All Forum Posts by: Bradley Garza

Thanks Aram!  It’s a 4plex for 620K in Texas. 

I have formed an agreement with a builder to begin constructing a new multifamily property but the lenders that I have spoken with do not offer FHA construction loans and that is a requirement for my builder. I really love this deal and want to make it work but I need to find a reliable lender that offers FHA construction loans in order to do so. Does anyone have recommendations of lenders who offer this program? I would greatly appreciate any and all input!

@Marcos Miller Thank you for your input! Would you be willing to explain those ways so that I can get a better idea of which direction I should go?

Also, are those multifamily homes near you duplexes, triplexes, or fourplexes?

Thank you Mike.  I will check in with other lenders and see what I can find out.  You’re right about being doubtful on finding multifamily properties that meet my criteria.  It has been difficult.  Hopefully, if the rent to mortgage guideline is not applicable then I will be able to expand my search.  Thank you for your input sir.  I really appreciate the advice!

I am in search of a multifamily property to perform my first house hack. I have recently discovered a few things along my journey. My lender informed me that FHA guidelines require the projected rental income for triplexes and fourplexes to cover the entire mortgage. This is including the 25% percent rental deduction for projected maintenance, repair, and vacancy fees. Essentially, the rent from my tenants, excluding mine, needs to completely meet the mortgage amount. This is something I did not know and has narrowed down my search criteria. This has led me to either properties in great distress or new builds. From my analysis, properties that are in between these two opposite sides of the spectrum are not meeting the rent to mortgage ratio. My agent and I have contacted some builders but most new construction triplexes and fourplexes are out of my price range. I am hoping to find home builders in or near San Antonio that are constructing multifamily properties for around 575K or below. If anyone has any contacts or information that they would be willing to share, it would be greatly appreciated! Thank you!

@Seth Teel Thank you so much for the info Seth! It will really help to narrow my search. I’ll get started on looking into those.

I am new to the real estate world and am currently in the process of moving out of my single family home and turning it into a rental property. I intend on purchasing a multifamily property, preferably a 4plex, in or near San Antonio, Texas with a maximum purchase price of around $500,000 for my first house hack. I am registered on the MLS but options on this platform appear to be limited. I am wondering if anyone has suggestions on specific areas or neighborhoods fitting my criteria that I could explore to potentially find an off market property. Any help is tremendously appreciated!