All Forum Posts by: Branton Stanley

Yeah after reading more, it just says you have to live there a year. One thing I read said it was a good idea to refinance after a year, so you no longer have to pay the mip but that's it. I just misread it the first time 

Okay thanks. I'll check that out, thanks Ryan and Chris

Okay, so if the fourplex is already rented, then I can count that as part of my income when applying for the loan? 

I want to use an FHA loan in order to buy a triplex or fourplex. I know I'd have to live there until I refinance it, which I'm okay with. I could also get enough money for the down payment from some family. The main problem I have is that my income is so low. The income from renting out the other parts of the fourplex would more than pay for the mortgage each month, but I read that in order to qualify for the FHA loan, I can only have a debt to income ratio of 31% or less and with the mortgage and my current income it would be more like 150-200%, which obviously the banks won't like. What can I do in order to get the fourplex now, without having to quadruple my hours at work?

Thanks everyone for the welcome, and for the advice. If I have any questions I'll be sure to ask.

Hello, I'm Branton Stanley, and I am brand new to real estate investing, or investing in general. In fact I haven't actually started yet, but I really want to, and I am hoping that this site will be able to help me with that. 

The reason I'm here is I read the book "Rich Dad, Poor Dad" and it got me excited to invest, but I don't have any money, like literally none. I'm going to school and I am working part time for about $10 an hour, so I don't have any money to invest with, so I read the book about investing with no or low money down and that has led me here. 

So like I said, I am a poor broke college student trying to start investing now instead of when I'm older. I have a few ideas of what I want to do and how to do them, but since this is just an introduction post, I'll keep it short. 

Thanks everyone