First Investment 4-Plex (Financing Questions)
Hello BP!
I am from the Greater Seattle/Tacoma area in WA and am looking to purchase a 4-Plex property by the end of this coming summer (August-Sept.)! It will be my first property purchase and I intend to househack the 4-plex, while taking advantage of an FHA owner occupant loan w/ 3.5% down.
My Questions:
- I have heard of "First-time homebuyer seminars" that are home-buying classes where after they can help provide "downpayment assistance" up to some amount (I believe 4%). Can I take advantage of both FHA owner-occupant (3.5% down) AND receive downpayment assistance from attending a seminar??
- In hopes of finding a property for around $300,000. How much in capital would you make sure to have set aside for this investment purchase? I am aware of all the fixed costs (comissions, closing costs, etc.) that come along with purchasing a property. However, I have not yet purchased and am unaware of how much these costs can amount to as I am looking to generalize a target goal for saving over from now until Sept.-Aug.
- Purchasing Foreclosed/Short-Sale Properties- As I have checked out foreclosure/shortsale listings. I often see "Cash offers/buyers" only and am left with this question. Are Foreclosed/Short-Sale properties possible to obtain if financing with an FHA owner-occupant mortgage loan??
- As I have expressed my interest towards investing in multi-family rentals, I have several trustworthy colleagues who agreed they would be interested in teaming up on investments. However, I wouldn't necessarily want to reduce my cash flows by 50% from taking on a partner in a 4-Plex deal. Therefore: What are some of the best (most profitable) methods in regards to teaming up with a friend for financing a property?
Thank you for taking time to read through my situation and questions! I appreciate all feedback and am open to any suggestions you may have!
Sincerely, AW