All Forum Posts by: Allison Christine

Thank you Ryan!! I was not aware that I couldn't house hack with a HML, but that makes sense! I guess its all going to depend on the property, which type of financing is the best. Thank you very much for taking the time to help me untagle this! There is soooo much to consider, it can be overwhelming as I am trying to put together my plan. If I go after an off market property in need of a lot of repair, and don't house hack, I will propbably try to do HML. If I go after a nicer property in less need of fixes, seems FHA will be my best bet. It will all come down to the numbers. And, yes, ideally having more than 20k to start!!

Thank you, again!

Hi Jonathan! I am targeting SFH or duplexes (house hack) ideally to BRRRR. In my market, MLS properties are flying off market over asking price. I have been diligently driving for dollars, noting properties to target and compiling my cold call list.

My question is, because I am searching for an off-market property, what type of financing would be best? When I make the owners an offer, do I need the leverage of having hard money?? Because I am a first time buyer, I was planning to use the FHA loan for the low down payment, but am concerned with that approach when not using a realtor and the MLS. 

I also have a family member willing to lend me 30k of there 401K but hesitant to accept. I have 20K saved up to MAKE A MOVE. I have been researching endlessly, but cannot get comfortable with the financing.

Happy Monday BP Community! 

I am sooo excited to be getting closer to making my first deal. I am targeting SFH or duplexes (house hack) ideally to BRRRR.
In my market, MLS properties are flying off market over asking price. I have been diligently driving for dollars, noting properties to target and compiling my cold call list.

My question is, because I am searching for an off-market property, what type of financing would be best? When I make the owners an offer, do I need the leverage of having hard money?? Because I am a first time buyer, I was planning to use the FHA loan for the low down payment, but am concerned with that approach when not using a realtor and the MLS.

I also have a family member willing to lend me 30k of there 401K but hesitant to accept. I have 20K saved up to MAKE A MOVE.

Thoughts??? Thanks all!!!

Thank you very much Chris! Yes, I think I will wait with the LLC. Thank you.

 Thank you, sir! Good to be here.

Thank you, Alyssa! Yes, putting as little down as possible would be best overall so I have more money for more property. And moving every year to receive maximum loan option benefits is great advice as well. Thank you.

Hi BP community! I have been studying, researching, reading, podcasting, basically all the things to prepare for my first go at REI. I am a single mom who is fortunate enough to still live at home, with a steady income where I am able to save a good amount of cash per month and have good credit. I have enough saved for a decent down payment, but will still need to use tradition financing. I have finally narrowed down my focus to starting out by purchasing a duplex in my area. (I do not have the deal yet).

I have read and researched so much so, that I am getting conflicted info on a few things.

First question- I have read that it is BEST that i live in one side of the unit, and rent out the other, for tax benefits and financing options (owner occupied loan?) . Since i have the option of residing somewhere else, and can collect rent on BOTH units, wouldn't that out weigh both these?

I am also looking to further my portfolio by purchasing more property's soon after, which I will also have to finance. Not sure if this effects if I need to live in one of the units for the first year or two or not. (like i said, i've read SO much that i'm starting to confuse myself).

Also, is it worth setting up an LLC before my first deal?

Any advice would be so much appreciated. Trying to get my ducks in a row here!!!