All Forum Posts by: Kay McLawrence

Welcome, Kay! Sounds like you have a solid plan for your real estate investment journey - love your plan to explore the FHA option. I don't have many REI regrets but if I started all over, I would house hack early and often.

If you haven't already, I would recommend finding a real estate agent that you trust, and also start talking to lenders (banks, mortgage brokers, credit unions, etc.) I'm not sure what your financing strategy is for your early phases, but it will save you time and money in the long run if you're familiar with all your options now. And be sure to check with folks other than your family banker (where you carry all your accounts) - you'd be surprised how much price / term shopping can save you on each deal.

Best of luck to you and I look forward to following your journey!

@Kay McLawrence you are not be able to use an FHA loan unless you are going to live in the property. You may want to consider forming an LLC and using a conventional commercial loan. Also when buying FHA you cant purchase in an LLC and have to use your personal name. You preferably would like to buy property in an entity to insulate and help protect your assets. Also if you are looking in PA then you should consider the Pittsburgh Market.

@Kay McLawrence, I'm using an FHA loan that allows you to build a new construction home with 3.5% down. I think it's an amazing program and a great way to literally build equity with very little initial investment. An added bonus is that in Philadelphia there is a 10 year tax abatement program that allows you to significantly reduce your tax bill for new construction homes or full rehab properties. Feel free to reach out if you are interested discussing further!