I am currently renting, planning on buying next year hopefully. I plan to use a regular FHA or a 203k FHA loan for a multifamily. What I am trying to figure out is what would be the best way to go about finding a great price/deal in a multifamily property, where should I be looking for these kind of properties? meaning like what websites, local places, etc.. or should I be looking into REO's, I am not sure.
Any help, opinion and advice will be highly appreciated,
Thank you everyone.
You should post more info about your approach. Are you handy? Want a building that is a project? Or up n running? As owner occupied, the Hud homestore site will give you a bidding advantage over investors, but be aware that there is a certain amount of fraud in that process (investors successfully posing as owner-occupants). Stil, having other people paying into your equity is a sound practice. Read BP read BP...good luck!
Build your team first! Interview agents and find one that often deals specifically with investors, then find a local mortgage broker who lends to investors in the area. Talk to a CPA and a real estate attorney....Then talk to everyone you can about what you want to do! The more people you let in on your plans, the more likely you are to find that person who says "you know, I have a neighbor who is looking to sell…." Local real estate professionals will also be knowledgable with regards to new up and coming areas that you may want to focus on. Set up your team first, then worry about the deal. The deal will come with the right team in place…"Real estate is about relationships"
Another tip…google around and find the master plan of the city in which you live. It will talk about revitalization projects that are happening as well as projects that might be occurring 3-5-10 years down the road. While the city is dealing with the red tape of setting some of these projects up, you can work on finding a deal nearby some of those projects and get a jump on the 99% of the other folks who will say "how did he know to buy there?"
Hello David Epstein and Joel Leveille
First I want to thank you David Epstein for the HUDHomestore reference and thank you Joel Leveille for the great advice on building a team which I think makes perfect sense and thank you both for your time.
And well a little deeper into what I really have on mind/my plan is to hopefully find a owner occupied multi-family to live in until I can refinance to a regular conventional loan to than be able to get a new owner occupied property with a new FHA loan.
I guess what I really want to find is a cheap/low purchase price property that is in less than in perfect conditions that has the potential to get me a good after repair value to create some equity on the property right after the repairs, preferably a multi-family, but if the numbers are good I could do a residential, I want to do this using a FHA or 203k FHA loan.
I am trying to find a way to do this and the best methods. Also, is this plan doable and does it makes sense as far as getting a good return on investment?
Any help, advice and opinion will be highly appreciated.
Thank you all of you.
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