I am new to BP. I am looking for some advice/opinions on my general investment plan.
I own and live in a condo in Jersey City, NJ with an FHA mortgage. I plan to access the equity, about 60k, thru a Cash Out Refi to a conventional.
I then plan to purchase a multi-family property, also in Jersey City, rent out the condo, and house hack the new property. Not sure if I could purchase using FHA?
I would love to hear any other stories or recommendations that may pertain to my situation.
Has it been 2 years since you bought the condo? If not, you will be deemed an investor, paying a higher rate and putting down 20 to 25%.
Plan are great, but like Mike Tyson says, everyone steps in with a plan until they get punched in the face. Not here to deter you, but I see a lotta posts from guys with less than 5 posts asking to be spoon fed info, I was guilty of that too. People will help you, yes, but to an extent.
Reach out to a lender is my advice, youre plan is good but everyone has the same plan. Take action, get experience under your belt, I'm doing the same. Expect you will get cheated somewhere down the line, but try to minimize as much as you can. Best of luck.
@Sunny Suh Good advice what kind of properties do you hold in Jersey City?
@Chris Daliani I'm a noobie, working on a two-family deal in the heights but running into some setbacks.
@Sunny Suh I am a newbie also....really? what kind of set backs if you don't mind sharing.
@Chris Daliani i speak about it in my little diary entry, but i did an oil tank sweep and we're at the negotiating table, there's also other issues like with the roof and electric. i negotiate for a living (work in sales), but it seems like only our attorneys can duke it out, which sucks for me. but it may be better for the first time around.
there's a meetup in the area next week, not sure if you're the chris that was mentioned, but feel free to come by. i'll be in toronto for work, they're all good guys looking to help others.
@Sunny Suh Where is your diary? I'll read it. I also had a deal fall through over an oil tank...sucks. I know some contractors if and when the time comes if you need it.
Where and when is the meet-up? All BP people?
@Matt M. Generally speaking, you'll hear that you can have one FHA loan at a time - but you'll find some people advising to the contrary. You'll find tons of info online - but like @Sunny Suh recommended, you're best bet is to speak with a lender and outline your particular situation.
Here's a link to get your research started: http://portalapps.hud.gov/FHAFAQ/controllerServlet?method=showPopup&faqId=1-6KT-879
@Chris Daliani Here's a link to Sunny's Diary entry so far...
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