All Forum Posts by: Travis S.

Originally posted by @Russell Brazil:

Originally posted by @Travis S.:

Originally posted by @Russell Brazil:

Originally posted by @Travis S.:

Originally posted by @Russell Brazil:

FHA loans should only be reserved for those with marginal credit or for multifamily. The 3% down Homeready loan from Fannie Mae is a much superior product, assuming good credit.

What is the benefit of the FHA for multifamily over the 3% down conventional? All lenders are telling me FHA is too expensive and too much hassle . I want to do a duplex househack and likely roll repairs into a FHA 203k loan if that helps you understand my situation.

You can not do a small down payment with a conventional loan. So the benefit is the loan down payment with FHA.

Sorry I'm not understanding . You can't do a small down payment conventional with a multi family ? Conventional is 3% down and FHA is 3.5%. is the kicker the fact that it's multifamily(duplex)?

Low down payments for multis are only available with FHA. The 3% down conventional is only for single unit properties.

I appreciate you clearing that up for me. Thanks! 

Originally posted by @Russell Brazil:

Originally posted by @Travis S.:

Originally posted by @Russell Brazil:

FHA loans should only be reserved for those with marginal credit or for multifamily. The 3% down Homeready loan from Fannie Mae is a much superior product, assuming good credit.

What is the benefit of the FHA for multifamily over the 3% down conventional? All lenders are telling me FHA is too expensive and too much hassle . I want to do a duplex househack and likely roll repairs into a FHA 203k loan if that helps you understand my situation.

You can not do a small down payment with a conventional loan. So the benefit is the loan down payment with FHA.

Sorry I'm not understanding . You can't do a small down payment conventional with a multi family ? Conventional is 3% down and FHA is 3.5%. is the kicker the fact that it's multifamily(duplex)?

Originally posted by @Russell Brazil:

FHA loans should only be reserved for those with marginal credit or for multifamily. The 3% down Homeready loan from Fannie Mae is a much superior product, assuming good credit.

What is the benefit of the FHA for multifamily over the 3% down conventional? All lenders are telling me FHA is too expensive and too much hassle . I want to do a duplex househack and likely roll repairs into a FHA 203k loan if that helps you understand my situation.

Hey Jason,

For this I would suggest talking to your lawyer especially if this is your first time taking on a partner. 

Is there an Indianapolis REI Slack Workspace currently ? Would anyone be interested in one if I created it? Anyone would be welcomed. Maybe a general BP Slack workspace with individual channels for specific locations would interest people? Chime in and let me know!

Anyone have referrals for experienced contractors in Indianapolis? Seems like most are busy and I'm going to need some duplex rehab work done. Feel free to post here or pm me. Thanks! 

Originally posted by @Mark Jones:

@Travis S., my advice is to go with something that has at least 2 bedrooms per side and will rent for at least $800 per side. Inventory is a little tight. I’d try to pick a few areas of town that interest you the most and start researching them and running numbers. You’ll be able to move quicker and with more confidence when you do find something. Good luck. 

Thanks for chiming in Mark and good advice! Currently driving for dollars trying to get ahold of owners . Hopefully I can find something where the numbers work soon ish. Appreciate the support ! 

Noobie investor here looking to house hack a distressed duplex in Indianapolis. Plan to live in one unit for at least a year(solid credit score) and plan to leverage my current salary to keep purchasing real estate . Looking to network with any Indy wholesalers , investors, contractors, realtors, etc . Any recommendations or input are very much appreciated and my feelings aren't easily hurt :) I want to move fast but realize chasing deals due to time constraints is preparing for failure. My $1400/month lease ends in a couple of months so I'm prepared to rent something much cheaper temporarily until I can find a great deal. Im down for attending meetups or just grabbing a beer if anyone wants to talk shop sometime . happy to be here. enjoy your memorial day weekend BPers :)

Welcome Kyle. even though I am a noob myself, im looking to cut my teeth with a duplex house hack too only I'm in Indianapolis. Look forward to following your journey as you share it.