All Forum Posts by: Angelo Revercomb

Hey!

I wanted to reach out and see if anyone had any experience getting a multifamily unit using an FHA loan.

Specifically,

1) How does the process work? 

2) Do you find a property and pitch the “idea” to a bank?

3) How does the bank consider the extra rental income from the other unit? Do you put that info together and show the bank? 

4) What are your general experiences with this?

Thank you! 

I have recently been pondering an idea and wanted to run it by and get some feedback!

My wife and I currently live in a home in which we owner financed. The amount we purchased the home for was $225,000. We owe around $165,000, and the house is valued at around 265-285k. The agreement sits at 5% interest and 20 years payback plan. We have just completed 2 of those years. This leaves us with around 100k plus in equity. Since the home is owner-financed we cannot play with that equity.

1) Should we refinance the home through a bank in order to pull out equity and get properties under our belt?

The idea that I have been pondering is doing so say (60k-80k) and buying an undervalued rental property putting some work into it getting some renters and refinancing shortly after pulling that additional forced equity right back out and moving right to the next property.

2) One of my goals is to quit my W2 get my time back with my family and do what I love.

I would plan on repeating this cycle continuously and the real question I have is.. how realistic is this idea?

Feel free to be honest and give me genuine feedback. Thank you!

I have recently been pondering an idea and wanted to run it by and get some feedback!

My wife and I currently live in a home in which we owner financed. The amount we purchased the home for was $225,000. We owe around $165,000, and the house is valued at around 265-285k. The agreement sits at 5% interest and 20 years payback plan. We have just completed 2 of those years. This leaves us with around 100k plus in equity. Since the home is owner-financed we cannot play with that equity.

1) Should we refinance the home through a bank in order to pull out equity and get properties under our belt?

The idea that I have been pondering is doing so say (60k-80k) and buying an undervalued rental property putting some work into it getting some renters and refinancing shortly after pulling that additional forced equity right back out and moving right to the next property.

2) One of my goals is to quit my W2 get my time back with my family and do what I love.

I would plan on repeating this cycle continuously and the real question I have is.. how realistic is this idea?

Feel free to be honest and give me genuine feedback. Thank you!

I have recently been pondering an idea and wanted to run it by and get some feedback!

My wife and I currently live in a home in which we owner financed. The amount we purchased the home for was $225,000. We owe around $165,000, and the house is valued at around 265-285k. The agreement sits at 5% interest and 20 years payback plan. We have just completed 2 of those years. This leaves us with around 100k plus in equity. Since the home is owner-financed we cannot play with that equity. 

1) Should we refinance the home through a bank in order to pull out equity and get properties under our belt?

The idea that I have been pondering is doing so say (60k-80k) and buying an undervalued rental property putting some work into it getting some renters and refinancing shortly after pulling that additional forced equity right back out and moving right to the next property. 

2) One of my goals is to quit my W2 get my time back with my family and do what I love. 

I would plan on repeating this cycle continuously and the real question I have is.. how realistic is this idea? 

Feel free to be honest and give me genuine feedback. Thank you!

@Scott E.

I realize how incredibly vague I was in my original message. 

I want to:

1) Aquire rental properties (10 specifically)

2) look into airbnb and flips if it makes since.

3) Transition from my W2 and do real estate and other businesses.

4) Network, find someone who has done what I’m looking to do. Perhaps a mentor or coach. 

@Gerald Harris

I appreciate you reaching out and asking great questions! I just googled for associations near me. I’m going to join, they having a meeting coming up the 14th

The goal is to dive into rentals, if that means doing a little wholesailing or buy and flips I can do that. 

I would like to have a surplus of rental properties and perhaps look into AirBnb if it makes since. 
 

@Dave Skow

I appreciate your response.

A big goal of mine is,

1) 10 houses within the next decade.

As far as credit goes my score sits at a 760. I have around 5.5 years of credit history and have had three vehicle loans all eventually paid off as well as credit cards and personal loans. Current exact debt sits at 3,000 which are deferred school loans.

I am writing to seek advice or find a mentor to help me take action towards my goals.

To give you a little background:

I am 23 years old and married with a daughter and another child on the way. Currently, I work at a glass manufacturing plant in Florida where I have been employed for the past two years and earn around $70,000 a year. We were fortunate to have owner-financed our current home for a great deal, and it does not appear on our credit as a loan.

I'm looking for actionable steps, recommendations, and personal experiences. Feel free to share your thoughts!

I am writing to seek advice or find a mentor to help me take action towards my goals. 

To give you a little background:

I am 23 years old and married with a daughter and another child on the way. Currently, I work at a glass manufacturing plant in Florida where I have been employed for the past two years and earn around $70,000 a year. We were fortunate to have owner-financed our current home for a great deal, and it does not appear on our credit as a loan.

I'm looking for actionable steps, recommendations, and personal experiences. Feel free to share your thoughts!