All Forum Posts by: Matthew Richardson

@Thomas Franklin this is an extremely helpful and solid breakdown. It does indeed leave me wondering what the best course of action is. Seller financing is a preference but because of little money down it seems like it should be my second or third transaction so that I can build the capital.

My lender told me that the 203k loans have been on pause since Covid. I found a property that I wanted to do that with, but he didn’t give it as an option.

Again, these are a lot of helpful pros and cons to consider. Thank you very much for such a thorough explanation of my potential options.

1 Vote

Originally posted by @William Cravens:

@Matthew Richardson

The market's been hot over the last few months, especially for small multi-family. If you are able to do an FHA loan, you can still find some incredible cash on cash returns even now.

Keep hunting and running your numbers. Set up automatic searches for your criteria if you haven’t already. Also, don’t be afraid to make offers that work for you. The worst they can say is, no!

Message me is there is anything I can do to help.

Thank you very much, William! I have some automatic offers set up. I need to be more aggressive with making offers—we’ve been really far apart in the numbers on properties we’ve found.

Out of curiosity, we have been looking at using a conventional loan because of the really low interest rate. I haven't considered the FHA as a result. How does it help with COC return? Is it the no money down?

We will keep searching and hunting. Thanks for the offer to reach out to you.

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Originally posted by @Matthew Tuley:

I am new as well, however I keep my ear to the ground and I see properties that would work for house hacking. Switch realtors and see what happens.

Solid. Thanks for your tip. I’ll reach out and have an interview with a new realtor.

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Originally posted by @Matthew Tuley:

I would say get a new realtor. Try Rob bergeron, he is a investor friendly realtor here in Louisville.

Yes, I have seriously considered that. I’m concerned at his pessimism towards finding deals especially when he’s an investor himself. I am brand new to it so I can’t tell if he’s a pessimist or just being realistic.

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My wife and I are looking into purchasing our first home. We have recently been introduced to BiggerPockets. We are eager to try the principles taught in this community. It seems we can't find a property that fits the 70% ARV rule for flipping, 1% rental rule for buy and hold etc. When we do find these they get snatched up by cash investors.

As a result, we are revising our strategy to search for duplexes/quadplexes in Louisville, KY or Southern Indiana that we could house hack. Our realtor has told us a few times that as owner-occupants (not cash investors or putting 20% down) we just won't find the pricing metrics we are looking for.

Does anyone have any ideas/tips for finding our first, and hopefully, profitable investment as an owner-occupant? We can do a lot of updates ourselves and have some savings for other repairs, but otherwise are trying a lot of little money down strategies.

1 Vote

All Forum Posts by: Matthew Richardson

Matthew Richardson has started 3 posts and replied 15 times.

Post: Owner-occupied house hack in Louisville, KY and Southern, In

Post: Owner-occupied house hack in Louisville, KY and Southern, In

Post: Owner-occupied house hack in Louisville, KY and Southern, In

Post: Owner-occupied house hack in Louisville, KY and Southern, In

Post: Owner-occupied house hack in Louisville, KY and Southern, In