All Forum Posts by: Ricardo Cristobal

Had a similar situation as you, from what I know when getting buying a SFH the lender is made aware to believe that you will live in the property for a set amount of time(12,24) months, check in your deed of trust of your documents. It is like this so that the lenders are not taken advantage of by lending loans as a primary residential loan, which gives a lower interest rate and a lower down payment, and having that same property switched into a rental property. The way you can get around this is by possible having the rooms in your primary residence rented out instead of the whole property and while at the same time have at least one room for you to "live in" so by in regards, house hacking as they call it. Hope that helps. Good luck in your situation.

Thank you for your input, both of you guys have great points. 

Good day my BP Members,

As a new REI i'm still learning the ropes of the trade, so from what I know, I can an FHA loan at 3.5% down to purchase a small multifamily property. MY question is, Is it possible to use a Conventional loan to purchase the property without putting 20% down if I live in one of the units? Also I know you can only one FHA loan at a time, So in the future if I do use an FHA loan and get it refinance into a conventional loan will I be able to keep using an FHA loan again?

For all these scenarios, I'm planning on living in one of the units to "house hack". Anyway, thank you for taking your time to read through this. 

-Rick

Awesome!!! Congratulations, stories like these keep newbies like me motivated. Hope all goes well for you @Jazmine Jones.

Thank you for the advised. I have been looking at different strategies to possibly own another property. A straight option to be precise. Anyway @Bram Spiero it's true that this time I may need to just be patient and build capital. Again thank you guys for the reply. 

Hello my fellow BP members,

So to keep if short and simple, I bought a single family home a couple of months ago and currently house hacking, which allows me to pay $0 out of my pocket. The reason I feel stuck in my position is that I cannot buy another property until I live in my primary residence for at least 12 months. My ultimate goal is to buy and hold possibly a duplex/triplex/fourplex and house hack so that I don't need to put down a 20% down payment. I see other purchase multiple properties in their first year of REI. Am I doing something wrong or should I just need to be patient and wait until my 12 months is up for my primary residence? Thank you guys for your time.

-Rick

Hello Bryant,

Fairly new to REI, so far I've bought a sfr in SoCal and currently house hacking, which covers pretty much all everything. So my question is, how do I purchase another investment property when I bought my house several months ago. From what I know you can house hack a multifamily property but in my situation I still have the house as my primary residence. I feel like I'm stuck, especially since SoCal prices are high and saving for a 20% downpayment and plus 6 months in reserve cash for an investment property May take a long time. Thank you for your time.

-Rick

Hey Jacob,

Wishing all the luck to you. I'm fairly new to real estate investing as well and I'm glad that there are others who post their opinions about starting out from nothing. Anyway I'm here to network and learn just like you. Hope all is well. 

-Rick

Hey joshua,

Having connections for an out of state real estate investing is great, but how would you go about investing in properties without the connections of friends/families? Sorry to just interject my question, fairly new to this right now. Thanks for your time. 

-Rick