All Forum Posts by: Megan B Schweitzer

So I am very new. I have limited debt and after a divorce rebuilding my credit. I am interested in a duplex or triplex with fha financing for the down payment assistance. For reasons out of my control I can't actually live in the duplex. Or more specifically i cannot change residence with my children due to custody. My question is how do i get around this? My children and I live with my mother i pay many of her bills and care for her (she is severly disabled and elderly and this saves me money to invest and save) the house we live in will be mine. Is it possible to say purchase a duplex and only rent out one and just not rent out the second for the first year? I could do that financially if I find the right deal. Or even just go in there on weekends and what not? Anyone else experience similar? Advice? Different directions? Im working on building a network in my area. To go with potentially another style loan would mean a massive (in the area im interested) 40k/70k down and its unfeasible in my current state. We have maybe 80k equity in our current home but convincing my mother to use it has been difficult.

Good morning! You sound like me. Im looking for the same. Build a team and talk

@Paul

Thank you!! exactly what i needed. I am unavailable until Sunday. Would you have some time for some maybe coffee and chat then?

Wonderful!!

what is your goal? Im looking to venture into small multifamily homes. Possibly local but out of state maybe. Im completely new to this but have been interested and learning for a while now 

Id like to see if there any any other newbie but well driven individuals in my limited area. Id like to network and talk and build one another up to achieving our goals. Newbie, well seasoned, interested, doesnt matter lets get the ball rolling.

Any takers?

Id like to see if there any any other newbie but well driven individuals in my limited area. Id like to network and talk and build one another up to achieving our goals. Newbie, well seasoned, interested, doesnt matter lets get the ball rolling. 

Any takers?

Thank you both of you! 

i have cut back on a few things and set up an outside savings to build my capital and scraped up an idea to bring my credit up. 

ive been writing out my findings and learning the jargon. I feel im just not gonna move fast enough. 

ive read one of the bp books so far and am addicted to the podcasts and YouTube channels. 

Sandwich lease deal? hmm okay i will look into that! Again thank you both kindly! 

Good morning.

I am a single mother from a divorce which has left me with poor credit and just less than 10k in savings. My problem is that 20% to 25% down payment. I am looking for a duplex or triplex and I cannot live in for the 1 year minimum for the fha loan. I want to start my investments NOW but i know there's a method to the madness.

Anyone else experience this hard hurdle? Advice? I am a newbie maybe my understanding of these types of loans is not correct. This first loan to purchase seems to be the hardest obstacle to overcome atm.