All Forum Posts by: Ashley Cote

@Brett Sorenson @Brent Coombs

Thank you for the replies! I am very new to the realm of real estate so I was just wondering the details of the FHA. I was not trying to imply that I wanted to beat the system, but merely understand the actual requirements to the fullest.

Thanks!

As a renter and not a landlord, I would suggest using a platform that does not charge convenience fees for paying the rent online. Or if you do charge the fees, include them in the rent price originally (it's a mental thing).  It's frustrating when people advertise online rental payments as a feature, but then you find out there's a convenience fee for using the platform.

I am currently wanting to buy either a multifamily property or single family and live in one unit, rent out the rest. 

I am also locked into a lease (12 months from now - just started it). If I were to buy a property and use an FHA loan, by stating that I will use the property as my primary residence, does this have a reasonable expectation that it will become my permanent residence promptly after purchase? Would my best route be to just wait until I am out of the lease, or is there a way to swing buying a home with the FHA while residing in a different place for a few months after purchase?

@Keric Allen The main issue I'm concerned about in Mobile with duplex/triplexes is the age of the property. There is a lot of old buildings - meaning no central air, most likely plumbing/insulation issues, etc.  I was drawn to the multifamily property because I thought renting the unit while living in one side would give me more of a return as compared to buying a home and living in it myself until I come up with enough money to buy a second home to either move into or rent. What's your opinion on that?

@Cameron Small Thanks for pointing me in the right direction. Downloading the podcasts now and adding to my reading wish list!

@Mason Peacock I definitely could be available in that sense. 

Having a maintenance team like that sounds like a great idea. That was my main concern - issues such as busted pipe that need to be addressed in a timely manner.

@Tony Crabtree Did you have any issues with availability? I'm wondering if it'll negatively affect the tenant's experience if I could not be readily accessible 9-5 on weekdays?

Hello! I'm Ashley! I'm 23 and looking to invest in a small multifamily by 25. If you have any advice, I'm willing to listen and learn! I'm starting from the very beginning. I'm saving for a down payment as best I can trying to learn as much about investing and renting as possible so I'll be ready to jump in once I finish saving for a down payment. :) I plan to finance with the FHA, possibly coupled with a 203K loan if needed.

How feasible (if at all) is it to manage your own properties (rental) while being fully employed in thr corporate world? Meaning, I have a 9-5 job. Will this hinder me in being able to manage a duplex/tripex myself? (Planning to live in one unit)

@Matt K. I'm hoping to be able to find a decent starter property around 200K. A duplex is more ideal for me to start with I feel like. 

If I can somehow come up with 20% down (which I don't see being the case in the near future), I would aim for conventional but I think I may go with an FHA loan more realistically.

The debt I'm paying down only has about 3K left. It's all CC debt and not really something I want dangling around if I can just pay it off and get rid of it.