All Forum Posts by: Alexa K.

@Chris Lohmeier Thanks so much for the input, that definitely helps a lot. 

@Grant Mitchell Absolutely! Also, glad to see another Youngstownian here :)

@Chris Lohmeier If you don't mind me asking, how hard did the loan affect your credit? I'm thinking about doing the same thing with a Sofi loan and with a credit score above 800, I'm worried I'll sink down to 750 or below.

@Charlie MacPherson Thank you for your input and for the resources, I never knew that it would fall under insurance fraud. Guess I'll be tossing that idea out the window! Haha

I'm currently in the midst of acquiring a multi-family property and have a question regarding taking an FHA loan out but not really "living" at one of the units.

See, I currently live alone with my parents and would prefer to keep it that way as I have no OOP expenses save for my own. The property I'm planning on purchasing is actually on the same street some five houses down. My idea is to take out an FHA loan on the property and "live" in one unit, as in have my mail and whatnot set for that address, but still stay at my parents. This way I'm able to rent out all of the units and continue not having to pay rent.

My questions are -- 

(1) How does the FHA know whether or not you live onsite? Do they physically check?

(2) If I rent out all of the units, can I still do a standard rental lease for the unit I'd be "living in," or would I have to go the roommate route instead? Does FHA care?

Thanks, Cole. I will definitely keep you in mind. 

Congrats! It's great to hear such an awesome success story from someone similar in age. I'm in the same boat as you, 23 and working for similar pay while attending school, and I'm hoping to do exactly the same thing with a three or fourplex in the near future once I have enough saved up. Keep it up, can't wait to see what you accomplish next! :)

Hello all! I've been lurking around the forums and reading up on all the great guides that BP has to offer and finally decided that perhaps I should jump in and introduce myself. I'm a 22 year old full-time college student from the northeastern Ohio area and I'm hoping to dive into the world of REI within the next few months!

I've always had a passion for real estate ever since I was a kid, but I never really knew how to turn my love and appreciation of real estate into something more tangible aside from long drives through old historic neighborhoods and dreaming loftily of building my own student housing complex, but thanks to the BP community (and also growing up, haha) I'm really looking forward to actually purchasing my first fix and flip and/or rental property!

Aside from that, I would love to find a sort of mentor in my surrounding area that I can be a sort of assistant and offer my time/labor to so that I can learn the ins and outs of rental and/or fix and flip properties. I also really want to learn home remodeling and construction as that is something else I'm very interested in; doing the work myself. I'm not too sure how to go about finding someone to teach me the latter, however. Perhaps Craigslist, but I'm a bit sketched out to meet someone from there. 

Question: For SFR investment loans, is it possible to obtain a mortgage of less than 12k? And if so, would it be worth going that route with 20% down, or would it make more sense to purchase the property outright in cash? I have a credit score of 770 if that makes a difference.