All Forum Posts by: Pat Ryan

Interesting. Thank you for sharing!

Thanks. That book is definitely on my list

More great points, thank you!

I wasn't even aware of conventional low down loans.. just got approved for 5% down. Definitely better than going then FHA route in this situation.

Thanks Nick, that makes me feel better!

Thanks for the great info Nick. I'm in WA state.

I wasn't aware there was a difference with going to a broker. Shows what a newb I am.

I'm going to be calling some local mortgage brokers to check, so thanks!

Thank you everyone for the great responses.

Its nice to hear others having success in my area. It is overwhelming looking at the numbers most of the time 😅

Hi everyone,

I'm currently shopping for loans for a multifamily househack. Looking at both FHA and low down conventional.

I first went to my local credit union and the best they could do was approve me for 5% down conventional at 2.75%

This seems pretty good to me but I want to do my due diligence and shop around. I've heard the experts say I should show the numbers in writing to the other banks so they can try to beat it.

My question is, how should I go about this? Call around to lenders and just ask if they can beat it or should I actually fully apply to like 15-20 banks? Can a loan officer make a ballpark estimate that they can beat the numbers without me going through a full application? ( I know it would be an estimate only and I'd have to apply to get solid numbers)

Thanks for any insight!

@Grant Schroeder @Andrew Syrios thank you, I appreciate it!

@Stephen Brown very helpful tips, thank you. I definitely have some work to do before I jump into OOS.

Buy and hold, small multifamily with a priority on cashflow is what I'm after.

Hi everyone, my name is Pat! 👋🏻 

I'm an electrican living in the south Puget Sound area of Washington state with my wife and 2 boys. We currently rent.

What really drew me into real estate and BP is learning about out-of-state investing - I had no idea this was so common! I thought real estate was completely out of the question for us based on the insane market here, but learning about OOS has really opened my mind to different possibilities.

Also learning that 3.5% down FHA loans aren't frowned upon, but in fact encouraged, in the BP community was a game changer! Over the years we've managed to save a decent chunk as a down payment, thinking 20% down was the ONLY WAY to buy a home. Boy was I wrong... so many houses we've missed out on over the past few years 🤣 

So recently I was able to convince my wife maybe instead of buying a house for "us", we take this money and turn it into some positive cash flow.

Right now I'm just learning as much as I can. Really intrigued by OOS while also looking locally for a multifamily property to house hack.

Anyway, I'd love to connect with other investors on BP and in WA especially!