All Forum Posts by: Eric Lewis

Brent, thank you for the input. I just refinanced my primary from a 30 yr to a 15 yr in September so I don't really want to blow my payment up any higher with a higher rate I think. I do have some savings and 44k HELOC to work with maybe I should try a rehab project and try to obtain a hard money loan and refi in a year? I'm still relatively new to this other than I've been a landlord on my first home for the last two and a half years so I'm always looking for advice from people such as your self. Thanks again.

Eric

Thank you for the advice, I would stay in one of the un rented units for a year when I'm there for work to fulfill my obligations with the bank not intending to mislead them of my intentions. I would only be staying two days a week there basically. Right now my company puts me up in a hotel there every week but I thought this might be a way I could get another investment property possibly through FHA. I have no intentions of moving out or renting out of my primary residence though. Does that make sense? Could this method qualify for fha or do I just need to pony up the 20% down and do a conventional loan?

So my question or situation is that I have 2 conventional mortgages right now, one on my primary residence and one on my only rental property I own. I would like to grow my portfolio without completely using all of my savings. I read somewhere it is possible to get an FHA loan on a second home if you are commuting over 60 miles to where that is. My job requires me to travel quite a bit to Greensboro, NC every week which is 120 miles from my home. My thinking was I could possibly purchase a multifamily there using FHA 3.5% down and just live in one of the units for a year while I am there for work for a year. I spoke with quicken loans who I just refinanced my primary home with a few months ago and they told me that it would be considered a vacation property or second home since I already had a primary and wouldn't be eligible for FHA and I'd have to do a conventional loan with 20% down. Is this true? I set a goal for myself to buy three rental properties in 2017 and thought I could get an easy jump if I was able to do this. Any guidance would be greatly appreciated.

Thank you,

Eric

I'm hoping I can run this scenario and get some guidance. I currently have two open conventional mortgages of which one is my primary residence, the other is a rental property that was formally my first home. My job requires me to spend two days a week in Greensboro, NC. I'm looking to purchase another investment property, preferably a multi family without tying up all my resources on one deal I thought it might be possible to purchase a multi family in Greensboro since I will be commuting there weekly for work and staying in one of the apartments and renting out the remaining and financing this through an FHA loan. From what I have researched it seems this is possible being that I would be commuting over 60 miles from home and would just have to stay in one of the units for a year before renting? Anyone know anything about doing this and if it would be possible? Maybe someone could point me in the right direction of a good investment realtor in the Greensboro area as well?

Hey, I'm interested in this property.  Can you tell me what kind of rehab work it needs?  

Hello Jason, I am interested and would like more information if you don't mind.

Thank you,

Eric

thank you for answering my question Mark.  I guess from everything I've been reading if I want to go the conventional route I should expect to put 20% down minimum?

I am very interested if you could add me to your list.  [email protected].

thank you,

Eric

Welcome, I'm new on here as well.  Turned my first primary into a rental 2 years ago and now looking to get more serious about finding more investments, hopefully some that are making good cashflow not making it on my first but its paying the mortgage.

Eric

Good afternoon, I am fairly new to real estate investing.  I have one rental property now that was formally my primary residence I have been renting now a little over two years successfully.  It isn't cashflow positive but I'm not losing money on it and paying down the mortgage.  I'm looking to start investing and building a portfolio now and I know conventional mortgage's I'm looking at typically 20% down minimum.  I know Homepath offered mortgage programs with 10% down on non owner occupied properties but is that program no longer available?  I haven't been able to find much information on that.  I have about 80k in equity in my current home and may tap into that possible to purchase some more properties but was curious if there were any other programs out there where I can get by with putting less than 20% down.