All Forum Posts by: Eric Charles

Thanks, David. I was not aware that you could have multiple FHA loans. My local credit union told me the only other low down loan was a rural development loan, so the conventional 3% is news as well. Joining this site was apparently a good idea, lol.

Thanks Ryan. I would love to meet up and talk. I work on the southwest side, so between the two places we should be able to figure something out.

Thanks, David. I will try to make it. I appreciate the invitation.

That's my confusion. I keep hearing people say "live in the first one for a year and then refinance and go get another FHA." I'm confused how you would have the equity.

Looking to get started in real estate investing with house hacking within the next year. I've been reading everything I can find and listening to the podcast, but I still have a question.

If I go FHA at 3.5% down to minimize out of pocket cost up front, how do I have the equity to refinance into a conventional in only a year or two? If I buy a distressed property and rehab it, then that defeats the purpose of going FHA to minimize up front cost? Am I missing something here?

Another thing to consider with FHA. If you don't have much cash, you can roll some of the closing costs into the loan.

Thanks!

Thanks for the welcome. I kind of feel like being centrally located between Lansing and Grand Rapids MI gives me a bunch of opportunities between the smaller towns and the two bigger cities.

Hey guys! New to bigger pockets. Looking to start investing very soon. I live between Lansing and Grand Rapids and work in Lansing. I plan to start with a house hack within the next year and then do more multi family. I may also try flipping or other avenues to see if I like those as well. Profile pic coming soon, can't do it from my phone. I look forward to meeting some of you and learning from each other.