All Forum Posts by: Kareem Hyman

Hello, I am reading an article entitled "How to Buy a Small Multi-Family Home" by Brandon Turner and in the article he said that he was purchasing a muilti family home for 90k  In order to finance the house he used a private money lender to give him the entire 90k which he had to pay back in a year. His plan was to refinance the home through the bank by doing this he said his monthly payments will drop significantly and. I am confused about why he would use a private money lender and the refinance the home. Is that to pay the private money lender back? and if that is the case why didn't he just get the loan from the bank in the first place and not use the private money lender.

https://www.biggerpockets.com/renewsblog/2013/04/09/how-to-buy-a-small-multifamily-property/

Thank you I really appreciate it. Also if you intend on renting out the home you intend to use the fha loan on how long do you have to live there before you can rent out every room and it not be considered banking fraud?

Hello, all I was reading about the FHA loan and was wondering if you could use the FHA loan to purchase your second home if you haven't used already used it for the first home. So for instance if you use a conventional 20 year loan for your first home could you use the FHA loan for the second?

My name is Kareem Hyman I am a recent college graduate of Bucknell University and am interested in pursuing a career in real estate investing. I have a keen interest on multi-family homes. I am also interested in learning about creative financing options for purchasing these homes. Any information is greatly appreciated.