All Forum Posts by: Nina Ricci

@William Daley Wow. Thanks so much for that. That's really, really helpful. When did you get started? And also, what were some reasons that you decided against going for some of the contending deals and went for the HUD property that you're in the process of purchasing now?

@Logan Allec Ahh, that's perfect! Really good advice; thank you! Do you recommend any lender in particular for an FHA loan, or should I just shop around?

@Russ Draper Hey, Russ! Hmmmm, I see. Speaking to your points, we do have technically a lower income (each). Also, we were thinking if one of us were to be on the mortgage and use the property as a primary residence (living in one of two units).

I know I read on Fannie Mae's HomePath for example that they require you to be a primary resident yourself for a period of time, and then you'd basically be free to do with it what you wished. I think during that period of time you'd still be able to rent out the unoccupied unit(s) to generate income. I wasn't sure, I guess, if FHA loans looked at the situation the same way--like we had to live there for a period of time (I think for them it is 12 months), then would be free to do whatever, and also could rent out a free unit whenever as long as we/I lived in the property too.

But okay, so I guess I'll rephrase my question. Hmm. For example, if I got an FHA loan for our first property by myself and used it as my primary residence, I'd think my partner would be able to take our her own FHA loan (if it needed to work out like that) and get another property to use as her primary residence if/when the time came.

So I guess I was wondering if, with little free capital to apply for mortgages that require higher downpayments, would it be smarter to go in on the mortgage by myself to free up that option for my partner? Or would it maybe be more strategic somehow to both be on that first FHA-loan mortgage together?

I'm just worried about us not renting out the other unit for the first year and both being on the FHA mortgage and not having enough options or capital to invest in another deal until we could rent out one or both of those units.

(Sorry for such a long response!! I'm new at this, haha.)

@Russ Draper Oh, good point. I'll be sure to grab a good inspector. And foundation or major structural issues--got it. I'll be looking more into that. Thanks, Russ!

@Seth Robertson Oh yeah, that's some good advice. I'll definitely be keeping all of that in mind. Thanks so much, Seth!

@Michael Guzik Ahh, thank you; that definitely helps, haha. Writing this down. Good luck to you too! :) 

Hey, everyone!

My investment partner and I are just starting out. We're going to see our first potential property tonight, actually. It's a multi-family, two-unit HomePath property. If this one doesn't work out, this is the kind of deal we're looking to snag in order to both begin our investment journey and also move out of our parents' homes. We'd only be living there a year, as required, and then we'd be looking to rent out both units.

We're really starting from scratch here and are looking for low-to-no money down options for our first mortgage (we've mainly only looked into FHA loans at this point).

Do you have any opinions or advice about house-hacking to start out? What types of numbers do you recommend paying the most attention to/what should we aim for? Do you have any other types of loans you'd recommend also with low-to-no money down? Do you recommend something like flipping instead? Going through with house-hacking and saving from the cash flow on the rental unit(s)?

Hey, everyone!

So my investment partner and I are looking to snag our first deal, but first, we're looking into getting approved for a mortgage. Right now, we were looking at FHA loans because of their 3.5% down facet, and in our current situation, we're looking for low to no money down.

The type of property we're looking into is a HomePath multi-family home with two units. We're going to live there together for the first year (and potentially rent out the other unit at the same time), and eventually rent out both units. However, we were wondering if we come across another good deal within that same year and wanted to utilize another FHA loan for example (if we didn't get have enough capital for a larger percentage of a down-payment), would we be able to do that if the initial property was our "primary residence" for that year? Would it be smarter to do each mortgage individually so we could potentially have two FHA loans and have each one as one of our primary residences? Is that worth it?

Are there other pros or cons to going in on your first mortgage with your investment partner if you're looking to seriously get started this year? Do you have any advice you could offer or steps we should take in order to be smart and make the best financial decisions?

I know this post was jumbled, so I'd be happy to clarify any questions you might have! I'm also open to any newbie advice you've got up your sleeves. Thanks :)

Hi, everyone! So my investment partner and I are touring this multi-family HomePath property today with the agent. We're looking to make our first investment, so I want to make sure that we ask as many questions as we can in order to get the most out of this visit and meet-up.

I'm working on getting my real estate license now, but I don't quite know all the information that an agent would know or have access to, so it's a little hard for me to think of solid questions or things I'd want to know. Do you have any advice on things we should definitely check for, make sure we know, what you might consider to be a no-go, etc.?

Any and all advice and tips are welcome. Thanks so much :)