All Forum Posts by: Jason L.

I currently own a duplex and am finishing the rehab on it. I’m focusing my strategy on small multi family rentals but don’t see a lot of 4 unit properties which would be ideal for me. Can I use an fha loan for a multi family property new construction? Is there anyone familiar with this product? 

It only requires 3.5% down. It seems like there aren’t a lot of lenders that know this product, and my research seems to show conflicting opinions on if fha multifamily new construction  loans are possible.

My brother is a mortgage broker and I have a number of good builders to choose from. I’ve got some viable locations and my initial numbers are promising. Seems like the underwriting is lengthier. Is 3.5% down for new construction a myth? Anyone out there that has used this fha loan that could offer insight?

I think I need to accept that I'll need to refi my duplex to do a traditional brrrr. It sucks to lose that sweet interest rate though. 

 This seems to make sense. I at least know the markets here better and having my brother as one of my core 4 puts me way ahead. Still, it's nice to know I have another market I can move into if the right deal comes up. 

Thanks everyone. Those are good ideas. I like the idea of looking at each deal on its own. That makes a lot of sense. Take the best deal and not worry about the market as much. I agree that I would be more competitive locally especially with a good realtor already lined up in Akron. 

The shortage of contractors in Akron right now worries me. I think that will be a tough one no matter where I invest. I've been rehabbing my duplex myself but I'm the slowest link in the chain. I would have been finished with the rehab if I had hired a contractor. 

As far as refinancing my duplex, I have a sweet low interest rate that I'm trying to keep. Is there a way to leverage my equity without a refi? Would it be possible to purchase a distressed property with hard money, rehab it, and then get a conventional loan? I'm not sure what to call a loan like that. Would a refinance like that require the same amount of cash down if you already own the property? Thanks again for the thoughts. 

Jason

Hi, 

I'm debating between investing locally near Akron, OH and Columbus, OH. Columbus is about two hours from Akron. I have a good realtor locally in Akron (my brother). It seems like Columbus is doing better when it comes to property values rising with a little more appreciation in property values than Akron. The Akron area has some cash flow opportunities but at the end of 15 years a property in Columbus would be worth more. It also sounds like there are some cash flow properties coming up in Columbus as well. Is it worth the extra hassle of buying out of town? 

I'd have to build the core 4 wherever I invest. Any thoughts on this would be useful. I have started reaching out to a few people on the forum that seemed active in Columbus. I would love to network with anyone in the Akron, OH area as well. 

Lastly, I own a duplex that I'm finishing the renovation on and am wondering if there's a way to use the equity in our duplex to leverage a brrrr or a buy and hold. Should I plan on using cash or is there a way to use equity for a down payment. My goal is to get more cash flowing properties to start.  

Thanks in advance for the knowledge everyone brings to the forum. 

Jason