All Forum Posts by: Alex Welch

So I'm trying to buy my first real estate deal. I found a duplex in good shape that checks off everything I have been looking for. Planning on house hacking, living in one unit and renting out the other. I was originally basing my mortgage pre-approvals on using an FHA loan. However, the multi-family properties I have been viewing and the one I am trying to purchase would not pass an FHA inspection and out of necessity, switching to using a conventional loan. For my down payment I was going to use a 401K loan, and still am, and as part of my offer have the seller cover closing costs. However, switching to Conventional from FHA has increased my down payment amount needed significantly going from 3.5 to 15 percent. My 401k loan will now will not cover all of the 15% down payment, what is some creative ways everyone has used to finance a deal like this, besides asking friends and family for money?

Also, I have been reading the book Investing in Real Estate With No Money Down by Brandon Turner.

Hey all, I'm new to real estate investing but have been trying to soak up as much knowledge before I go through my first deal. I'm looking to buy a Duplex or Triplex in the Bloomington, IL area and live in one unit and do a House Hack. I recently got pre-approved through a lender for FHA financing with the 3.5 down. I found a property I'm pretty excited about but am wondering what I am missing/what are the biggest blind spots for new investors? Is anyone struggling to find tenants or collect rent because of the COVID Pandemic? What other major concerns should I have while buying my first rental property?

The Multi-Family house I recently found is a Duplex near 2 colleges and at their current asking price seems like a steal. I still need to go and actually look at the property and hopefully try to find out why they're selling.