All Forum Posts by: John Eringman

Hey guys, I live in Cincinnati and I'm ready to pull the trigger on my first home. I already have a loan officer and agent. However, I am looking for a CPA in Cincinnati so I can get my taxes filed right from the beginning.

If anyone can recommend a great CPA with experience in rentals/real estate for a first time home buyer, I'd really appreciate it! Thank you

@Cassi Justiz awesome insight!

I do have the cash and credit to qualify for a conventional loan. I was leaning towards that anyway. I just didn't know if there were any significant benefits to an FHA other than a low down payment.

Thanks for the clear info, I appreciate it!

Hey guys,

I just started getting prequalified for a loan on my first duplex.

I wanted to put 3.5% down using an FHA loan, but after speaking to multiple loan officers, they told me I should put 10% down with a conventional loan. They specifically said, "If you use a conventional loan, PMI will go away once you have 20% equity in the home. With an FHA loan, you will have PMI for the life of the loan, no matter how much you've paid off." 

I know BP has always preached an FHA loan, but if I have the cash available for a conventional loan should I go that route? According to them I can also get rid of PMI once I have 20% equity in the home.

Can anyone confirm if their statement is true? Also do you guys have a pros and cons list of an FHA vs Conventional loan?

Thanks BP community!

John

Hey BP Community! I am a new investor from Cincinnati, Ohio. I will graduate in 6 months and plan to house hack a duplex as my first step towards building my portfolio. I have been listening to the BP Podcast for quite a while and decided to take action and join the community. I am looking to connect with other investors in the area to build my network and create a path towards FI. I just signed up to attend my first webinar as well. The future is bright and I am excited to be here!

- John Eringman