All Forum Posts by: Louis Trinca

I won’t be able to directly reply to everyone’s comments, but I’ve read everyone’s input and knowledge and they’ve all helped me out a lot! Thank you for your help!

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Originally posted by @Chris Youssi:

Louis i have 5 companies all Real estate related and by far my favorite is rentals. If I had to chose 1 hands down #1. I'll check into the FHA loan with a buddy of mine tomorrow and post. Key is you make your money on the buy / way more important than location IMHO.

FHA all the way full steam ahead!

Ok sounds good. There are a few places I’m interested in the south side of Chicago but I’m not sure I want to deal with bad tenants on my first investment.

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Originally posted by @Chris Youssi:

No you are allowed more than 1. How many is a good question. I do know that sometimes it can be hard to find a lender that understands investors and some of the guidelines for same. EG>>> most lenders will tell you that only 4 properties are allowed to be financed in the secondary market when in fact you are allowed 10. Secondary market meaning fixed rate financing for the full term of the loan vs someone like myself who owns substantially more than 10 props I have to seek commercial funding which is not as stable - typically 5 year balloons. More info that maybe you were looking for - also not heard of FHA financing having to be your first prop. Hope this helps

I did not know that, I greatly appreciate your input and knowledge! That helped a lot. I’m a rookie at this so I have a lot to learn. Thanks!

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Originally posted by @Chris Youssi:

I would use FHA all day every day as it will allow you to purchase something for a very minimum down payment usually 3-5% depending if you ask seller to help with closing cots.

This way you can rent it out and do it all over again. 1-4 families eligible for FHA financing.

Aren't you only allowed 1 FHA loan? And doesn't it have to be your first property?

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Originally posted by @Maria McCreless:

@Louis Trinca, are you planning to live in the property?

I was for the minimum time allowed then move out and use it and investment property. I figured since you can only get fha on your first time buying your home that it would be a good idea.

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Is it smart to use an FHA loan to purchase a multi family investment property as a first time buyer? Or should I pay cash for a single apartment. I thought it'd be a good idea to use fha loan since I've never purchased a property and that way I can keep my money and use it to invest in something else? What are your thoughts?

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Hello,

My name is Louis. I'm a rookie at this whole process so I'm just introducing myself to the BiggerPockets community. Please feel free to checkout my profile for more information on myself and feel free to add me/follow, give me advice on investing, etc. This is a starting point for me and I'm ready to learn and motivated to start my investment portfolio! Looking forward to meeting some new faces! Thanks.

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All Forum Posts by: Louis Trinca

Louis Trinca has started 4 posts and replied 27 times.

Post: Should I use FHA loan

Post: Should I use FHA loan

Post: Should I use FHA loan

Post: Should I use FHA loan

Post: Should I use FHA loan

Post: Should I use FHA loan

Post: Hello Everyone!