All Forum Posts by: Craig C.

welcome to the site

I do not believe you can say this is a "family" home. That would be discriminatory towards non families. Consult your state, local laws or your attorney

@Joe Xie to play devil's advocate, if you take out a loan you can free up cash for another property and pay down the loan with the rent. Another benefit of having a loan is God forbid you have someone try to get money out of you through litigation you don't have a ton of equaty to come after

is this in a community?

You could do a FHA 203k loan. they would give you the loan plus money for repairs.

does the quad need any work? Can you force some equity? if so maybe you can move into the worst unit and rent out the others, while fixing the one you live in. More info is really needed to make a decision. What are the comps rent in your area ARV Cost on repairs on each unit

comps, time in the market, repairs that need to be made, rents(if you plan on holding it)

welcome aboard.

welcome. there is a ton of info on here for you to get started

I did not read the other replies yet so I'm not sure if this was already said. FHA loans are meant for people with less than perfect credit. most lenders look for a rating of about 620. if you have a job that can cover the mortgage, work less than 80 miles from the house, have 3.5% for down payment you should be good.