently pursuing a business degree. I work a full time job as a Valet Supervisor and make around 30k+ per year. I really want to get into real estate investing but my income and lack of experience is a hindrance on me. I have been considering  getting into a real estate focused career such as Property or Community management. My question to the community is if I am looking to learn about properties and management to help with my investments which route would you recommend? I do not want to become a real estate agent simply because I do not have a nest egg to fall back on or a well off family to support me. I need something that pays a salary while I learn.

Thank you for your suggestions!

- Adaryll