All Forum Posts by: Jeff White

Hi All,

I'm almost at the one year mark since purchasing my 4 unit place in Denver with a FHA loan at 3.75%. I know you can't have two FHA loans at the same time unless you move far or start a family, and I'm not looking to refi it since i'm not sure if it has 20% equity, and I doubt I could compete with that rate today.

From talking to a handful of lenders, I've heard 15% downpayment for duplexes minimum and 25% for triplexes and quads.  

Also, I've heard of HomePossible and HomeReady conventional programs, and I believe HomeReady you can own other real estate and still do a low down payment program, but I'm not sure if that's only for single family homes only.  

Any other suggestions or more information from the experts?  

@Terre B.  I wonder if you could divide the properties up for loan purposes to avoid it being a commercial property??   It would definitely be a good lender question.  

Maybe do two loans, one FHA owner occupied loan for the 4 unit place and one investment loan (20% down) on the house. Then it could be a good deal. Sounds intriguing.

Awesome podcast and very inspiring story.  Haha, I love "vacuum the truck!"  

I definitely don't think he is an idiot. He is a humble guy. He is like most of us in that we don't know about all of these opportunities with multifamily, FHA or conventional financing or using other peoples money. They don't teach that stuff in schools. He is a very bright guy and look how far he is now. Something that we can all shoot for as we aim to get to financial freedom.

Congrats BiggerPockets team: @Scott Trench @Mindy Jensen @Brandon Turner @Craig Curelop @Joshua Dorkin!!

This website changed my life!

Awesome, great book @Scott Trench.  Well deserved honor! 

Definitely a book that has changed my mindset and future prospects in less than a year.  It's a book that I recommend to all my friends that are looking to get started with very little assets.   

Great stuff @James Carlson!  This makes Airbnb a lot easier. I just received the email too.

@Brandon Hall & @Amanda Han

Thanks for sharing such wonderful information for us investors.  It is really great to hear from two CPAs that also invest in real estate.  

I will have to listen to this podcast again.  I will definitely also review bonus depreciation with my CPA since I'm finalizing my taxes.

Most real estate investors really need to listen to this podcast.  It is very applicable whether you have one property or one hundred properties.    

@Jon Holdman Just got it fixed and cleaned from the plumber, actually the plumbing wasn't done right from the GC who installed the washer dryer hookups in the basement unit , he didn't put in a vent or a cleanout pipe and did a P-trap configuration wrong.  

Basically, the clog was many years old of never properly cleaning out the drain that connects to the main line.  

The sewer scope only showed the main line from the yard to the street, not from the house, so the plumber fixed the clog in that unit.  All is good.  Tenant is happy.  Thanks for the advice again.   

@Jon Holdman  Good stuff.  I'm having a drain/plumber guy look at it today.  Thanks again for the help!  

@Jon Holdman  Also something I'm thinking about.  The place was built back in 1963, so I know a lot of the plumbing is older.  

I did have a sewer scope done on the property back when I bought in last August 2017, and it came up clean, so I'm hoping it isn't that, but I think it is best to let a professional figure it out since it is more complicated than some hairs clogging it!

Thanks for your response!