All Forum Posts by: John C.

The maximum amount that can be loaned. So if it's over 4 units you cannot use an FHA loan?

I've been saving up for a down payment for a place to live, as well as something to invest in. I know with under 4 units you can use an FHA loan because it is considered residential. I could live in one, rent the others. My question is how much can you push the FHA loan? Ideally I'd like more units for a larger NOI & more protection from vacancy. I Couldn't find a solid answer I fully understood so was wondering if anyone here knew. Thanks!

Hey guys, I am looking to house hack and this would be my first real step into REI. A lot of the duplexes/triplexes I am looking at are currently all filled. Some of these are properties are great deals and I am excited that there are already tenants, however I would need one unit to be free so I could move in..

I'd really hate to force someone to move just because I now own the building. I'm not sure if that's even legal? Has anyone come across this problem? If so, what are some ethical ways I could handle this?

Thanks!

Hey guys. I'm new to REI and am very interested in house hacking. After watching a few videos of rental analysis here on BP, I believe I have found a good property, but would like you guys to just take a look at these numbers and see what you think. Its a quadplex in a hot area. All units are rented, but the plan would be to live in one, rent the other 3. This is with an FHA 3.5 down at 4%. I'm thinking I may have undercut what I should put away for capex and repairs but I'll let you guys tell me. Outside of paint and carpet I don't see anything that really needs immediate repair. Thanks!

Thanks for the reply @Rob Beland. Is it possible to draw up a contract that basically says the contract is void if the deal is not met by X date? In return the seller would keep the earnest money. I understand what you're saying about contingencies. I'd like to make the deal, and transaction as smooth as possible. 

Hey everyone, I'm clearly new to the forum but have found this place to be a trove of information and really love it here. I can't tell if I'm in the "analysis paralysis" stage, or just being careful.

To start, I have chosen my first niche and method (SFH wholesaling) and am ready to begin but do not have a contract drawn up. One of my biggest fears is getting stuck with a property and being taken to court for the full cash amount, which I most likely will not have.

What can be added to a Purchase of Sale and Contact agreement to protect me if for some reason I was unable to find a buyer within an ample amount time? Now I don't intend on making bad deals or cheating anyone, I just would like to hear some ideas for a worst case scenario. 

Thanks in advance-

Thanks for your story. As someone just prepping to make their first investment, this is gold. Good luck on future endeavors!