All Forum Posts by: Corey Bruyere

Working on purchasing a multifamily unit with my dad and brother and we're trying to come up with creative financing solutions to purchase a multifamily from 2 family members who own the house 50/50. We discussed seller financing with them and ultimately only one of them was interested. This will be our first investment property. We're able to pull equity out of our primary homes for a down payment for the seller financed portion and the traditional financed portion.

Question is will a traditional lender be ok with financing the other half of the home value (with 20% down) and simultaneously holding the note with our family member?

Are the other things to consider that I'm not aware of? Looking for some direction or other creative ideas. Thanks

Hi all, I'm a Long Beach renter looking into the possibility of purchasing my first house. I'm looking for a cheaper and more sustainable option than renting and figured house hacking (buying a duplex) while rehabbing, then renting the other unit, and refinancing would be my best bet.  

I ran some numbers a couple years ago when I was considering purchasing but some life events came up. I'm now in a situation where I'd like to start evaluating properties with a local agent who's familiar with the BRRRR strategy, house hacking, and can help me out with my goals in purchasing a new duplex in the Long Beach area (most likely south of the 405).

Thanks guys. I figured FHA was my only option, just wanted to make sure since I heard about FHA changing some qualifications and Fannie Mae coming out with a new program.

@Kevin Fox I was actually considering San Diego a while back but have decided to go with Long Beach. How's the multi market down there?

I'm looking into other possible low money down loan programs and wanted to gather some investor insight before going any further with lenders. I'm a first time buyer planning on buying a 2-4 unit multi to house hack with low money down. I have good to excellent credit right now so I believe that gives me more leverage when choosing a loan. From the reading I've done each loan carries it's own bad baggage(high MIP, strict qualifications, higher down payment, etc). I was wondering if any other investors have had any experience with any other low money down loans(government backed or conventional). I'm a pretty good saver and believe I could save up to 5% in the near future but I live in Southern California so that can be a steep price, hence the urge to take the low money down route. I was looking into the Fannie Mae HomeReady loan and got this info from a lender "The biggest differences between Home Ready and FHA on a 2-4 unit home purchase are as follows: Home Ready - Requires Income Limits: i.e. LA county 80% of AMI ($67,900) = 54K annual income - 2-3 unit requires 15% down on a Fix; 25% down on an ARM - Non-Occupant Borrower is permitted FHA - Income limits are NOT used to qualify - Minimum 3.5% down available on 2-4 unit - Brwr Occupancy required" I read that Home Ready only requires 3% down but I guess that changes with multi family? tl;dr : I need help finding a good, low down payment loan program for someone with good credit and low to average income who plans on buying multi-family(to both live in and rent) in an expensive market.

Newby here, I've been lurking around BP and listening to the podcast for over a year now. I'm planning on kick-starting my real estate career by house-hacking a local multi-family using FHA(planning on Long Beach, CA). My long term plans are to buy out of state(Houston, TX) once I get more hands on experience investing locally.

I'm still learning a lot about real estate and would appreciate any insight for real estate investment--specifically first time buying, multi-families, FHA, and investing in expensive markets. I'd also like to hear from any local multifamily-savvy investors or agents. I'm at the point where I need to start connecting with others around me so I can dig myself out of analysis paralysis, build a network, solidify a plan, and make a move.

Can't wait to hear back from ya'll.

Thanks for the response.

For number 5 I was referring the legality or requirements for FHA loans. Don't they require owners to use the home as a primary residence for at least a year? I guess there's no way to really enforce that but I don't want to get myself into any legal trouble. I'm also curious about how many FHA loans I can get at one time. I don't plan on using FHA in the long run but figured it'd be a good jump start financing option at first. So basically I'd like to buy 1st property, live in it a while, then buy 2nd property with another FHA and move into that property while renting out first? Do I need a legitimate reason to get a second loan,e.g. bigger family, new job location, or can I easily apply with no hassle?

I'm a frequent visitor and listener of the Bigger Pockets forums and podcasts. I'm looking for some insight on my plan of action to get into real estate investing, so please bear through the back story along with the subsequent newby questions.

I'm a twenty something year old aspiring real estate investor looking to buy locally first--Ideally Long Beach, CA or any city near LA that doesn't have rent control. I plan on continuing to work full time while doing rei on the side so I don't want to jump into anything that will take up too much of my time right now. 

I'd like my first rei investment to be a multi-family so I can owner occupy it using FHA. My 2 primary focuses right now are having a decent place to live and jump starting my rei portfolio, so I'm pretty set on this method of investing. I'd like to live for free or at least as cheap as possible while continuing to slowly build equity by cheap rehab and holding. I don't plan on living in the unit any longer than a year and a half, in fact I'm hoping my job will take me somewhere else allowing me to use another FHA loan. That is the general outline of what I want to do and here are some questions I have:

• Is it financially smarter to rent in a hot market like So Cal and buy out of state?
• Is positive or equal cash flow a thing in So Cal market?
• Do I need to calculate my personal "rent" for the unit I'd live in when calculating possible cash flow?
  
• What's a good exit strategy for FHA house-hack investing? Should I refinance at some point, and when? Should I sell when I'm ready to move on?
• Is buying an investment only to short term owner occupy a good idea/legal?

I know these aren't very general questions and kind of pertain to an expensive market or someone in my exact position, but I'm just looking for some general insight or advice from people who has done something very similar to my plan of action. What other advice could you give for buying, owner occupying, and house-hacking a multi-family, FHA bought house?

I'm also looking for an agent I could get in contact with soon who has experience with multi's and FHA.