All Forum Posts by: Andrew Freed

@Jon Huber Absolutely, that is amazing! Good work. 

@Omer Zakai - Congrats on getting starting on your journey. If you haven't already, I would highly recommend reading "Long Distance Real Estate Investing" by David Greene. He has a lot of great tips that will help you along all parts of your investing path.

If you don't mind me asking, why did you decide to invest in Columbus Ohio? Do you have feet on the ground? Do you find it to have a good ROI? Do you see growth?

@Jon Huber Fantastic story! Congrats on the success and great timing. What is your expected cash flow on those units? 

@Christian Kim - I believe that is one of the biggest misconceptions when it comes to new investors. Each area you invest in is different from what the average percentage rule is. For instance, I am looking in Austin TX and I'd be lucky if I get .75% rule from those properties. A good rule of thumb when it comes to markets is to think of it as a scale. When a market has high appreciation likelihood, it tends to have lower cash flow or percent rule. And visa versa, when the market has low appreciation likelihood, it has higher cash flow or percent rule. I think that was a long way of saying that you have to use this rule geographically depending on the market or you are comparing "apples to oranges".

@Jesse Glatz - Sounds exciting! I have not dealt with section 8 before. I would recommend starting a new thread. There are a ton of investors on this site so there gotta be someone who specialized in section 8 and can answer your questions. 

@Matthew Porcaro - Thanks for the insight. I'm more looking to utilize a buy and hold strategy rather than flipping. My goal is to buy a new multi-family every year for the next 10 years.

Also, I am in the process of getting my real estate license hence w/ a FHA loan and the 3% commission, I would only have to pay .5% out of pocket due to the low down payment requirement of 3.5%

I see that you have been successful with a 203k loan. How has this strategy worked out for you? Do you recommend a loan like this for a multi that may need significant work?

@Ashley Crowley - I would take cash flow into account as well. If self managing the property is determining whether you are in the green or not, that should be a factor in your decision. Having the unit cash flow will help you reach your real estate / financial dreams quicker and allow you to purchase more property. 

@Dave Spooner Super good insight and resource. Thanks David! 

@Alexander Szikla  Makes sense, thanks for the advice. 

I was more thinking along the lines of refinancing out of my current FHA loan and get a new one every year. I was hoping there are some conventional loans that I can have 10% equity or even 5% and get out of the FHA loan that I am currently in. Heard of anything like this?

I am curious if anyone has house hacked multiple times using a FHA loan. Do you have any advice for someone looking to use this strategy to build wealth?

Hi BP Community,

I am an investor looking to purchase a new multi-family every year using a FHA loan product. This is due to the low down payment and the low debt to income requirements. The challenge I am running into currently is that an individual may only hold 1 FHA loan at a time. Does anyone have insight into loan programs where I can get out of the FHA loan even with less than 20% down? I have 5% equity in my current multi-family and am looking to refinance out in 4-6 months to have access to the FHA loan program so I can go shopping again. Any guidance is greatly appreciated!