All Forum Posts by: Colton Dudley

I listened to a podcast the other day. It was about a very successful investor who now purchases business after his successful real estate investing career. The podcast began talking about his quite rough childhood with his father. He discussed what he calls the “upside down triangle”. It’s some type classification scheme he used to, I think, prioritize how he works. He also keeps his top 8 goals on his phone and does not do anything unless he advances closer to obtaining his goals. One of them was to make someone into a millionaire and another was to give a million back to his community every year. Finally, I think he resides and runs his business somewhere in the northwest.

Any ideas of what podcast this was!? It was by far my favorite and I have to find it!

I researched FHA loans. There is no max sale price, but a max loan price, yes, depending on what you are buying and its location. The max loan price is much higher for a four plex. This means I do not have to put down +$100k, but only $20k! Fantastic! Below for FHA loan on four plex:

Source:

http://fha-home-loans.com/4_unit_fha_loan.htm

FHA's nationwide basic mortgage limits ("the floor") for a fourplex:

and up to FHA maximum loan ceiling in high-cost* area's for fourplex is:

Thanks for the speedy reply Diana!

So is $484,350 the max loan amount on conv loans?

Is there a max loan amount for OO FHA and OO Freddie HomePossible? Can you purchase a four plex with those loans types?

I currently live in a home with 2 roommates. I plan to move out and rent as single family home.

I plan to purchase another (owner occupied) home. I found a four plex and a lender who offered an owner occupied loan (no investors) with 5.125% interest rate. I was acknowledged the max loan amount for this interest rate cannot exceed $484,350. So if I get the four plex for say $600k, Ill have to put +$110k down to get to the $484,350 max loan amount with the 5.125% interest rate.

What I ask of the community is this the best way to utilize my +$120k? I can generate about $500/mnth and live in the four plex for free. After a year and I move out, I calculated a 15% ROI for the four plex. Is this really the best way to utilize my $100k, maybe up to $150k! depending on how much I can get the four plex for? Are there other loan options? Would it be better to see if the seller will carry me? Should I find investors instead (but then the loan changes and probably higher interest rate)?

What do you think!?