What’s up BP community?!
About 6 months after discovering BP my wife and I purchased our first deal! We put 3.5% down on an owner-occupied FHA loan on a fourplex in Mesa, AZ. Once our year is up we will be cash flowing about $1k/mo. Our interest rate is 2.82% which is incredible!
I'm hyped on REI and believe it will provide us with financial freedom, especially after the success of our first deal. I love BP and was hoping that I could get some advice from you experienced investors. I'm already wanting to do my next deal but I'm trying to figure out what the best path is. Here are the options I've thought of so far and I would appreciate any input you have/new ideas. I would like to stick with the multi-family house hacking game if at all possible but definitely open to suggestions. We can save up around 20k a year for down payments.
1. Wait a year until I meet the owner-occupied requirement and then get a conventional loan for another owner-occupied fourplex with 5% down.
2. Throw all extra money from the fourplex into the mortgage so I can use a HELOC sooner.
3. Refinance to get out of my FHA loan and then find a fourplex that will be considered an upgrade so we could get another owner-occupied FHA loan to put 3.5% down. (I just don't know if our forced appreciation will equal at least 20% in equity so this might not be an option)
4. Save all extra money and wait to see what the market does
Thanks for taking the time to read and I would appreciate any input you have or any other ideas that I haven’t listed. If you could put yourself in my shoes what would you do?
You guys rock,
Jud V.
Mesa, AZ
