All Forum Posts by: Mark Fein

Second home/vacation homes are a luxury and I imagine people starting to sell these and take profits and have less interest to buy at these prices/rates, especially if we officially move into a recession.

Depending on the age the insurance could be very costly.  I would check out the cost of coverage before you decide to purchase it or not.

You cannot purchase a rental property using FHA financing.

There are several franchise options.   I dont have any personal experience but you may want to look at those options.

Ask a financial advisor and your tax preparer and not random people on the internet.

Borrowered funds as acceptable for a down payment as long as they are from a secured asset and a HELOC would fall into that category. You just have to make sure the HELOC payment does not pose a DTI issue for the multi family purhcase.

You can obain an FHA loan with 3.5% down for a 1-4 unit property. The max loan amount will depend on your area.

The biggest reservation sellers have on accepting FHA offers right now is concern on a low apprasial. You may want to discuss with your realtor about making FHA offers that state you are willing to pay X dollars over the apprasied value. You may be able to get into a property with FHA. It may be more than 3.5% down put it would be less than the 20-25 hard money option.

Hi,

Are there any local meetups for real estate investing in Collier, Lee or Hendry counties?

FHA mortgages are for primary residence only. Although you can obtain an FHA mortgage for a multi-family or use the house-hack strategy that way and break into real estate investing.