All Forum Posts by: Isaac Galli

Thank you all for the advice! 

@Patrick Menefee the current property was in pretty good condition and wouldn't require any immediate rehab.

If I find a really good deal, I'm sure I could obtain financing from a credit union, bank or even family.

@Stephanie P. I'll keep looking, but I think that you may be right, it might be best to just wait until fiances and the timing on the leases are right.

Hello!

My original plan was to buy a small multifamily (2-4 units) in my area and househack. House hacking (self-occupancy) would of course allow me to go with a non-conventional, non-commercial mortgage like Homestyle have a down payment of less than 20%.

Unfortunately, the timing might never be right (I'm renting, future tenants' leases might take more than 2 months to expire). I'm sitting in a place where a very good deal might pop up, and a conventional, non-occupancy loan would require me to put a down payment greater than 20-25%.

What can I do to reduce the down payment of a non-occupancy loan? Credit union? Hard money?

Thank you in advance for your suggestions, I greatly appreciate them!

Thanks Liza and @Scott Houin!!!

@Kim Tucker do you know of any property management companies that operate in Columbia, MO?

 Hi Alex, sorry for the late reply - just got back from a vacation in Alabama and had poor internet internet connection. I still haven't pin pointed any specific neighborhoods, yet, but I plan on driving around (driving for dollars) this weekend!

@Perry Farella and @Jimmy Deringer, out of curiosity, do you know what the renovation only loan is called? I'm interested to learn more

Thank you all for the warm welcome!

George - not sure how to tag people in posts - it would be great if we could meetup for coffee or lunch sometime in March!

Thanks for the great responses! The loans (Homestyle, conventional, 203K) all seem to be viable options (203K sounds overall better since I plan on rehabbing and living in the unit). The mortgage officer that I was speaking to was trying to steer me away from 203K loans, but probably because he didn't offer them. 

I'll find a mortgage broker or lender who can do these different types of loans, and compare and contrast. 

Thank you all for the feedback!

Thank you all for your responses! Do local banks sometimes offer 203k and conventional rehab loans?

Question: Is an FHA or 203K loan better than a conventional loan for purchasing your first multifamily property?

Hello!

I just got off the phone with a mortgage loan officer. 

Backstory: My plan is to obtain pre-approval for a loan before speaking to a real-estate agent and looking for properties. Then, my plan is to close on a multi-family property (duplex, triplex, or fourplex) by June, and house hack it (I live in one unit and tenants live in the other units).

I was under the impression that an FHA or 203K loan would be better than a conventional loan because the government offered lower interest rates? I know that FHA and 203K loan requires PMI (private mortgage insurance), but I thought that you could skirt around the insurance by paying 20% down upfront - is this true?

Moreover, I thought that a 203K loan would be best, since it provides money for rehab.

What are your thoughts? Thank you in advance!

Buongiorno everyone!

My name is Isaac Galli, I'm a recent pharmacist graduate (April 2018) from the University of Cincinnati (OH). Several months ago, I moved to Columbia, MO, where I began a full time position as a specialty pharmacist. Unlike your typical retail pharmacist, most of my time is spent providing medication to nurses to be infused in patients' homes. 

Now, while keeping my full time job, I'm ready to dive into the real estate market. My initial goal is to close on my first multifamily home (duplex - fourplex) in June 2019, and house hack it. From there, I plan to utilize the BRRRR strategy and focus on multifamily homes as I build up my portfolio. Short-term, I would like to focus on investing in Columbia, Kansas City, and St. Louis, MO, but I'm always flexible and don't want to be tied down to one state for too long.

I'm still very new to the BiggerPockets website and forums, so tips are greatly appreciated! Please reach out to me and ask questions - I know that I have a lot of questions for all of you.

Thank you for taking the time to read my post, and I greatly appreciate the chance to connect and hear from all of you!

Respectfully,

Isaac

P.S. Please send me a friend request on Facebook and connect with me on LinkedIn!