All Forum Posts by: Michael Norris

I did some research, a 5/5 means (amortization period/ loan years). So it is a 5 year amortization and the loan is due in 5 years. I hope this is correct. 

David, by chance have you thought about a renovating the 5- unit into a 4-unit? By doing this you will be in residential status.  

I am sure you have heard about the 203K/ FHA loan benefits, a 203K would be great here in this instance.

Thanks Aaron! Your last post made it crystal clear. 

Just curious, what is 5/5/10/10?

Thank you for the replies! I am still in the planing period, learning the market and saving money. When purchasing a $150k -$200k house and using the 203K/ FHA loan to rehab the house, What is the suggested reserve money/ repair percentage needed for all repairs after the 203K/ FHA is finished?

Part of me is saying, "After the 203K/ FHA loan renovation, is it necessary to hold a large reserve for repairs?" I am planing on how much money I need in reserves before going through the process. This is only for the near term, I understand that 5- 10 years later, repairs will occur.

Strictly hypothetical situation. 

Thanks!

In brainstorming about purchasing a 302k property, how much out of the gate should be budgeted for repairs? I would still budget in 10% for capital expenditures, but for this question I am only interested in repairs for the first couple of years.

I am in the market for a multi-family house around $150k -$200k. I understand that 320k/ FHA loans can be powerful in renovating a house. If a standard 302k/ FHA loan takes care of all the major renovations in the house, will there be any repairs in the first couple of years?

I understand this is hypothetical, I am just thinking about the process in a logical way. 

I am also looking to gear up for a multi-family purchase using the 302k/ FHA loan. I am in the middle of a good book about 302k/ FHA loan, Real Estate's Best Kept Secret by Dennis and Teresa Walsh. It has some great tips and is a short read!

@Greg Sorry, I just did see your post. In the future, will most likely be moving the meetings to the evenings (after 5p) to accommodate more people's schedules. 

Rod,

I will send you a PM.

-Michael

Hey Rod we are having a meet-up in Bluffton on 06/14/2016 at 10:30AM

https://www.biggerpockets.com/forums/521/topics/31...

I hope to see you there!

-Michael

This will be on 06/14/2016 at 10:30AM.