All Forum Posts by: Account Closed

@Devon Marx I started out doing house hacking on 4 plex. Unless you go with FHA, most conventional banks require you to put down at least 10% for down payment given MF nature of the investment.

On the other hand, you will be stuck with FHA one time fees and on going mortgage insurance.

Hi all, 

I just closed on a property the day before yesterday. I found another one and is going to contract. I am a bit short of money for 25% down and I am thinking HELOC on the property on just closed property. Is that possible?

You can if the deal is multiplex.

@Deren Huang Depending on your age, you would do 40/30/30 strategy. If you are in your early 30s, 40% in equity, 30% in short term bond (liquidity), 30% in real estate and inflation protected assets such as gold. 

It's always good to diversify your return streams.

@Max T. Given that I am closing tomorrow, I don't think I have much choice but to wait 1 year or 25% down with investment property. I do not need both income to qualify for the first loan. 

I and my fiancé took out a conventional 25% down loan with primary resident. Closing on feb 16. We are moving in next week. I found another deal where I really want to do FHA with. How long do I have to wait to safely apply for FHA and to transfer that conventional primary resident to investment ?

@Roy N. To include all those changes, should I talk to lender or title company?

@Roy N. All the information about rent and deposit should show in final closing disclosure correct?

Hi all,

This is my 1st deal and my agent is telling me all the pro-rated rent should be taken care of by title company. I have the final closing disclosure from seller and it does not have any pro-rated rent or deposits from renters. 

What should I do?

@Seth Williams Thank you for pointers. My agent is definitely helping me out.  I just want to make sure I did not miss anything or my agent does not miss anything.