All Forum Posts by: Miguel Ortega

@Miguel Ortega

Please let me know if I can help in anyway. I’m an investor as well as a realtor in the Charlotte metro area.

Hey Miguel, 

Investing in real estate is an exciting path to financial freedom! We are having an REI on Tap at QC Pour House on October 12th. This is an event that connects investors, wholesalers, Contractors and other Industry professionals in the Charlotte area! Please feel free to reach out with any questions!

Congrats on taking the steps to become a real estate investor!

As others stated Charlotte is a booming area which you know living here. Sounds like you’re doing all the right things from an educational standpoint, but be mindful that all that education doesn’t get you your first deal without action. So make sure you hit up some meet ups and when the numbers work, take action and trust it. No investor was ever fully prepared before they bought their first deal. 

Welcome to the investor life! Charlotte is a great market to get started in. There is a lot of development growth happening and migration to the area. If you start growing your portfolio now, it will be pay dividends years from now along with great experiences. Don't forget to lookup the various REI networking events happening in the Charlotte area and getting out to network with others. If you ever need any help or have questions then please feel free to PM me.

@Miguel Ortega sounds like a great start into REI. You will find a lot of free RE education here on BP I hope you didn't pay too much for you're "Rookie Bootcamp" next week. Out of my experience, over 90% of REI classes/Bootcamp teach stuff that worked ten years ago and or teaches methods that you can find on BP for free. The best way to get started in RE is to work for an RE investment company, Broker, or flipper as an assistant, learn, and get paid.

@Miguel Ortega 1) if your Dad is buying the home and living in it and getting the loan - FHA loan is an option 2) consider refinancing the FHA loan to a conv so you can re use FHA 3) consider using a conv loan for the new MFH ( this might require a much larger Down payment ..like 25% of price )

Quote from @Miguel Ortega:

Quote from @Trevor Alexander:

Hi Miguel - is your Principal Residence an FHA loan? If so, It's not impossible to have two FHA loans, but your Lender would need to grant the exception. Below are the possible exceptions to have multiple FHA loans

The big key though it whoever is on the loan to purchase the FHA multi-family must live in one unit for a year. Yes, you can have a non-occupant co-borrower on an FHA multi-unit, but you'll need to put 25% down in order to do that, which kind of defeats the purpose of house hacking.

Yes, my principal residence is an FHA loan. 

So if you fit one of the exceptions above, you can buy the new multi-unit and live in one of the units. If you don't your dad would need to do it in his name alone and live in one of the units. You could also refinance out of the FHA loan into a conventional loan, but would probably need to do is an investment refi if you aren't planning on occupying it for another year.

Hi Miguel - is your Principal Residence an FHA loan? If so, It's not impossible to have two FHA loans, but your Lender would need to grant the exception. Below are the possible exceptions to have multiple FHA loans

The big key though it whoever is on the loan to purchase the FHA multi-family must live in one unit for a year. Yes, you can have a non-occupant co-borrower on an FHA multi-unit, but you'll need to put 25% down in order to do that, which kind of defeats the purpose of house hacking.