All Forum Posts by: Nicholas Krieg

@Lily Chen

Hi Lily, I am located in North-Central Indiana, and could definitely help you by being your boots on the ground. I travel north-central Indiana every day and am excellent with market knowledge. Feel free to get back with me if you’d be interested.

@Stephanie P.

Thanks so much for your response! 

A couple follow up questions based on your response,

If I were to do an FHA, would I physically have to occupy the residence or technically could I use one of the units as my "residence" and still live at my apartment that I live in now ? The reason I don't want to owner occupy the property is because it's too far away from my job.

Would this same thing apply to a primary residence conventional?

@Cody Neumann

I know this is an owner occupy conventional loan, but as I’ve heard mentioned on the BP podcasts, there are ways around this. Im hoping someone experienced can help me out with more details on loopholes for this.

@Cody Neumann

I have been preapproved for a conventional with 5% down with a local bank. The 3.5% for an FHA doesn't make much of a difference for me. Is there a requirement for a traditional conventional (that's not for an investment property) for how long you have to occupy it. And if there is there a way around that ?

I really could use some helpful insight on my situation to move forward on my first deal. Here is my situation.

-Have yet to buy my first personal hone

-found an 2-unit investment property I’d like to buy

-trying to get the lowest down payment possible with best interest rate on approx. 100,000

Here’s my questions ~

Can I do a Conventional home loan with 5% down and somehow get away with no living in the property?

Would a FHA or conventional be better?

If I would do a conventional or FHA, would I have a time limit on being able to have another loan out in the future for a personal home?

@Timothy Douglas

I currently rent my 1 bdrm apartment !

I’m a Sales Account Manager for a Beverage Distributor here. I agree that networking is the way to build when you don’t have your own capital, however, I am nowhere close to a master at that yet. Networking is easier said than done in the small, conservative cities near me but I’m doing my due diligence in research to try to find the right way to go about it.

@Timothy Douglas

I currently rent a 1 bedroom apartment.

I’m located in the sticks of North Central Indiana, and I haven’t had much luck finding local meet ups, or even many people on here located anywhere outside of Indianapolis. (A tad over 2 hours from me and a WAY different market)

What’s your advice to find a partner that has capital who would put it up for someone with time and willing to manage the property ?

Funding it without a doubt. I’m needing to find a primary residence AND wanting to a acquire my first investment property. Not 1 multi family available in my county to house hack, and am not able to relocate due to dependent family members and my job. The money I have saved I don’t want to spend on a down payment on an investment and screw myself when it comes to my primary. So it’s holding off until my pockets are deeper.

@Rob Gillespie

Working on making my first deal, sorting through lenders trying to find the right one for my situation. Getting started is tough but staying active on BP helps with maintaining motivation. Your accomplishments sound very impressive, congratulations. Looking to become a mentor? 🤷🏼‍♂️😁

@Rico Nasol

Ok, thanks for that!! I’m following what you’re saying. What is the criteria on being able to claim your rental property cashflow as income?