All Forum Posts by: Account Closed

@Juan Cristales

 I'm based in Tallahassee and seeking my first small multi-family investment.  However, if you find you need "boots on the ground" here in town, or would just like to connect, please let me know.  Sounds like a very interesting deal.  Best of luck!

Hi David,

I'd recommend reaching out to @Brian Sealey . Great guy and committed to providing a high-level of customer service.  

Hey Tim,

@Brian Sealey may be able to help or point you in the right direction.  Good luck!

You should be able to qualify for an FHA (or FHA 203K) loan two-years after your discharge date as long as you show a solid employment history.

@Jerry W. Thanks for the advice. I'll have to look into those issues. We would be paying 3.5-5% down on the FHA 203K since one main issue is lack of 20% down payment and cash for renovations.

Hello...

I have been pre-approved for a FHA 203K loan, and will be seeking to purchase my first investment property. The original plan was to renovate, and occupy, a duplex or small multi-family. However, there seems to be a lack of them for sale at the moment in the part of town I want to live and focus my investing activity.

Should I consider a SFR instead? My thought is starting with an SFR now vs. a multi-family would:

- allow me to purchase, go through the renovation process and start building equity sooner rather than later

- provide experience

- buy some time so that I'm ready to pounce when a multi-family does come on the market in the part of town I'd like to invest (or continue with SFRs)

Obviously, the downside to this strategy is that I'd be paying the mortgage out of pocket, but I'm a lifelong renter and need someplace to live either way.

How long would I have to live under the FHA 203K before refinancing? I would want to refinance ASAP whether a SFR or multi-family family, rent it out, and repeat the process.

Thanks in advance for any advice!

@Jeff Onofrio If you have branches near Tallahassee I'd be happy to make a connection and speak with them.

@Jeff Onofrio Thank you for the tips. I have two lenders in my area that offer the 203K that I'll be meeting with this week. Have you worked with folks using this loan for mult-family properties before?

@Account Closed Awesome! Best of luck. Tampa is a great area to live, and I'm sure there are solid areas to invest.

Hello...

I plan on using a FHA 203K loan to start my real estate investing business due to lack of capital for a 20% down payment plus rehab costs. My initial plan was to purchase a 2-4 unit multi-family, live in one unit, fix-up the property, and move out at some point in the future.

Should I also consider this strategy with a single family property? In this scenario I would fix it up and live in it until enough equity is built up to refinance. I would then rent out the house and purchase another property (single or multi family) to repeat the process.

How long would I have to live in property #1 before getting out of the FHA loan and is this a viable plan to get my foot in the door?