All Forum Posts by: Gareth Knight

 Jonathan-

Thank you for responding. I had to put Jersey City because BP only had two options, the other was Newark so I just chose one. Anyway, I see what you are saying about FHA inspections. So if I find a property that needs TLC or more, HML would be an option as would DSCR lending. Is this accurate?

 Thank you for responding, much appreciated!

 This may be a bit long but I do appreciate any and all replies, TIA. I currently rent and need to move out of here. In about 2 years I will be retiring and most likely move south, out of state. My thought is I buy a multi-fam (off market preferably) and house hack for 2 years then move south. I would keep the MFH I purchase and manage OOS. 

Now, I believe I need to go Conventional cz I'm looking at 2-4 units and would need 5% down?

I cannot go with FHA because it's MFH, correct?

Another question is if I'm looking at off market deals that come to me, I would need to come up fast with the money because the property may be sent to me through other means ( realtor, wholesaler, etc) than the MLS and nobody will wait for a Conventional Loan to close 90 days out.

Do I go with a Hard Money lender until I can refinance into a Conventional loan? 

Am I thinking along the right lines?

Thanks again,

Gareth Knight

@Kirsten Fritze

Personally I would pay off the student loan for sure. Possibly keep the car payment for now if you don’t want to pay all your debt off at once. Then send the money you were sending to student loans in addition to your car payment to pay it off much faster.

I know a guy who’s paying his student loan and he’s 50 yrs old! I mean come on already!

My 2 cents.

@Michael Lawrence

Congrats on your first deal!

Just curious how you were able to find that property?

I hope all goes well for you!