All Forum Posts by: Whitney Moses

@John Warren thanks for the info, i was thinking maybe refinancing may be the way to go but i had no idea about the 5% conventional loan, will definitely do my research about it. I'm not looking to buy again until early to mid next year but i just wanted to know my options, and yes if you know of a good lender who can be a great help to me please refer them to me. Thanks again for the advice.

@Jenny Sayavong I had to get on a repayment plan because i fell 2 months behind. 

I just recently bought my first 2unit via fha loan, and i want to start building my rental portfolio early next year in 2020. I recently talked to my loan officer about my options and he said that i wouldn't be able to get another fha loan and that the next property i buy i will have to put down 20-25% i only want to invest in multi-units for now since it's how i started and want to continue to grow that way. I don't really have 20-25% to put down on a property and i looked into refi and/or doing a HELOC but i saw that one of the requirements is not having any late payments on your existing loan which i do due to loss of a job. Is there any other way? I know partners are also a great solution but it's hard trusting other people especially since i have already been hurt by a business partner before. Any info or advice would help.

I just recently bought my first 2unit via fha loan, and i want to start building my rental portfolio early next year in 2020. I recently talked to my loan officer about my options and he said that i wouldn't be able to get another fha loan and that the next property i buy i will have to put down 20-25% i only want to invest in multi-units for now since it's how i started and want to continue to grow that way. I don't really have 20-25% to put down on a property and i looked into refi and/or doing a HELOC but i saw that one of the requirements is not having any late payments on your existing loan which i do due to loss of a job. Is there any other way? I know partners are also a great solution but it's hard trusting other people especially since i have already been hurt by a business partner before. Any info or advice would help.

@Ray Harrell 

I think the tenants just rent month to month i dont think there are any leases. I still hate to kick them out though. The rents on both units are great, enough to cover my mortgage and some extra cashflow for me. I don't really want to take the risk of not moving into the building, which is why i thought of just converting the basement into a studio apartment. Im new at all this so im not sure on how strict fha is on things like that. Thanks for the feedback guys, Much appreciated.

I recently just bought a 2 unit building in Chicago with an owner-occupied fha loan. Both units are tenant occupied and seeing as though i have to live in one of the properties, ill have to get rid of one of the tenants. My Realtor told me that the basement can be turned into a studio. My question is, does fha allow owners to occupy the basement while renting out the other unit of the building?