All Forum Posts by: Ryan Montelepre

Thanks for the responses! Looks like the best plan is to refi my home, or sell it in order to pursue a FHA. Ive spoken with a few lenders and they are telling me the same thing.

Selling the home will add capital toward my investments. I will post on my progess. Thanks!!

hello BP!

Just a synopsis before i get to the question. I have gathered a few guys to partner with me over the next few years. One guy has a great credit score, but recebtly lost his job after 12 years with his company. He is no longer interested in pursuing that kind of work or form of employment.

The other guy has liquid cash limited. But is in college and plans to stick with his career. He wants in on any deal as to expand his income streams.

I have decent credit(655), and have 6 years in my career industry. Currently have about 20k in cash to use on a deal. Here is where it gets tricky.

I own a home, on an USDA rural development. I bought the home in 2010 and have spent the past several years doing a SLOW live in flip. The home is close to being market worthy. 

Here is my question.

Is it possible to use an FHA loan to purchase a MFR while still currently owning my primary on an RD Loan? My plan is to put the house up on ththe market in about 6 months and use the overage cash to fund some more deals.

But if I can get an FHA now i would be able to jump start my REI dreams. With these guys funding some of the rehabs.

Does anyone know if this is possible?

At the moment my income is about 40k.

Louisiana investors...anyone dealt with this or have seen it done? Open for any help!

Thanks BP!

Hello everyone! New BP member. Not pro just yet. I am from Slidell, La. Currently interested in beginning my adventure into buy and hold real estate. I'd like to focus on multifamily housing. I am a home owner with a little bit of equity. Not quite 20%. I also have access to my 401k which I have basically saved to use as the starting platform for my investing. 

I havent made too many connections just yet, looking to develop some in my area. I do have access to many resources. My father has been in the lending and banking Industry for 40 years. He has plenty of friends that I may be able to tap into. ;) 

I am also looking to meet people who are landlords or are already in the apartment, and multifamily side of things. I'd love to have some discussions and learn a bit more so I can make my first move.

I am an electrician by trade, and I am a great communicator. I have done a lot of work in managing people. Though, I have never been a landlord per say, I feel this is a great fit for me. I would love to figure out how I can help others achieve their goals as well. If that means doing some partnering or even looking into some work for them. 

My goal is to develop a supplement income to my current occupation. I'm open to criticism and I dont frighten easily. Please, let me know if we can I tract and develop some business relations!

Thank BP!