All Forum Posts by: Mani Poudel

@Tim Swierczek, Are these meetup still on? I would love to be a part as a beginner.

Thanks

I agree. Managed to change a faucet today after 3 hours and 3 runs to menards. 

@John Warren, 

I am already in the path of house hacking. I share lower level space with some friends so basically Mortage on my current primary home does not come from my own pocket and this feels good.

Can a person buy multiple homes as primary each year? How does one house hack on multiple residence?

Hypothetical question to all the experts out there.What would be your strategy and road map if you were in this situation with all the expertise and wisdom you have today.

You are in Midwest, make close to 6 figure on your day job, no debt, own single family with small equity and have good/great credit history. You do not have current REI experience or handyman skills but have willingness, energy and 50k cash for investment and want to build passive income via Real estate keeping your current job until foreseeable future.

Thanks to everyone for the Inputs. @Tim Swierczek , appreciate your research and explanation. I encountered few properties that interested me in Austin for 500K +_ but like mentioned all I was watching went quick. My plan is to put my financials in place and watch out for the property to act promptly when they come in market. When you say "In Austin Texas, the HUD median income is $95,900 and so the maximum income you can make to qualify for a 5% down multifamily loan in Austin is $76,720." Does that mean I wont be qualified for 5% conventional if I make above 77k ? Is it after tax or gross income and does this rule apply in all states? Thanks for the recommendation, I will certainly reach out to @Jordan Moorhead.

Jacob Pereira, Can you please send me the lender's information. Would love to connect. 

Thanks,

Hello All,

I bought a single home in Minneapolis 2 years ago. If I knew about REI or were I smart enough then , I would have chosen to buy multifamily.

Since I now know about what I should have done back then, here is a real question.

I am planning to move to Austin, Texas soon and thinking of buying a 4plex as Primary home to rent the rest. Can I do it while I still own SFH here in Minnesota?

Also, the multifamily homes in Austin seem pretty expensive and I do not want to go FHA route because of the PMI and do not posses huge amount to put down.

What are the chances to qualify for conventional with 5% down for 4plex and is it hard to find the lender?

I do not have any agents or lender currently to ask so any inputs are highly appreciated.

Thanks,