All Forum Posts by: Ryan Lee

Okay I will look into the FHA 203k loan to rehab the units in the mixed use property. Thanks everyone for the discussion, it seems that the best thing to do is talk to an FHA loan officer as the requirements change often.

@Troy Sheets

You certainly wouldn't recommend engaging in mortgage fraud? I would hope you wouldn't recommend that to a new investor!

@Lisa Phillips Thanks for the advice. I think I will call an FHA mortgage broker to ask them about it.

@Troy Sheets Thanks for the response. I would want to place my business in the commercial space of the mixed use property, so that is the reason I want to keep it as commercial. I could live in one of the 3 residential, use the 1 commercial for my business and rent out the other 2 residential units, but I already have a place to stay that is rent free, so that is why I would want to only use the commercial space, and then keep the other 3 residential as income, and ideally if possible use an FHA loan so I wouldn't have to put so much down.

Any other advice, please let me know.

Hi everyone,

It's great to be here and I want to thank everyone in advance for their help and to have this community.

My questions involve mixed use properties.

Can a mixed-use property containing 3 residential and 1 commercial space be purchased using an FHA loan or does it have to be only residential units?

If yes, can I occupy the commercial space and that would be considered owner occupied?

Is there a minimum time frame that the owner-occupant must reside in the FHA approved property, before they can rent out their unit?

Thank you,

Ryan

Hi Brandon,

I actually found Bigger Pockets because of an article I read by you about investing at an early age. It's very inspirational hearing how you started with single family and 2 unit properties, fixed them up yourself and continued down the real estate investment path. I'm hoping I can find similar small multi-family properties in Brooklyn, but everything seems so overpriced. You talked about "buying deals or sales" so that is what I'm on the hunt for now. Nice to meet you and see you around.

Hi Mehran, thanks for the comment. From the books and articles I've read so far, I can see parallels between the two. The property is the business and the tenants are repeat customers of the business. Probably common sense to many people here, but I hope that my business experience can lend a hand in successful real estate investing. See you around!

Hi John, thank you for the warm welcome also. I will definitely take a look at the podcasts. There is so much information on these forums, I can already tell that I have a lot of reading and researching to do, but I am very motivated to get started. See you around on the forums.

Hi Darren, thank you for the warm welcome. That is my goal right now to start with a solid investment property and learn as much as I can about locating good properties, negotiating, landlording and maximizing the property's value. At this point I am looking to buy and hold. It's nice to meet you and I will see you around.

Hi everyone,

I just joined BiggerPockets and am excited to read through the wealth of information on this site and learn from all of you. I have been researching real estate for the past couple of years and I finally feel comfortable enough to make an investment.

I own a small cleaning and maintenance company and would like to somehow use my business in my real estate endeavors possibly to clean, paint, repair and maintain my first investment property.

All in all, I'm here to learn from the experienced members here, to meet anyone else in the area or in a similar situation, and to one day give back to the community.

Ryan