All Forum Posts by: Taylor Chouinard

I was almost completed the underwriting for a "operation welcome home" loan which previous allowed in its guidelines that would take income from a rental unit into consideration for the approval of the loan. Turns out they recently changed the guideline and made it that I would have to put 5% down all of a sudden. This property proves positive cash flow and follows the 2% rule however I now have to come up with 8k cash when we were planning for 3k. As a first time home buyer, what would be a creative way of going about getting this 8k when you do not have that funds now.

I'm in the process of buying my first 3 unit multifamily home and I was just curious as of some of other fellow investors experience on this. Is there any hindsight advice I can follow? Like training tenants, allowing pets, thoughts on section 8, and etc..

Regarding the FHA loan, is there clever ways to come up the 3.5% down payment for a rental property? As well as closing costs, fees and considering the 1.5% rule. Also how much would be suggested to have for cash reserves?