All Forum Posts by: Edward Eloma

My question is I currently have a 3 family now. I want to live in my next multi family, I was planning on buying a 3 family and living in one of the units. But do you think it would be a better idea to shoot for a 6 family for more cash flow I'd make living there/long term. Not sure what would help me more. Im shopping for turn keys. Don't have the funds yet to BRRR. Any advice?

@Michael Wegner and @Shaun Weekes one question you always ask yourself is for the second property you buy..since we'll both be doing a FHA, would it be smart to put the lowest amount down "3.5%" or should you put maybe 10% down to lower the PMI amount a little. If you put the 3.5% down you'll have more money in pocket. But if you put 10% you'll make a little more money in your pocket. But I think it's smart to put the minimum down because then you'll have more money in savings to be able to fund another deal. Opposed to dropping all of your money into the house and not being able to use that money because it would be In the equity and not your bank account. Just a thought!

@Shaun Weekes yes thank you so much! I appreciate your help. I will do that

@Shaun Weekes yes I'm definitely going to go through with it, is there a grace period of when I can purchase my next 3 family after I refinance it and use a new FHA?
And also I’m unemployed I’m going to try and talk to a loan officer and see if I can lock a rate now and refinance once I’m back to work. Thank you for advice Shaun! 

@Shaun Weekes okay so I currently owe $204,000

The appraisal will come In at $290,000-300,000. I do not want to pull out any money. I saw rates for refinance at 3.25% but I am currently at 3.875%. I pay on a 30 year currently with 3 years in about for $1,751. Property taxes is $323 a month, and insurance is $208. And PMI of $134 for 11 more years since I put down 10% when I first bought the house...My rents would total $2,625.

@Shaun Weekes do you think that would make sense? It would save me 15 percent of a down payment but also I would have to pay to Refinance the property of like 4,500.

Okay yes that makes sense, I have the 20 percent so mine as well to with that conventional financing and avoiding MI. And having a Lower loan 

@Brian Hughes hey im in the same boat, I want to buy more properties but my first purchase I am in a 30 year at 1,751 dollars... about 3 years in... I looked to refinance for a 15 year and it would be the exact same as I am currently paying now.. if I do another 30 year it shows it will drop my payment to like 1,500... but ultimately it is also helping me with buying power. Becuase right now they are giving me a hard time about buying another house and limiting me to nothing. I'm thinking about refi out of my FHA and lose the PMI of 134 a month I'm paying.

Hi I purchased my first 3 family 3 years ago with a FHA 10 percent down owner occupied. Has anyone attempted to try and buy a 2nd owner occupied 3 family moving from your 1st to your second with a FHA Financing for your second 3 family or investment property?? and used a FHA loan again with a small down payment since you were moving to a new owner occupied. Or did you have to do a conventional 20 percent down and be owner occupied for the 2nd owner occupied? Or did you just have to do a 25 percent down Investment loan conventional?? I'm wondering if anyone has used a FHA loan twice for multi family's only.

@Jaysen Medhurst wow thank you that’s exactly what I needed to know!! Perfect that was sweet. So helpful. And that way I won’t have to wait so long to save up money.