All Forum Posts by: Jheanell R.

Thanks @Greg I'm open to syndication. Hopefully I'll learn some of it too. How can I get started with that? I'll also try looking around for cheaper 5 units.

@briangerlach I got the heloc from a duplex I house hacked. Thanks for the advice.

Hey Guys,

Can I get into commercial real estate (>4 unit) with 70k (from house hacking)? I took out a heloc on my duplex to purchase another property. I found a property for $299,900 but was told by bank that the 70 was not enough and that I need coborrower with more income. I reeaaally want to do commercial but is it the wrong timing, wrong building or wrong bank? Should I try another bank or just try a large residential (4plex). Is it possible to get a 5 unit with 70k all in. Need some advice.

Hi,

I currently have an FHA on a 4/4 duplex (South Florida) and I also recently got married. I have read that having two FHA loans at the same time is prohibited except for the following reasons:

Multiple FHA loans

If you currently have an FHA loan and want another loan at the same time, the second mortgage can only be granted under certain conditions. Aside from these conditions, all FHA loans must be used for principal residencies only, whether it is your first FHA loan or second FHA loan.

One way you can be granted a second FHA loan is through relocation. If the distance you are relocating is far enough away from your first residency, you are eligible for another mortgage. You are also eligible for a second FHA loan if your family size increases. Additionally, if you are leaving a home that is co-owned you may qualify for a second FHA loan. This is typically used in divorces where one of the spouses moves out and buys a new home. The last instance where you can have two FHA loans simultaneously is if you co-borrow with a family member for a loan, but you also have your own primary residence property.

So, my question is: If I have a baby, can I qualify for another FHA loan while keeping the first FHA loan? If so, what are the restrictions of the new property. Can it be a multifamily? What's the max units I can have? Do the bedrooms per unit need to increase due to the 'larger family' clause? Any information on this would be greatly appreciated.

@Account Closed  3% on more than a 2 unit?! Please do tell. You can DM if you choose.

@Melvin List Broward County, FL

Hi Brian @Brian Garrett. You only have to occupy an FHA for one year. In some cases Underwriting will approve another FHA if the property is a certain distance away or if it is bigger (to house a growing family). In some cases (although small), there are certain exceptions they will make.

I forgot to mention that I was told I make too much for Homepath although I don't make a 6 figure income. Does HomePossible have income limits @Melvin List?

Hi Guys,

Currently, I own an owner occupied duplex that I bought with FHA. I am looking to buy another multifamily, preferably a Fourplex, and reside in one of the units. I am currently talking to a mortgage broker but he cannot secure another FHA for the Fourplex. He advised it wouldn't make sense to refinance the current duplex (to get out of FHA so I can use it again) because my rate was so good (3.5%) and current rates have gone up. So, I'm stuck with the FHA I guess. What are my other financing options with low money down for multifamily (owner occupied)? I'm not a veteran and don't live in a rural area so those loan options wouldn't apply to me. I need a loan around 5% because I don't have much down payment. I tried looking at Homepath.com but they don't have any multifamily listings. I heard about Freddie Mac. Do they cover mutli's? And are there any other conventionals besides Freddie? Your assistance would be greatly appreciated.

@Adam Schooley A mortgage broker advised, it makes no sense to Refi because my rate is currently at 3.5% for this property and I would never get that rate now. He said I can either get a HELOC on my primary, get conventional Fannie Mae Homepath loan which is 3% down for new property or look into first lien HELOC (very complicated loan). If I do a Home equity loan on my primary, I'm only getting around $50,000 which I'm not sure what to do with because properties here are so expensive. It wouldn't go really far unless I get a condo and I've heard those are little to no profit and a headache.

I'm leaning towards getting a HELOC but not sure what to do with it being that I live in an expensive area. Trying to get the most value for the money. Any advice would be greatly appreciated.