It's ideal for the current/recent market conditions where everyone is projecting rate reductions in the near term.Your current rate is so high that you are already arguably in a worthwhile position to refi but you may have to wait on that for the first 6 months or 1 year of your loan.

I am from NYC but plan on using a FHA loan and “house hack” for the low down payment option in order to start building my portfolio.

I’m completely new to fix and flip but I have been doing some research, I’ve been looking at distressed properties in my area for example one I’m looking at now the listing price is $359k Arv is $550k the contractor fee would be $33k without materials I’ve been looking at fix and flip loans saying they would finance 90% LTC and 100% rehab .

(I'm also a real estate agent)In 1 year from now I have option to buy the property for the existing loan ($376,000 in one year) plus $45,000 directly to the seller.

Quote from @Joshua Thang: Yes 2 closets, minimum height requirement met, it's bigger than the bedroom than the other rooms that was considered a room, 1 window, and 1 door.Personally, I'd have the loan officer do an onsite walkthrough of the house and document the third bedroom for underwriting.

I plan to get a DSCR loan on it after and cash out refi the renovation costs I put in and put into a LLC.1.

Learn financing options like FHA loans, Hard Money Lenders, and local lenders.

Hi Julio,Depending on how many properties you own/Value of said properties and your loan balance.There are some private lenders willing to blanket 2nd position loans if the LTV they are at feels safe.

Keep the majority of your money in your accounts $1.5M liquid reserves is a ton of cash so let it earn you interest.Use the Banks money to lend on a multifamily use a Fannie Mae loan its only 5% down but you can put more down to meet your target monthly payment.

@Nichole Kinardcan you use a low down payment loan to house hack something?