All Forum Posts by: Brooke Reeves

Needing a FHA lender in Louisville that understands what a first time buyer/investor is looking for. Preferably 4-unit.

Do you think that it is better or worse, then the traditional way of going and applying at the bank?

I am looking to finally get my first property and start this REI journey. I am planning on using a FHA loan to acquire a 4plex, and live in one of the units. Now the employment part,

I worked at a healthcare company from Aug 2017 to May 2019

I switched jobs, still in healthcare, started in May 2019 and still working there. 0 gaps in employment. Both in healthcare. Not for the same certification, but in healthcare. The new one, was a cut in pay.

Reason for the switch, better schedule 7:30am to 3:30pm mon-fri. Holidays and weekends off. At the other job I was working every other weekend. Also free health insurance at the new place. Wanted the better schedule because my son started school in August, and in order to have the time with him and any school activities he wanted to enjoy, I would be able to do with the better schedule.

Now I have been employed consistently, no gaps.

Will FHA approve this? Will they see the pay cut worth it? I don't plan to apply until Apr of 2020. So by then I will have more time at the new place.

When you go to get your 2nd property, and your debt is obviously way higher then your income, how do you do this?

Any advice?

Would love to eventually get into multi family investing.

Planning to use my FHA to buy a 4plex.

Then from there do a brrrr on another property.

Obviously it’s better to buy that property with cash, but just starting out I don’t have access to that type of cash. I could try and do a hard loan, personal investments etc.

Any advice for people like me? Words of encouragement?

I know i won’t make much on the first i buy with fha, but that experience.

Plan on buying my first property a 1-4 unit (FHA Rules) and occupying one of the units my self,(again fha rules for one year) but do plan on using the brrrr method to finally get my start. Now obviously FHA due to the 3.5% down payment.

Is this possible? Bad idea?

Would the refinance work the same, just refinance over to a conventional or how would that work?

I understand what I make on the property would not be a huge gain to continue on, but to get my first property and my foot In rental real estate/management.

If not, ideas and how on getting the huge sum for that additional down payment.

Being that I have never taken any loan, except student, wouldn’t banks be more reluctant To loan to me?