You can acquire your a primary residence from up to 1-4 units for as low as 5% with conventional or 3.5% FHA with a few exceptions.

I was going to use this home as my primary residence and do the 203K loan to build a ton of equity How did you find this deal and how did you negotiate it?

Just started with a new employer that pays for housing, vehicle, and fuel.

Most residential mortgage lenders that I work with max out their LTVs on primary residences at 70%, which would mean a loan of $336k.

Is our primary residence and is a long term live in flip. $490k mortgage.

Borrowers can acquire a primary residence from up to 1-4 units for as low as 5% with conventional, as the regulation was approved last year of November 2023.

Most of the time, unless you bought many years ago or got some other crazy deal, primary homes don't make good rentals because you paid too much for them to ever really make any money.

But since it was being used for investment when you sold it you also qualify for a 1031 exchange.If you find that you still have any taxable gain leftover after the primary exemption, then you can indefinitely defer that tax and not have to recapture any depreciation in a 1031 exchange.

@Kyle Kline“Investing for equity and not cash flow” doesn’t mean “buy properties that don’t cash flow.”To me, invest for equity not cash flow means that the PRIMARY reason to invest is for equity growth and an increase in net worth and NOT cash flow.I’ve been investing for over 40 years and while cash flow is important, it’s not why invest.A property must be self supporting ie produce enough cash flow to cover debt service, operational expenses including repairs and replacements.

The seller was willing to do a carryback in the second position and the bank was the primary position.