All Forum Posts by: Robert Andrade

sorry @Dan MackinI guess I rushed that post. We want to get a multi with an FHA loan and then live there a year and acquire another (house hack). I'm having a hard time finding multis in my area market that the #s are workable. Sellers are simply asking too much and houses seem to be sitting because of it. I have noticed several foreclosed multis that seem to have moved a bit quicker.

I'm trying to formulate a plan of attack. We should start shopping for a mortgage next week. (been waiting on my accountant to finish my taxes) I'm thinking maybe we would get a better deal if we were to look at foreclosures or shorts. I just don't know the pros and cons of that approach. I also don't know how to approach an offer on a bank possessed property. Do i need to know what was owed when the property was foreclosed on or do I just make the offer according to what the property is worth? 

We're looking for a multi to FHA. I'm curious what the community thinks about this strategy. What are some of the pitfalls or problems we could face? Do the potential rewards out way the potential headaches?

You beat me to it Jenny Cunningham Guess I'll have to do mine for bald, black, men, over 40 👴🏾

Uh... No

That's what I figured Charlie Fitzgerald Also if the tenant gets unruly and causes any damage upon eviction that'll be the sellers problem as well. I guess you just run the risk of a non-FHA buyer offering the seller a much easier deal

Is that something you know for sure Sarah Ziehr ? Because I was told you could close but you'd be given 60 days to take occupancy. Because if that is a fact then I know I should be looking for multis with at least one empty unit.

If you purchase a multifamily that is occupied, I understand FHA gives you 60 days to take occupancy of one of the units. What happens if you cannot get the tenant out within the 60 days? Can you apply for extensions? Are there penalties?

Tim Wilkinson Great points. New Bedford is a bit tricky. B or C tenants. Cash 4 keys might work providing they can find a place to go. My gf looked to move out of her 3rd floor apt and it took months to find something decent. I prefer to keep a positive outlook normally but I'm really trying to anticipate every scenario I can. What if the unit isn't vacant in the 60 days? Extensions?

Thanks Tim Wilkinson I suppose the best bet is to have contact with the tenant and make them clear of your intentions before the closing. Get a feel for whether they will cooperate or not. I've heard so many horror stories of people taking three or four months to evict someone and then finding their property trashed. Have you ever heard of anyone making it part of the deal that the seller would have the unit vacant before closing?

Sorry Tom Manna to piggyback on your post but I was wondering then Tim Wilkinson since you have to occupy one unit to qualify for FHA can you get the loan and close the deal without already having a unit empty for you to live in?