Rental Property Investor · Sarasota, FL · Member since 2018 · 112 posts · 23 votes
Hello BP world !
Name is Rj just started getting into real estate investing. I am currently working on my 3rd deal but never thought this would happen. I am currently working on a triplex that we put 10k in escrow. I was going to use a FHA loan to house hack. My lender who I worked with before did not do a great job to say the least. They extended twice and want to do it again but the seller does not want to. I have looked into hard money which I used before being what I think is my best bet. I also tried to reach out to the seller personally to get that extension. They have no backup offers but stated they have people interested. I just don't want to lose 10k. Would the seller consider splitting escrow ? Any suggestions on how to go about this ?
Lurkers: FHA loans aren't a good fit for folks with an existing rental portfolio, and aren't a good model match for fixer upper real estate... it's not really relevant in 2019 what a blogger in the midwest was able to pull off in 2012.
Sorry to jump in, but from what I’m reading here is that a conventional 5% owner occupied loan for a three or four plex in a hot market is better than the 3.5 fha?
Home Possible is the 5% down program for multi-families. It is a great product, you are limited to owing only 2 properties, including subject. If you don’t meet the income restrictions, you would have to find the no income limit restricted areas. Unfortunately, you must pre-approved prior to July 28th as they will be eliminating the no income restricted areas on that date.
Hmm, it might now work for us then. Our plan is to buy at the end of the year, and seems like we exceed most of the income limits in my area if they are going to take the no limits away. Thanks @Jerry Padilla for clarifying.