All Forum Posts by: Emmanuel Eluobaju

An FHA 203K loan is a great option for you if you are planning to owner occupy one of the residences. You would only need 3.5% down. Only downside is that you cannot use any of the renovation money towards the commercial space. Good luck!

@John Warren Do you know in what ways Homestyle Loan is changing? Why would it affect new investors negatively? 

Thanks in advance.

Great Post! I loved how you shared about placing you identity in the right place and how a misplaced identity can cause discouragement and self loathing. Would you mind sharing what may have cause the 40,000 budget crises? 

What a great post! I loved the idea of using Google maps to do some preliminary searching instead of driving for hours without a specify property in mind. Thank you, Ill definitely use this as a guide in the near future. 

Congratulations! I hope to start my journey soon, thanks for the inspiring post!

I love reading everybody's stories and getting a idea of the community! 

As for myself, I am currently a Project Engineer for a large mechanical contractor. I study rel-estate at night and am starting a direct mail campaign to search for my first house hacking deal in Chicago. 

@Sharie Jackson do you remember any of the difficulties you encountered when using the grant with the 203K? That happens to be exactly what I was planing to do. 

@Matthew Olszak @Sharie Jackson Thank you for the information. It seems like this could be a tool for a investor to borrow free money for the down payment and even get 1/60th of it knocked off each month. Ill definitely peruse this option if the numbers work out. 

Hello All!

I making this post to lean on some of you that are more experienced here on BP in regards to any Home Buyer Assistance Programs/Credits that you may have used when purchasing an investment.

Their is currently a program in Chicago that offer 7% towards down payment and closing cost if you qualify. When speaking with my lender, she mentioned that if i were to use this program that my interest rate will increase from 4.25% to about 5.5%. She also mentioned that these programs carry a separate a 2nd lien on your home for the grant for 5 years. So you will not be able to refinance or sell before the 5 year period.

Has anybody had any experience with these programs?

What is the penalty if I refinance within the 5 years? Is it a matter if simply having to pay the 7% back? (I'm planning on using the BRRRR method)

Any and all information will be helpful :)

Thank you,

Emmanuel 

I'm in a similar situation looking to house hack on the west side of the city. Have you considered doing a FHA 203K on a beat up old building? This strategy also give you some value add to the property, and allows you to customize it to you liking while picking your own tenants etc.