All Forum Posts by: Koki Agata

Can you do portfolio lenders and then refinance to conventional loan to lower the rate? How does one overcome the "short-term" in case you can't pay off within the set period?

Appreciate any answer to my rookie question!

Thanks.

@Ryan Harp Perhaps we will cross our paths sometimes!

@Ryan Harp Hello! Thanks for your welcome!  Lee Summit is also very close too isn't it. Good luck on your journey as well!

@Rick Albert It didn't come to me that you could also do conventional 3%! I will make sure to compare that and FHA when the time comes! Thanks for the insights.

@Jared Mann well hello state friend. Congrats on the Stanley Cup (a little late?)! What you are doing makes sense. I could afford 20% down, but then I realized I won't have enough reserve left for rehabs. So as long as cash flow covers all the extra expense that comes from FHA, I would love to look into what you are doing! That's a smart move on your part. Thanks for the inputs and your example!

@Dion Martorella thanks! I am already learning so much!

@Kim Tucker thanks!

@George Gabriel you are right, I guess as long as cash flow can justify the risk that comes from FHA, it is well worth it. And I am all with you for doing multi unit home with FHA and live in it while renting others out. It just makes sense, and helps you get ahead.

Haha, I am not sure if my wife would go for it, because we have been looking at our "forever" home for months now, and really hyped about having something that you can make your own! As much as multi unit with FHA makes sense, we might start with single family property. Though, who knows, we will see how things roll! I will keep you updated for sure.

Let me know how it goes for you in a few months! I am still in a saving/learning phase and won't expect to purchase one until perhaps mid next year!

@Stephanie P. Thanks for your post! That is also good to know. So with FHA you get your foot in the door quickly, but it comes with higher insurance rate and less equity compared to using conventional 20% down. It is a good point to always keep in mind that rents can offset any expense and the property has positive cash flow. Thanks a lot for the heads up! Something I should keep in mind for sure.

@Luther Wilson III, thanks for your insight! I will for sure stay in touch here at BP and enjoy my journey! Thanks for welcoming!

@George Gabriel Hey there! I was originally looking at conventional 30 year fixed for single family house for my wife and I, but more I research on BRRRR and leveraging, I am starting to wonder if I should put our desire on hold, and go for multi family unit house with FHA...

If I am not mistake, KCMO area still has relatively lower prices with great appreciation, so leveraging FHA can definitely offset PMI if I can get good deals in my opinion. Perhaps we can live in a multi family unit for a year and buy another single family property in a few years for my wife and I. Still need to discuss and think a lot, but that is where my head is at!

How about you? what do you think?