All Forum Posts by: Jack Stovall

Hi there, 

I've finally found a potential home that aligns with the goals I have with the 203k loan and that home is in St. Louis, MO. I would love to connect with any agents that are in the area that have knowledge and/or have successfully completed a 203k deal. 

If anyone has any starting tips for me, please drop them below. 

Thanks!

Jack

Hey everyone,

I'm seeking advice regarding FHA Construction Loans. I'm potentially interested in building a multifamily (duplex) property on a piece of land that I would acquire through a single loan. I'm also considering the 203k FHA loan, but I've been having trouble finding properties that meet the 1% rental rule or average repair value that would allow me to refinance. I'm not scratching the idea of a 203k loan but now curious about an FHA construction loan. Just broadening my options and trying to get creative to acquire my first multifamily property.

I'm looking to do this in Nashville due to me recently visiting and loving the city. I'm hoping to get connected with a reliable and experienced builder who can help answer questions and/or buld the property. I was wondering if anyone had any recommendations for finding a good builder in the Nashville area? Also, has anyone had any experience with FHA Construction Loans and could provide any insights or tips?

Any feedback or suggestions would be greatly appreciated. Thank you in advance!

Hello everyone,

I'm currently exploring my options for purchasing a property and have had my eye on the 203k loan. From what I understand, this loan allows me to add value to a property while also putting the lowest down payment possible. I'm particularly interested in this loan because it seems like a great way to increase the value of a property without using your own money.

However, I'm new to this and would appreciate any insights or advice that you may have. Are there any red flags that I should be aware of (Contractors, lenders, etc..)? Is there a formula I should be using to determine whether or not this loan is a good fit for me? Also, I'm specifically interested in purchasing a multifamily property, so I'm wondering if this loan is best suited for that type of property.

Thank you in advance for your help and guidance!

FYI. I have my eyes set on Nashville and surrounding areas. Currently in Los Angeles and work remotely.

Everyone, thank you for taking the time to comment on my thread! I've gained a ton of new insight that has helped steer me in a good direction. I'm currently really setting my eyes on doing a multifamily house hack in either Kansas City or Nashville. Why Kansas City? Because the barrier to entry seems quite low due to prices and there's promising plans for the city. Why Nashville? The barrier to entry is lower than California and I've read up on some tax benefits that would help incredibly in this process. 

For the ones that asked, yes I would be relocating. Thankfully I have a remote job that would allow me to.

Hello everyone, I am interested in getting into real estate investing and I am particularly interested in multifamily rehabs for rental properties, and maybe section 8 housing (I've horror stories - still considering). I would like to utilize my FHA to start, but I am not sure where to begin my search. I have considered cities like Kansas City, Nashville, Milwaukee, Detroit, and Scottsdale, but I am open to suggestions. As a full-time remote worker with a nice salary and solid savings, I am able to relocate if necessary. Can anyone offer any advice on which cities might be best suited for these types of investments, or suggest any other locations worth considering? Thank you in advance for your help!

Oh and I currently reside in Los Angeles!