All Forum Posts by: Rhoda Agyepong

I'm looking to use an FHA loan to house hack for a multi unit property in Chicago but I graduated a year ago (do not have 2 years work experience)

@Alex Manwell and @Brie Schmidt thanks for the info. I will work on saving the full 20% + cc while I continue to learn as much as I can about investing strategies and the markets I’m interested in. 

@Alex Manwell I live in the south loop rn and commute 15 minutes downtown (uptown here) for work. I remember reading that I had to live in the property for atleast a year for the FHA loan. Should I rotate out of Chicago before that year is fully up, are there any legal implications? Does my interest rate increase?

I’ve been saving and working on my credit profile with the goal of acquiring my first cash flow property by EOY. What’s the minimum credit score/capital saved you recommend I have before starting (I’m fresh out of college and literally working my butt off to save every dime for my first purchase).

Do I secure financing before engaging a real estate agent? Or do I set a budget, relay this to an agent and then try to find financing? I’m looking at NJ, PA, MA, and Chicago markets (if that helps).

@Haseeb M. Thanks! I’m glad to be here. My short term goal is to buy my first cash flow property by the end of the year.

Hello Everyone! I’m a newbie here on BP (podcast listener just never took the step to engage on here). I’m from NYC (family is still there) and recently moved to Chicago for work. I’m in one of those rotation programs that move you around every 6 mos-1 year.( This is one of the biggest reasons why I have felt like I could not start my RE investing — where would I even buy?). I’m interested in the Chicago area and the NJ-PA-MA (as I will most likely be returning to NYC they are easy commutes). 

I stalked a couple of posts on here already and I’m super impressed with the energy and learning that is happening. Can’t wait to join the BP family and learn some great things!