All Forum Posts by: Nathan Hui

Hey Richard, I’m not looking in that area. I will be fairly grounded in my current area for the next few years. Thanks! 

I will need to look into that. 

It is refreshing to hear that, I also thought this could be the best strategy for making my current area cash flow. 

I saw in another post you mentioned a caveat with the refinancing aspect of the FHA 203k...

"The nuance when refinancing with FHA 203k is that you need that 2.25% equity before the project starts or "in as is condition." So 203k refinance is not for those who are currently under water with regards to LTV ratio unless if the borrower has a huge sum of cash to buy down their LTV to 97.75%. This is not the same with Homestyle renovation loan where the borrower could technically be underwater and do a non owner renovation loan as long as their total loan outstanding is still within guidelines (75-80% LTV) with regards to the ARV."

I am having some difficulty understanding this concept, could you explain this to me? 

@Mindy Jensen thanks for the help! 

In my local market I have found that good small multifamily homes are difficult to come by. Naturally, I began to ask myself, can I use a FHA 203k to convert a single family home with a basement (unfinished/finished) into a multifamily property? I have read a few post discussing the FHA 203k that I have found very helpful. One that deserves recognition is Steven Gesis's post "Secrets Everyone needs to know about using a 203k loan". It seems that this type of home conversion could be possible under a standard FHA 203k loan but I am not 100% about it. 

Has anyone done this type of home conversion under a Standard 203k? 

Does anyone know if this is possible? 

@Mindy Jensen Is it possible to tag people who are not already in the forum topic? I want to tag a person who wrote a blog post in order to include them into the discussion I am starting. 

Currently seeking an agent with experience with buy and hold investment properties in the Kennesaw/Marietta area. Pre-approved for 250k. Looking to close by early 2018.