Hermitage, TN · Member since 2016 · 3 posts · 0 votes
Hello, I was wanting for my 1st home I wanted to buy an duplex then stay for about a year then use it as straight rental property..... how does if work regarding FHA loans? Eventually, I'm going to want to buy and home of my own.....will I have to get an conventional loan? And is it true that you don't need the traditional 20% percent down these days? Any help, tips, and ideas are aprecciated.
FHA is for an owner occupant which is 3.5% down, there are many creative ways to get a loan without a conventional 20% payment...
I am working on the same, which is purchase a multi family as an owner occupant for one year then invest 20% into a second multi in year 2..
Living in the first property make sure to run the numbers with you leaving the property- for example if it is a duplex, run the numbers with 2 units and it should cash flow with the 2 units..
To understand your market, analyze deals daily and understand your target renters for your market..
I'm interested in buying an apartment building with ore than 4 units in either Savanna or Tucson. To do this I will need to find a commercial broker that can work in these states. Preferably one broker. How do I go about finding brokers that work in the markets I have identified? How d I vet them? Any tips?