All Forum Posts by: Account Closed

We are looking for a fourplex to house hack with FHA. Look into that.

Haha. I am looking to get min $100 per unit for my first deal, Chris. IS this not a good threshold? Looks like he is right there, with increasing the repairs/vacancy. I'm actually looking for a fourplex within an hour of Charlotte and again that's my understanding of an acceptable cashflow according to what I have been reading.

Thanks @Cody Sims . You slapped me back into reality. I was starting to doubt myself but you're right. Get something in the mail/call, whatever. 

I am selecting them individually, but I am not being very selective. As long as appears to be in a relatively safe area and no major capex issues, I'm interested. Since we will be living there, I have to have these standards. But I am mailing to probably 90% of what I find.

First ones will go out Monday.

Thanks again.

I have a ton of addresses of properties I am interested in for my first investment. We are going to use FHA.

I have found phone numbers for most properties. Whether or not they are good numbers is a different story.

I have drafted a letter describing our desires to move to a new town and live in the property. I'm hoping this appeals to someone out there.

So, would you call first to check the validity of the numbers? Get them on the phone and try to explain you want to buy their property for these reasons? Or just send the letter, then follow up on phone in a few weeks or so?

This will be my first investment property.

Seller does not want to use agents.

So my question is what conditions should be in the contract as far as due diligence?

I asked for 30 days DD and seller responded "no".

This is an off-market (as far as MLS) property.

Thats hopeful, thanks. Yes, same profession for 5 years. Travel nurse for 1 year. Current company for 10 months. Last one was terrible (but they had a job in Maui).

Hit the first big snag.

Trying to get an FHA loan for fourplex. Underwriter will not check off on it income is travel nurse income. 13 week contracts, same company for last year and never any trouble getting continued employment. W2 income from placement company.

Any tips or anyone in North Carolina that has experience in this?

Thank you

That makes sense! Thanks again Albert.

 Thanks Stephanie.

If I am understanding correctly, here is the math.

PITI: 1,041.47

Rent Income expected with one unit being owner occupied: $1425

75% of that is $1068, just meeting the rule.

Now would they use the rental income of all four units as if we were not occupying? If so, it should be fine.

Worse case, we put a little more down I guess.

Now I am not accounting for mortgage insurance. I think I will need that on an FHA 3.5% down, right?

@Albert 

@Albert Bui

Luckily we are in SC which I think is not. 

Although she can qualify with my tiny debt too.