Rental Property Investor · Columbus, OH · Member since 2019 · 4 posts · 7 votes
To all:
My name is Craig and I just returned to Columbus after living in Washington DC and Latin America for several years. I am just beginning my REI journey and as a believer in setting goals / affirmations, I wanted to share them as my first post:
"I desire to invest in real estate to increase my monthly cash flow so that I can achieve financial independence, seize control of my life, and build wealth to pass along to my future family"
With this in mind, I plan to purchase a 4-unit property and house hack (live in one unit and rent out the others) by the end of 2019 / early 2020. I would also prefer to invest in B/C rated neighborhoods and am still in the process of identifying these exact places.
So far, I have found the Columbus RE investing community to be simply amazing and I am thankful to have been referred to this website - there is so much great material here.
My question is, how did everyone else define their goals / start their investment journey?
Lender · Cleveland, OH · Member since 2011 · 587 posts · 435 votes
7y
@Craig M Chavis Jr welcome back to the buckeye state! If you are going to househack in Columbus you might want to consider the Homepossible mortgage which requires as little as 5% Down on 4 unit properties. I posted some information on househacking with Homepossible in Cleveland. Same principles apply in Columbus. Might be worth a read.
Lender · Cleveland, OH · Member since 2011 · 587 posts · 435 votes
7y
@Craig M Chavis Jr welcome back to the buckeye state! If you are going to househack in Columbus you might want to consider the Homepossible mortgage which requires as little as 5% Down on 4 unit properties. I posted some information on househacking with Homepossible in Cleveland. Same principles apply in Columbus. Might be worth a read.
Lender · Cleveland, OH · Member since 2011 · 587 posts · 435 votes
7y
@Craig M Chavis Jr There are quite a few advantages when comparing homepossible to FHA.
- Conventional offers are generally considered stronger than FHA
- Conventional appraisals are generally less nitpicky than FHA
- FHA requires an up front PMI/MIP equaling 1.75% of the loan amount whereas Conventional does not require an up front PMI
- FHA requires a monthly PMI that in most cases will never fall off of the loan whereas conventional monthly PMI will fall off once you have the necessary equity