My name is Zach Chappell, and I am a 27 year old from Madison, WI. I have casually invested in stocks and such since I graduated college in 2011, and am now ready to take the leap into real estate investment. I have enough saved for a healthy down payment.
My question is with regard to the concept of "house jumping", which I have seen referenced from time to time. It is apparently a method of acquiring several multi-families with lower downpayment costs.
Would anyone with experience in "house jumping" be able to give me a comprehensive rundown?
Thanks from a newbie,
House "jumping"? Are you sure you don't mean "house hacking"?
Likely, they are referring to.....buying a 2-4 unit property with an FHA loan down payment loan, living in it as required, then doing another. Problem is you can only have one FHA loan at a time, without some legit reason like having to move for a job, etc. You can refi out of the FHA when you get enough equity, and then buy another one after a certain amount of time, assuming you qualify for multiple mortgages. Step 1 is to talk to a good FHA lender to find out the current restrictions, timelines, qualifying criteria, etc.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!