All Forum Posts by: Paul Schackman

I know

@Coco Zuniga I get the house hack multi-family situation, that's the situation I commonly hear. Or someone using it and moving out in a year post renovations.  I'm talking about using it and living in the house for years, with no intention of every using the house for investment purposes.

I've read multiple times about people using FHA for investment properties. I'm curious if anyone has ever used it on their primary residence or if anyone has opinions on doing so. I'll be moving from Manhattan to Northern Jersey so looking at homes in the 500K range. My thought is instead of tying up all that capital in the down payment, I can use that money on 2-3 investment props. I know the monthly payments would be higher, but if I invest the money I saved I'm thinking it would work out.

This isn't something I looked into yet, I'm still several months away from starting the process but figured I'd ask the question. 

@Andrew R. Lucas @Will Gaston.....I too agree that it is far for students, I wouldn't be purchasing for student housing.  I was just using it as a point of reference.  The zip is 29205.  I more so wanted to know if it was an OK area.

I'm looking at a 12-unit complex 3 miles from USC.  While the numbers look solid, I'd like to work with someone who knows the area.  The listing agent hasn't answered any of my questions, and I'm at the point where I need to work with a professional in the area.

Thanks

@Nicholas Covington , thank you. I figured the same.  At first I thought I'd need a commercial mortgage due to the fact its an 8 unit.

I'm looking at 2 4-plex's that are being advertised at one.  I found the property on Loopnet.com.  They have 2 different addresses (1900 and 1902 Main St) and 2 stand alone buildings one the same property lot.  Each unit has its own taxes, and insurance.

While they are advertising the property as an 8 unit, it's really 2 4's being sold.  It's my belief that I can get a residential mortgage on each  of them.

Please let me know if im wrong

Would anyone know of any banks that might lend on a 330K 8 unit complex in the Columbus, GA area.

Thank you