All Forum Posts by: John Thao

Greetings BP,

Looking to purchase my first Multi-Family rental property however, FHA loan is a little hard for me to do now. What would anyone recommend is a good lender in California who is willing to work with newbies starting out.

Greetings BP, 

Please share your FHA loan and experience with purchasing a 4 unit with tenants still living in them. How did you get them to move? What were some ups and downs? Did you use the 203k loan to fix it up? How did the 203k process go?

Jaysen thank you so much. I know there are different laws in different states I'll look into what I can and can't do.

Does anyone know if I am able to use the FHA loan with tenants still occupying the units? If so would I have to end a lease?

Looking on how to find good FHA lenders does anyone know?

@Matt Jones thanks for responding I'm new to rei so what are the numbers you are referring to and what should I be looking for in a deal like this? Thanks.

Hi Scott thank you for responding. I would consider this a  good deal to at least make some cash flow on this property. When it says 400k down that would be the price I pay with a 4-5% interest correct? If so would it be better for me to find a loan to cover that cost upfront? Please advise.

Greetings BP,

I am new to rei and just saw a post of Owner will carry with approximately $400,000 down @ 4-5% interest on a 10 unit priced at 1.4m.  Can some one help explain if this is a good deal?

Brian,

How did you qualify for the loan? I used the VA Loan but I only qualified for about 500k based off of what I was making as an E5 and my BAH was $3150, now I'm kind of stuck in this single family home for the next year.

Thank you Kyle J.