All Forum Posts by: Daniel Hinojosa

@anthonyG 

@Anthony G I was under the impression you can only have one FHA loan at a time and not two like you mentioned waiting a 2nd year to get my second FHA. @Omar Khan I think i will go with a conventional loan in my 2nd property and give the 20% down and wait until i have 20% equity on my 1st 4plex property. It was just a great year house hacking the 4plex that I wanted to repeat it again this year with another 4plex without giving that much down or going high on interest. 

Thanks everyone, really appreciate the info!!!

Thanks everyone

No, I didnt have a low credit score. This was at the beginning of the year when the interest rates hiked to 4.25 (I was at 720). I do not have 20% equity, but I wanted to free up my FHA in my current house hack to do it all over again without putting a large amount down.

Good afternoon everyone. Hopefully someone has done this before. 12 months ago I bought my first real estate investment. A 4plex with an FHA loan. I am currently living in one unit and renting the other 3 (house hacking). I want to get started on my 2nd deal one year later (which is now) and want to purchase another 4plex to house hack with an FHA loan. I visited a local bank today but they want to do a conventional loan at a 6% interest (I currently have a 4.25%) and do a 20 year fixed rather than a 30 year fixed. My monthly payment will now increase to $320 a month washing away my cash flow.

Has anyone done something like this before and what methods have you used. I really want to go with another FHA loan with the next 4plex but the numbers need to make sense when refinancing the one I currently have.

Thank you very much in advance and Happy New Year. 

Thanks Anthony, I currently do not have equity on my 4plex since I just bought it in Feb. I do have a 401k but I will probably do that as my last resort. I will continue to look for local lenders just as you mentioned. Appreciate you reading my post. 

Good Afternoon, back in January 2017 I found a cash flowing property listed at $98,000 . I had my eye on it for a while but decided to go with a 4plex. The property is a home 3bd 1 ba and has a mobile home also 3bd 2 ba. Since my plan was to house hack I went with a 4plex, got an FHA loan that I ended up buying in February 2017. Its time to get another investment property and this home/mobile property is still in the market now listed at $89,000. Each unit rents for $1,100. I went for a pre approval with my mortgage broker and was ready to offer $75,000 since this property has been on the market for 1 year and 6 months. First I was skeptical of why it wasn't selling so I setup a showing with my realtor and saw the property. It is not in the best conditions, needs a few fixer uppers but is not in bad conditions. The best part was the renters did not want to move out. They wanted to continue living on what they call their home now because it was close to their children's school. To my surprise my mortgage broker tells me his lenders will not approve an investment property with a mobile home. I had never heard of this. I was ready to give 20% down and cash flow at least $800 a month. Then I visited a local bank in my area and was also told the same thing. Lenders will not approve an investment loan with a mobile home. I have the option of asking the seller if he wants to do owner finance. But was hoping someone had gone through a similar situation and found another solution. I really do not want to involve private investors.

Thanks-Daniel