How to Proceed with an FHA loan?

Question

I have been pre-approved for an FHA loan and started looking for duplex, triplex or 4-plex that will be in my price range.  Can these properties be found here in Orange County or will I have to look out in Riverside or San Bernardino Counties?

Iris Luo · Answer

@Clint Kreider,

I am interested in purchasing 3-4 properties as well. Could you please send me the list when you have a chance? my email: irisluoyijiaATgmail.com

Clint Kreider · Answer

@Christopher Hunter Alright, can you message me your email so I can send you that list? I should be able to send it sometime tomorrow.

@Matt Sauls Hi Matt! Just to be clear I am referring to a list of active properties on the MLS. If that would be helpful to you let me know your criteria and I'll send it over. I'll also need your email.

Christopher Hunter · Answer

@Clint Kreider Yes that will help a lot.  I have no problem moving out there to acquire my first rental property.

Christopher Hunter · Answer

@Albert Bui Thank you for your input.  I will definitely do my due diligence.

Clint Kreider · Answer

There's nothing at that price in Orange County. I can send you a list of properties in riverside and San Bernardino sometime. At that point I would advise running the numbers to see if you can cash flow or break even considering the PMI and low initial equity when using an FHA loan. Bigger pockets investment calculators are very helpful.

Albert Bui · Answer

HI Clint I work locally and based on the that price range you might have to go to the inland empire, apple valley/victorville area, or in the san bernardino or riverside counties.

East LA areas, long beach, anaheim, or santa ana are probably the lowest multi unit area in terms of pricing for LA and OC but it can be a bit rough too. I am sure there are a couple more areas but not for 166k.

In LA or OC it might be even hard to find a studio condo for 166k.

FHA is very demanding on your loan conditions with rentals since these will probably not be in the best condition. I would definitely do my due dillgence on the property to see if conforms to FHA guides, definitely not a task for a newer loan officer.

Christopher Hunter · Answer

@Clint Kreider What would be a good source to find the kinds of properties I am looking for?

Christopher Hunter · Answer

@Clint Kreider @166,000

Clint Kreider · Answer

@Christopher Hunter What is your price range?