All Forum Posts by: Joshua Koo

Thank you everyone I feel very welcomed already!

@Ali Boone to get started I am looking to House-hack as I do not have sufficient down payment to do otherwise as of yet.

CA

@Michael Macklin no i have 3 units in mind which seem to have great potential and it is one duplex and two fourplex. I want to stay out of commercial for a while as I still have much to learn!

@Patti Robertson thank you so much for your response! well to be honest I have been looking at FHA loans the only reason I did not entertain that idea was that again I do not have a sufficient down payment even at 3.5% and was thinking if there was a way to finance it without saving up for the initial down. and what I was thinking was after taking getting money from a hard money lender refi after 6-12 months so id be able to get the lender their cash back.

is that a silly idea? or should I just save my cash until i have the needed 3.5% down

Hey guys Im sure this topic has been covered over and over again but I am having trouble finding a clear answer since I am very new to REI and have never purchased a home but would like to make my first purchase for a multi family home using the BRRRR strategy.the particular units im looking at range from 500k-570K and I do not have a sufficient down payment (I have about 10k to put down) I do not know for sure yet but based on my conversations I am sure I can get the price lower since that is price of initial listing.

so my question is If i get a 20% loan form a hard money lender and use that as a down payment for a mortgage is this possible? or are there hard money lenders who will assist me with 100% of the cost and I can simply refi after the seasoning period? or are there other options that I am missing here.

I do not mind trying the FHA 203B and living out of one of the units but again the downpayment seems to be my issue. if anyone could help me figure this out or at least point me in the right direction that would be great!

I appreciate your time and advice in advance thank you! love this community!

Hey guys Im sure this topic has been covered over and over again but I am having trouble finding a clear answer since I am very new to REI and have never purchased a home but would like to make my first purchase for a duplex using the BRRRR strategy.the particular unit im looking at is 570K and I do not have a sufficient down payment (I have about 10k to put down) I do not know for sure yet but based on my conversations I am sure I can get the price lower since that is price of initial listing.

so my question is If i get a 20% loan form a hard money lender and use that as a down payment for a mortgage is this possible? or are there hard money lenders who will assist me with 100% of the cost and I can simply refi after the seasoning period?

I appreciate your time and advice in advance thank you! love this community!

Thank you! I been learning so much from these forums and the e-books its great!

thanks @Michael S. I started reading it already its been an amazing read!

Hey guys names Joshua Koo and I am looking forward to getting to make some meaningful connections with all you other members here who are serious about REI! I am 27 and new to the game. I am a medical assistant and make decent money and have great benefits but would love to improve my cash flow and create strong equity as I have little to none at the moment

I am currently looking at a few multi family homes but in the issue of figuring out how to finance it as I dont have the substantial down that most are looking for and my credit score is not great (but i am working on that and should be much stronger within the year)

cant wait to chat with you guys!

Joshua Koo