Webinar: How to Buy Your First, Second, or Third Rental Property!

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Wednesday, June 19 at 4:00 PM Pacific, 7:00 PM Eastern

Investing in real estate is a lot like moving a long train: the most difficult part is starting, but once you get going, it's hard to stop! That's why in this free online class, Brandon Turner (co-host of The BiggerPockets Podcast) is going to help you get your "train" moving by walking you through the necessary steps to buy your first, second, or third rental property - to build your momentum for a life of financial independence!

We'll be covering:

  • How to get the funding for your first few deals... even if you don't have much cash
  • Three actionable strategies for finding great deals hiding in plain sight
  • The simple 15-minute step-by-step process you need to focus on NOW
  • Plus a lot more!

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I have a question please about buying property with an FHA loan. If I own a property under my LLC where I am the sole member can my husband legally still get an FHA loan? The home purchased with the FHA loan will be our primary residence.

I live in a very competitive market right now (looking anywhere in and around Portland, ME). It has been expressed to me by a few that when making an offer that FHA doesn't look as good as going conventional and putting down 20%. In my eyes, the seller is still going to get the money. Does anyone have any input on this? I would love to go FHA and save on upfront costs then refi, but also want to get my foot in the door and be competitive with offers. Any thoughts would be greatly appreciated.

Thanks!

Kyle Neagle, the reason the FHA offer "doesn't look as good" is because the guidelines on FHA financing are stricter and the appraisal process is stricter as well. A conventional appraisal might see something like minor wood rot on an exterior fascia or more likely a 20 year old roof as buyer beware type things, the FHA appraisal will condition to have those items fixed prior to lending on the property. So, the seller see's an FHA offer as a possible hindrance to sell the property as they might have to negotiate to fix certain items prior to your bank being able to give you the money to close on the home. If you take the words of Brandon Turner with Bigger Pockets, it is good to give the seller options. So you could do something like option a is that you will offer a higher price on a home with FHA financing because this is less money out of pocket for you at closing, or a much lower price with traditional financing with more money out of your pocket. There are a lot of variables that are unknown in your situation, but hopefully you get the point.

Good evening,

I just got my offer approved on my first house purchase. It's a multi-family 2-flat in Chicago that I plan to house hack. I was wondering if there is anything I can do in the due diligence process that would better my chances of the appraisal going smoothly? 

I am using FHA financing so I know that the guidelines may be a little more strict, but I also have my inspection scheduled for Monday next week so I will know more about any issues in the unit that I hadn't seen on my walkthrough.

Thanks in advance for any replies!

Tyrell,

Congrats!  How exciting!  I'm not sure how you could make the appraisal go "smoothly", but as for due diligence, I would suggest to plan for possible problems before they come up, so your mind and wallet are prepared.  For example, what did you notice on your walk-through?  How will you correct it, if the seller won't?  Are you a hands-on guy, wanting to fix stuff yourself, or do plan for professional assistance?

Also, think about your local codes (furnace, ac, plumbing, roof, electrical)...the age of the property and past residents (was it a rental with alot of wear and tear)...of course, what, if anything is a deal breaker for you (whether it's repair costs or excessive liens on the property, etc.).

I know it sounds like a lot, but running through possible scenarios should make you more prepared and confident during the home stretch...best of luck!

Gennifer,

Thanks for the reply! The house is being sold as-is so anything that needs to be fixed/repaired will be on me. There was really only one issue which was a small hole in the ceiling in one of the bedrooms on the ground floor, but I'm sure the inspection will bring more to light. I would love to start to be hands on with things in the future but right with this being my first building it would probably be best to let the pro's handle anything.

I will for sure begin to mentally prepare to jump through some hurdles! Thanks again!

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