All Forum Posts by: Account Closed

I am currently looking into using a 203k loan to purchase my second property. I would love a multi family, but if its not in the cards, I am fine with a single family. I am simply looking for general advice and feedback on experiences with this type of transaction.

My situation is as follows.

Purchased a SFH in May 2016 for $96,500 with an FHA loan for my primary residence.

In Summer of 2018 I am looking to refinance to a conventional loan because I believe I will be at 20% equity at this point, if not I will wait a bit longer.

I would like to maintain ownership of this home and rent at a rate of $1000/month.

For my next property I would like to purchase a home that qualifies for 203k financing. I'd prefer multifamily, but am not sure my finances will allow it. 

My real questions/concerns lie here.... Do I need to have my current home rented prior to applying for financing for my next home? If so, for how long? Also, does anyone have any general advice in pursuing a 203k loan? Do's/don'ts?

I am wanting to purchase a multifamily property in the near future. I am also interested In converting my Roth IRA to a self directed IRA. Is it possible to use a self directed IRA to purchase a property with a 203k loan? I have already purchased my first primary residence using a first time FHA loan so that wouldn't b an option. Anyone have any thoughts on this.

I am currently in a Job that I do not really enjoy. It does not challenge me or bring me any sense of achievement. It is a good job with good coworkers. Pay is fair with opporutiny for advancement, although very incremental. Most people in good positions have been there over 20 years. The only thing making me questioning staying is that it is an ESOP(Employee Stock owenership Plan). And its a good esop. This being my first year I did not know what to expect, but today I found out it will be over $6000 per year into my retirement. And the contribution is based on my pay. The problem is that I need money now. THe retirement is great, but my student loans are eating me alive today and I can not afford to go on vacation or do anything remotely exciting. My  wife enjoys the stability of a steady paycheck although it is steadily not enough(in todays world I believe stable job is an illusion). I have been planning to get my license this winter and still plan to do so but getting the news about my ESOP has me second guessing myself. I really want to be in a career where my income depends on me. Working my *** off is not an issue. I understand that unpleasant truths about getting into real estate. Just wanting some feed back to my particular situation. Here are a few numbers. If you added my Total income, my bonuses, and the ESOP it wouldnt come to $40,000. I know I am worth more than that. I know I am capable of more. 

Thanks for the response. I suppose the overall strategy for farming is for long term impact and dominance, not quick results.

I am planning on getting my license in a few months and am working on a business plan. I am working on finding a neighborhood to farm. One I am considering has about 250 homes in it and about 190 have sold in the past 3 years. It is a nice middle class neighborhood with ranch style homes in Greenville SC. The market it very hot right now with no signs of letting up. My question I suppose is this. Will these current home owners have enough equity to even consider selling? Does that matter? I believe it would be difficult to find any neighbor hood in my area with lower turnover.