All Forum Posts by: Stephen Mcnulty Jr

Hello,

I finally purchased my first duplex using a 3.5% down FHA loan. I'll be living in one unit, having a roommate paying me rent in my personal unit, and also renting out the other unit. I'll be profiting a few hundred dollars after paying the entirety of the house payment and when I eventually move out in a year, the property should cash flow nicely with both units rented out.

I'm curious for ideas on how to acquire my next house hack with as little money down as I can get away with since the goal is to buy a property a year from closing on this duplex I just purchased. I believe I could purchase an owner occupier single family home for 5% down and just get a bunch of roommates. I'm thinking anything multi family will require a minimum of 15% down. Not sure if 203k loans are considered FHA loans since I know they're intertwined, but if they're not, that could be a great option. Any ideas I'm missing? Curious what others have done in similar situations.

 I would start to contact lenders and ask them. I sometimes will reach out to 10 or 20 lenders in a week comparing rates and asking questions. With doing this I often can negotiate terms and rates. Are you wanting to invest in your area or are you looking at OOS investing? 

@Stephen Mcnulty Jr If you’re looking to avoid putting 20% down and also need something that is quick, plenty of lenders offer products that would have you bring 11-15% to close towards acquisition. You have to factor in closing costs, you’re still significantly under that 20% threshold with the added benefit of speed and flexibility.