All Forum Posts by: Anthony David Quinn
Anthony David Quinn has started 3 posts and replied 6 times.
Post: Using the FHA 203(k) Loan as an Investment
- Posts 6
- Votes 2
👋 I see this was posted a while back. Wondering if/how this strategy worked for you as I’m thinking of doing something similar?
Thanks
Anthony
Quote from @Chris Merchant:
I do not have much experience with the 203k, I did however read about it in a book by Brandon Turner (the no money down book) and I can say if I was going to house hack or do your plan of buy live for 12 months while doing a live in rehab I would certainly use the 203k loan if I needed any sort of conventional financing as long as I and the property meet the requirements for the loan. The USDA also offers similar loans (for more rural locations with stricter location restrictions) but they offer 1 that you do not even need to live in for the year, it is strictly for rural investment properties, but it offers the same benefits as the 203k as far being able to roll rehab costs into the loan.
Again I have not used either of these loans myself but did read about them in Brandon's book and was rather intrigued about the different loans out there through conventional lending institutions.
Thanks for your input. I appreciate it.
Hi BP. New investor here.
I currently own a primary residence with about 170K in equity. I’m looking at purchasing a new property as a primary residence, renting out my current home and with a view to renting out the new property after 12 months. I’m unsure of the best strategy. I have three potential options (I think).
1- FHA 203K Loan.
Buy a distressed property and use the 203K loan to rehab. After 12 months rent out.
2- Buy a more turnkey property with a conventional loan 5% down. (Worry is that nothing cash flows with rates so high and only 5% down).
3-Conventional loan on a fixer upper, take a HELOC (approx 120K) on my current property before we rent out and use that to rehab.
I’m hoping someone with experience can help guide me.
Thanks so much!
Anthony
Thanks so much for the response.
Hello BP, I am looking for some help.
I own one single family which is my primary residence. The property has a value of approx $300K (neighbour just sold for 300K) mortgage of around $120K. Im thinking of either selling the property and using the money to fund live in flips and build up capital that way. Or use a HELOC to access the equity, rent out current home and then use the HELOC plus some other funds (about 20K) to try and BRRRR. What do we think is best approach? Also, where do people find good BRRRR properties. Everything I find on Zillow is too expensive to make work.
Thanks
Anthony
Hi all,
I currently own a single family in New Haven. The plan was to rent it out and house hack a small multi family as our next investment. However, we received a call from an investor offering us pretty much double what the house is worth.
I can’t understand why?
If the offer is legit is it a no brainer to sell and walk away? How do you gauge when it’s better to sell or hold as a rental?
Thanks
Anthony