All Forum Posts by: Nick Edwards

Any investors in PA want to speak regarding a property around Harrisburg? Deal advice?

Thank you all!

-Nick

All vey solid information. Thank you all for your responses. Let me look into it a bit more with this new knowledge and I will reply with my decision or further questions. Very helpful!

Thanks,

Nick

I have looked at SD IRA's a bit and I believe that might be a route I will end up taking. I'm just attempting to get all options laid out in front of me. I appreciate all the feedback.

Mark - I will be looking at that once I finish this message. Thank you!

Thanks for the reply. I had no idea that was the case. The money is actually split between 3 different accounts. Most of it is in an account I had with an old employer (about 2+ years ago). Does that change anything?

Thanks!

Very helpful! Thank you! I plan on buying a house. Getting people renting from me in an attempt to cover the mortgage and then focus on a live-in flip that a friend of mine will be living in, paying rent and helping with. No terms have been made as to what each of us would potentially get from it. I'm just attempting to figure out the financing part of it now. I have time now and cannot start until near the end of the year. Attempting to get ahead of the game and be a bit more prepared.

Hi all,

I have a decent amount of money saved in my retirement. I am looking to finance my first owner occupied house. I will get settled in it and immediately pursue other opportunities while I house-hack. My question is: Will I be able to use that money or borrow on it for a non owner occupied property? Will I be able to use it for ANYTHING while I am living in the residence I first purchased? Might I want to search for and attempt to swing Subject to opportunities?

Thanks!

-Nick

That's huge. Congrats. I know myself and many others are eager to get where you're at. Hard work pays off!

Hi all,

Relatively new here and looking at my first property. I got pre approved for a standard FHA loan. I am thinking of buying a duplex, triplex or fourplex while also buying another cheaper property to flip. I will be living in the "plex" while renting out the other units. This is all in Virginia and/or Maryland. So my questions are:

1. 1. What do people think of this beginning strategy?
2. 2. How long MUST one live in the property on an FHA loan like this?
3. 3. These multi family properties don't seem to be as common around here. Might finding a lot and building a plex new be an alternative? Maybe finding a house and converting it? 
4. 4. I've read about umbrella loans. I could not buy both properties under this loan? Could I potentially get 2 loans? Any ideas?

I hope I hit all the points I wanted to hit. Please share any other issues you see with this plan! Maybe others starting out can benefit from this information. Thank you everyone in advance!

-Nick

Attempting to make this a bit more organized.

You may end up having to really hunt opportunity down. Maybe mailing or spending some time driving. Trying to reach the owners behind distressed properties. Paying more attention to the motivation behind the owner to sell. If they are motivated for whatever reason you have a little more power. Especially if you are helping them out of a bad situation. Some desperate owners just want out. Then it's up to you to step in and see how you can help. Easier said then done. Maybe others can speak some regarding the "subject to" approach.