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All Forum Posts by: Spencer Fry

Spencer Fry has started 3 posts and replied 12 times.

Creative Real Estate Financing

Post: FHA Loan requirements for 4 plex

Spencer FryPosted
  • Contractor
  • Wyoming
  • Posts 13
  • Votes 2
Quote from @Ryan Short:
Hey Kevin, I bought a 4plex with a FHA loan last year. The only requirement they had was that I live in the property for 1 year. 2 of the units were rented and the other 2 were vacant. If I were you I would just rent them out after you buy the property. There must of been a misunderstanding on his part, they don't have FHA police to see who's renting what units. I wish you good luck on your first purchase.

Ryan, I'm currently looking into doing an FHA on a 4plex. My question is, will lenders use the rental income from the other 3 units to help qualify on an FHA Loan? My banker told me she didn't think she could use the rental income on an FHA loan. Is this True?

0 Votes
General Real Estate Investing

Post: $315k cash on hand- looking for advice.

Spencer FryPosted
  • Contractor
  • Wyoming
  • Posts 13
  • Votes 2

I have 2 parcels of land each around 50 minutes from the east gate of Yellowstone National Park. One parcel is 2 acres and the other parcel is 17 acres. 

I was initially going to build cabins to STR since I can have 3 residences per property. Instead, I'm looking at putting in a campground/rv park on the 17 acres with some cabins as well.

Any advice? Thoughts? Tips?

0 Votes