All Forum Posts by: Austin Andrews

My first FHA 4-family was a vacant building needing a complete gut rehab. Somehow, my lender was able to count 75% of gross potential future rent, and was able to get the building to pass the FHA inspection. I had 5 lenders working the same deal, and only one was able to pull it off. With that being said, keep trying and keep reaching out to different lenders until you can find one that can get creative and get the deal done

Absolutely I'm still buying! If the deal is right, nothing will turn me away from it. You can't live in fear, and just like in stocks if the market drops it will come back up eventually. You just have to sit back and hold on tight. 

I would reach out to a Qualified Intermediary in your area, since you'll have to use one regardless you might as well become familiar with them

Absolutely it will. I don't know the exact numbers, but I believe Biden is wanting capital gains to be taxed at normal income tax rate, which will kill margins. He's also wanting to do away with the step-up basis and 1031's. 

I'd hire a new contractor if this is the case

I had a great experience with USA Mortgage on my first FHA

Welcome, Everett! I live, work, and invest in St. Charles. I'm going to send you a PM to connect

I jumped right into commercial and never looked back. Find a good commercial broker, and take the leap. I always say its better to start now than later, so if your funds only allow for a 2-4 unit, start there and keep going until you can either 1031 into a larger building, or have the cash reserves to purchase one.

Good luck on your journey!

Call around to local cabinet distributors and begin pricing them out

Reach out to a few local brokers and let them know your situation. For that price you could try and get a 2-4 family in the north/south hampton areas, as well as dutchtown. Good luck on your search and PM me with any questions you might have!