All Forum Posts by: Leslie Keesee

Thanks all for the replies! We have been pre-approved for a $150,000 and are looking for a 2-4 unit property and to live in one. Unfortunately, the areas of metro Detroit that are safer have very few choices. The choices they have you are having to pay for that area and from an investment stand point they just don't make sense. We are going to contact a local Realtor and hope that within the next few weeks to month or so that something will pop up.

@Fred Makaye

Thanks for the advice! The multi-family is now our primary focus. Like you said if we have to stay there for 2 years at least we know someone else is still paying for our mortgage. :)

@Ryan Rogoszewski

My husband and I graduated school in April and May. We got married in September. We are currently in the process of reviewing what we want to do for our future. Real Estate has always been our ultimate goal. We have lots of student loans, so are in a very similar boat. This isn't for everyone but what we are going to do is pay the minimum and focus on what is truly going to be our future. Real Estate is going to get us that condo in Hawaii!

Our mindset is we are just going to buy property that will pay our liability (aka student loans). As long as that property is going to pay for the liability are you really losing money? Good luck with your future endeavors!!

@Michael Seeker

Well...I just got married and we currently are staying with the in-laws until we can find a property. We are hoping to be out as soon as we can but that does not mean that we are going to make any haste decisions.

We are going to sit down with a mortgage broker within the next week. We qualify for a mortgage of about $180,000 not counting the income from the other units. We are very optimistic that we will be able to find something! We would much rather do the 4 unit rather than the SFR. :)

@Michael Seeker

Thank you so much for the helpful advice! I did not know that you would need a licensed contractor to do all the work for you. We weren't completely planning on doing everything ourselves but part of it we were.

The multi-family was ultimately our goal and it is always what we wanted to do. We are currently in the process of working with a mortgage broker by getting our information sent to him before we sit down with him. We thought the SFR would be our only option since I am currently the only one working. Our credit and down payment money is more than enough but our debt to income ratio is the problem.

FHA does not sound like it would be the most appropriate loan for us. Thanks for the help!

Thanks everyone for the replies!

@Ugochukwu Opara

We are going to try and get in with a mortgage broker this coming week or beginning of next and definitely ask about the 203(k) loan. Thanks for the advice.

@Joe Butcher Thanks for the reply.

I know FHA and also conventional financing has minimum guidelines for the condition a house must be in. What we are really looking for is the worst possible house that is still liveable and eligible for bank financing.

My husband and I are looking into getting a loan for our first property. Our plan is to do a single family hybrid flip and then in 6 or so months refinance out then use it as a rental and then find a 4 unit to buy and live in one of them We are trying to decide which would be better for the single family hybrid flip, conventional or FHA?? What are the requirements for owner occupy before refinancing and allowing renters to move in for an FHA loan? We have done mortgage calculators and based on our current stock investments and savings we could put over 20% down on a property based on what we could get qualified for. The only concern we have is the refinancing because we don't want to live in the single family for a year. Would you recommend conventional or FHA?? Thanks! Any advice is welcome.

Hi, I am new to the site. I am currently a Registered Nurse who is excited for the day that I can actually get out of the Rat Race and live my life my way. I feel that Bigger Pockets will help expand my network and aid in the growth of the knowledge I need to do deals. My immediate goal is to do a hybrid owner occupy flip with my husband. I can't wait to get started!