All Forum Posts by: Redgy Saint-Germain

@David Edwards I would try to find a property using an FHA loan only using 3.5% down.

Redgy

@Joshua Johnson I would what makes BP so great is that we all here to help. if you make a mistake its okay, better to make a mistake on a small deal than an apartment complex. Jump in and figure it out later

Good luck

Redgy

@Tim Kaminski

@Sebastian Lee

You can build a duplex using a 203k loan but it needs to be on an "existing" foundation.  If you own the lot or you are buying the land you need to make sure there is a foundation on it already that you can utilize. You are not allowed to use a 203k to build a property on an empty lot.

Good luck

Redgy

@Stefanie Jensen I would ask him " When do you think the right time to buy a deal will be?" have him outline what exactly what "he is waiting to see" . Time is the most precious and valuable thing we have, as long as the numbers makes sense and you like the deal I would say just go for it. You can always sell the property and get your money back.

Good luck

Redgy

@Neena Graham With an FHA loan it has to be owner occupied. You can still buy other houses using conventional or a Homestyle loan. Once you refinance the FHA you can move out and rent that Unit

Redgy

@Neena Graham If you can find a property around 100K, using an FHA loan you'll have to put down 3500$ plus closing costs. If you can get the seller to pay the closing costs it's even better. HouseHacking is the big here, where you buy a duplex live in one unit and rent the other one. You can own a property for less than 10k I can tell you that. Next steps would be to get a pre-approval from a bank, get yourself a realtor and start shopping. We all here to help, you can ask us any questions

Redgy

@Jerrud King I can tell you this, you have BP as a coach, we all here to help you just have to do it, you have a platform full of experienced investor sharing their stories. You can learn so much here and you have to start analyzing deals. The more deals you run the numbers on the more comfortable you will be will be and your fear will slowly disappear. 

Redgy

@Joseph Bramante 

I was going off this "Rarely do multifamily properties have a single owner. They are usually a partnership or syndication of several investors. Sometimes up to 35 investors. When I first started, our investors were able to join our syndications with a minimum investment of $10,000!" 

I guess I should have asked, how much were you paying back then? $800 seems negligible, I wasn't sure if you had a prefered return + equity 

Redgy

@Paul Bowers I dont think its worth it unless you're increasing your rent by 100$ 

Redgy

@Amit G. Well done !!