All Forum Posts by: Michael Shibko

@Michael B. It turns out the program the lender was trying to qualify me for is HomePossible or HomeReady.  However there is a maximum income limit for the loan.  There are pockets with no income limits, but most areas are not desirable.

Hello BP, last year I used an FHA loan to buy a duplex that I now owner occupy in Columbus, OH. My plan was to refi to a conventional 30 year loan in order to free up the FHA to use on a 2-4 unit property to owner occupy.

I recently learned that portfolio lenders are able to do 30 year loans on a duplex with an owner occupant with a 5% down payment.  So I would be able to skip the refi of my current home and move forward to getting pre approved for a new loan with a low down payment.  I have found one portfolio lender that has told me that they will be able to do the 30 year/5% down loan. 

Does anyone have expirience with portfolio lenders that I can work with? 

Also since this option wasn't apart of my initial plan I am not entirely sure this is the best option for me, so advice/guidance would be appreciated.

@George Maka thanks for the advice! I've learned a lot so far from Bigger Pockets. I'd like to have a conversation about the Columbus area and why exactly you're interested. 

@Mark Oriold as of right now I'm searching for multifamily homes. I'm planning on reinvesting all cash for more properties. I think it's a realistic goal for me to acquire one property a year for the next five years. 

Hey guys,

My name is Michael Shibko I am a new investor in the Columbus, Ohio area.  I am a 2014 graduate of Ohio State with a degree in Chemical Engineering.  I have been researching buy and hold properties in the Columbus area with the purpose of generating cash flow to reinvest in more properties.  I have read some of the Bigger Pockets books and have been listening to their podcast and have decided to become more involved on the site in order to help me on my real estate investment journey.

Hey guys, my partner and I are looking to invest in a buy and hold property in Columbus. We've read several books and have listened to some of the BP podcasts and we're looking for some more guidance here. We'd like to find a multi family property that's 100% occupied and has good cash flow. We have about $15k for a down payment. We've been looking at a lot of properties in the $40-80k range. We've been pre approved for a mortgage loan so we're ready to get in the game soon. Our goal is to reinvest all the capital and grow our portfolio over time. We are considering starting with a class C property which could be a risk. Any advice would be greatly appreciated!