All Forum Posts by: Jeb Vachuska

I did this through an agent. The contract we had was with the 2nd wholesaler. 

I recently had an offer accepted for my first rental property. Its a duplex outside Milwaukee WI which would cash flow about $600/month. After putting $2500.00 in Ernest Money down and being pre approved for a traditional 30 year loan (which I used to run all the numbers) I was advised the residence was not able to be purchased by a traditional loan. The reason for this is it was purchased by a wholesaler, which in turn sold it to another wholesaler who then wants to sell it to me. I reached out to multiple banks and was advised they could not start the loan process until the actual seller (Second Wholesaler) had the title to the residence. 

In talking to my agent, who has been very helpful, suggest hard money or a commercial loan. As I have never purchased a rental property before, and just purchased my first residence in June, I was wondering if there were any other ideas for the financing of this property. Hope I included all information needed and thanks in advance for the help. 

Hey BP Community,

New investor in the Milwaukee area. I have been looking into duplex's In the area to house hack. I was looking at FHA loans to get a lower down payment, but understand you need to live in the residence for a year.

I am currently applying to a job out of state. Looking for information regarding an FHA loan if I were to move out of the residence in 3-4 months.

Thanks for the help!

Jeb