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All Forum Posts by: Tony Moreno

Tony Moreno has started 2 posts and replied 7 times.

Post: USDA Loan to FHA Loan

Tony MorenoPosted
  • Rental Property Investor
  • Madison, AL
  • Posts 7
  • Votes 0

@David M. This makes sense. You answered right. Sorry for the confusion. You and Jay answered what I needed to know. Thanks a lot!

Post: USDA Loan to FHA Loan

Tony MorenoPosted
  • Rental Property Investor
  • Madison, AL
  • Posts 7
  • Votes 0

@Jaysen Medhurst thank you. I will keep this in mind. I thought conventional loans that low on interest rate were hard to find. I was used to seeing 20% down payment on conventional. I will ask some lenders locally. Again, thanks.

Post: USDA Loan to FHA Loan

Tony MorenoPosted
  • Rental Property Investor
  • Madison, AL
  • Posts 7
  • Votes 0

Hi Guys,

Newbie here in Real Estate. I have a question...

I purchased my first primary home 2 years ago with an USDA Loan, since I am now jumping into Real Estate, I am wanting to house-hack a multi property using an FHA loan, and at the same time rent what is now my primary home. Therefore having 2 or more units in this transaction. Do you guys know how to transition from USDA to FHA loan? Is it just like going from one one home to the other obtaining an FHA loan with a low down payment or is there more to it?

Any answers would help. Thank you very much in advance. 

Post: Best practices for newbies starting from zero in Real Estate?

Tony MorenoPosted
  • Rental Property Investor
  • Madison, AL
  • Posts 7
  • Votes 0

@Whitney Hutten great advice! Thanks Whitney! This truly helps. I will proceed to start looking for a partner.

Post: Best practices for newbies starting from zero in Real Estate?

Tony MorenoPosted
  • Rental Property Investor
  • Madison, AL
  • Posts 7
  • Votes 0

@Trent Stone ir did. Thanks a lot man! 👍🏽

Post: Best practices for newbies starting from zero in Real Estate?

Tony MorenoPosted
  • Rental Property Investor
  • Madison, AL
  • Posts 7
  • Votes 0

@Trent Stone thank you very much! That makes sense. I will start looking at private and hard money lenders in my area. Can you please explain in a little bit more detail the using the rental income as value?

Post: Best practices for newbies starting from zero in Real Estate?

Tony MorenoPosted
  • Rental Property Investor
  • Madison, AL
  • Posts 7
  • Votes 0

Hi guys, thanks in advance for all those that respond!

My name is Tony, I am new to the real estate business and I am amazed about all the information I have been learning from BP in the last 3 weeks. I've been reading books, documents/guides and now I am in the process of creating my short-term and long-term plan with real estate. I currently live in Huntsville, AL. With that being said, part of my plan is to have $10k-20k "on-hand" cash available for a down payment and/or repairs for the BRRRR and rental property strategies.

Cash savings is definitely part of my plan and something ongoing as we speak. I already tried a HELOC on my personal property but I don't have enough equity on it yet to obtain a line of credit (I am at 88% equity right now). Currently looking for more options...

This led me to the forum today. What are the best practices/creative ways to obtain this amount of money in the most efficient way?

Any answer is a good answer thanks guys!

(I currently have a mortgage property already, a single-family residence, almost getting married; so I have house hacking as my last option right now. Personal loan is also an option, but the interests rates range from 7%-20% and this is variable. The option for partnership is also in the table but that sometimes requires money as well which still pushes me to get creative).