All Forum Posts by: Sylvia H.

Hi! I am in the process of trying to purchase my 1st multi family house hack.

My plan is to take a HELOC on my current single family home & rent it out. And move I to the multi-family.

I reached our to a mortgage lender & he is saying the only way I can purchase a multi-family is to purchase a single home with a separate accessory unit on the property (like a separate cottage or such) versus a duplex/triplex.

I need to take advantage of the 3.5% down in order to make this work.

Why would it have to be a separate accessory on the property vs a duplex/triplex?

I'm Confused?

Thanks in Advanced,

Katrina 

 Good for you, but that's not common. I'm trying to give the OP a heads-up.

You honestly don't have to take my word for it since I haven't done it personally, but my lender actually brought it up to me to buy a vacation home for 10% with the intention of being there a couple of weeks out of the year and renting it out the rest of the time, my parents did it with their vacation home in Tahoe, Tony Robinson interviewed his lender who talked about it on his own podcast, and Tony Robins talked about it in his book "Money, Master the Game" with the Island he owns. He goes there a couple of weeks out of the year and he uses the resort he built on it to pay for it. Also, the FHA loan helped a low-income family of 5 was interviewed on a different podcast become investors. They are currently in a triplex as their 2nd property using FHA and are almost financially free. No doubt that there are wrong ways to do this stuff, but educate yourself and don't stop at your first no.

Many people have used the approach where after 12 months, they refinance the first property, go buy the next one with a new FHA loan and rent out the unit they were previously living in for only 3.5% down instead of the 15-20%. Haven't done it personally, but that was the approach I was looking at to get started. You could also look into a vacation home loan which only requires 10% down, as long as it isn't too close by. I have to keep reminding myself as well that those first few properties are always going to be the hardest. Buying rentals is a long-term play. No get-rich-quick scheme here!

Hello all, as the title describes can anyone spell this **** out for me? I live in Kings county California, I got my R.E License this year and will be renting out my primary residence as i am in contract to move to Fresno, Ca. I will be managing the property myself. I'm currently racking my brain trying to draft up a lease agreement. I have access to the California Association of Realtors where we have all updated forms that go into a lease but I'm just stuck at what other forms i need. I have the basic lease agreement Rev. 2021 and pet addendum. 

Also does anyone have any experience with Rentspree for screening tenants?

Thank you in advance!

Hi I thought there required a couple years between FHA loans at least?

Common idea, but realize that a lot of good contractors will not let the customer buy materials...it's not just the mark-up, but liability/delivery/loading/etc.

You're much more likely to get younger, less experienced, unlicensed/insured kinda guys...so if you go this direction you need to be SUPER careful....