All Forum Posts by: Blake Harris

When using a FHA owner occupied loan, can you purchase a property that has tenants in place? I understand that FHA loan is supposed to be a owner occupied loan, but if you are a buying a triplex, would one of the three units need to be vacant upon your purchase so you can move in day one?

I would guess almost every person on this forum knows the BRRRR strategy and how to apply it to single-family/up to 4 unit apartments, but how would the strategy work for properties 5 units and up to even say 250 unit apartment buildings?

@Matthew Porcaro

What would the timeline look like on this? How fast could it all happen?

My guess would be 203k loan for 1 year, then refinance into a conventional loan, and then another year or so to get the HELOC.

@Matthew Porcaro

So if you refinance into a conventional loan from FHA what happens to the equity you had in the property?

@Matthew Porcaro

Will the HELOC allow me to move out of the first property and repeat the process with FHA again (will the HELOC replace the first FHA loan)?

After researching the 203k loan in more depth, I now have discovered that you potentially cannot do traditional cash-out refinance. First, is that true? Second, how would you approach the refinance to complete the BRRR method?

@Jared Smith

I would say one a month... if you are finding a deal that works with your goals and you have the money to fund it (plus the reserves). One might argue that you could be leveraging yourself up to your eyeballs, but if you know the market, the trends, the vacancy and prepare for the worst, then go for it. What's being an entrepreneur or an investor without risk.

@Bill F.

That is hilarious, thank you!

@Account Closed

That is really smart. I appreciate it. 

@Joe Villeneuve

I see your point.