All Forum Posts by: Steven Bays

So I bought my first duplex with an FHA loan for 128k and it was appraised for 130k. PITI IS 1025 a month and I rent out the other side for 650 a month. Now I know that this isn't a great deal but I bought it before I became a member and learned all about REI. Now that the damage is done and moving forward, which action would be the Most appropriate? Obviously this will negatively cash flow but do I have anything to look forward to or is selling on this property something to consider in the future

Dawn Anastasi that sounds better for sure. I really think we could swing another two properties next year if we can FHA one. I will definitely ask my lender about that. The risk for this is great no doubt about that but I think with three properties at my age of 25 sets me and my family up for a good future. I do think our DTI will be too high after our third acquisition to go conventional lending until rents become a part of income two years from now

Troy Fisher isn't FHA loans pmi permanent now anyways? So aggressively paying until you reach 20 percent a pointless thing to do at this point?

Troy Fisher thanks for weighing in. We are planning on buying an investment property and living in a quad to make a total of three investment properties one being an OO. as far as advice goes. Anything to stay clear of while we build our portfolio?

Kurt K. We are getting married next June as well. Do you know if we get married but the FHA loan is completely in my name that she can get one?

Absolutely. FHA loans require you to live there for one year correct? My one year requirement would come up next June since I bought my duplex this June. We could then move into a second place next year and be totally within the law. Ned Carey thanks for posting. Even if we are married by next year we could still use her FHA or am I mistaken? If so I am really excited

Exactly. My year would be up in June. The fiancé and I have already spoke about this in the past but wanted others to weigh in

Bump for the mobile app

I was interested in what you all thought about this idea. I currently have an FHA loan on my duplex which I purchased in June. I will be making my next purchase in March for another MF but got me thinking that my fiancé could use her FHA loan to purchase a 4 family by next June or later. This we can get an extra place for only 5% down. As long as we cash flow appropriately would this action work out or are there major objections? Would like to hear from he BP community!

Steven Johnson we would be leaving our duplex now in June which would be one year and living in the next one for a year. Nothing illegal