All Forum Posts by: Andrew Acuna

Sorry, for a 4plex

Mine was $675

Stephanie Potter I'm more than willing to house hack, but the first lender told me I still need 20%. Or would I just have to refinance on conventional and then get another FHA on the new one?

Stephanie Potter excellent post, thank you it does! In my specific deal I own one 4plex and I want another in the same location. I bought the first as a house hack on FHA and want the second, but the problem is that 20% (64000) of the purchase price (320000). I'm trying to get creative and will soon be meeting with some lenders to try to come up with something, I was just curious how I could best present it. I have a 780 credit score and these properties cash flow more than $1000 each month.

Jake Walroth I 100% agree with you. It makes absolute sense in my mind but the two lenders I spoke to about doing the same thing looked at me like I was insane!

Franco Li thank you so much for your response!

Andrew Postell but how can you use an unsecured LOC for a down payment?

I'm curious what types of things are attractive to you or would make you apt to lend to someone for less. If I were to present an awesome deal for a buy and hold 4plex with a lot of monthly cash flow why insist on 20% down? I'm most curious to know the why behind this. I understand what happened in 08, but it seems we've bounced back from that and a little give could go a long way. Thoughts?

Chris Mason Brent Coombs good point Brent, care to chime in on the why Chris?

Brent Coombs I mean I wouldn't lie if that's what you're asking. I just don't really understand why it matters if it's secured or not if I can prove I have more than enough to pay it all each month