All Forum Posts by: Devon Yates

 Sasha,

This has been my exact experience and what my agent has told me.  I'm going to stick with it but sometimes it seems hopeless until I have enough for conventional financing (which is 15% for a duplex).

I'm trying to buy my first house hack via FHA and am finding it almost impossible so far. I have a good job and am increasing my savings fairly quickly but am having a hard time either a) finding sellers that accept FHA or b) getting out done by someone with conventional financing. I actually had an offer accepted but the sellers pulled out at the last moment. And just recently I got close with a duplex in Carson but the other offers were conventional financing. I could easily get a cheap house or a condo right now but I really don't want to do that. Any success stories recently? I need to know there is hope. Or not lol.

 UPDATE: Sellers pulled out.  Back to the drawing board lol.  Thanks for the replies everyone!

1/1 duplex, 700k, 5% down, FHA. Going to house hack it. I am also going to do some improvements on the rented unit in order to maximize rent (AC, paint, flooring, etc.). Things have changed since I accepted the offer (interests rates) so if I pulled out, I would be entering a more expensive market in both price and cost to borrow. However, I would have a little more money to maybe get a slightly better property. I am not necessarily leaning in that direction but that is my thinking.

Loan has been approved.  All of that has already been taken care of.  That's a good point about locking in the price.

Hello all,

I am currently in suspended escrow on a duplex and have been since late March.  Escrow cannot resume until sellers are in escrow on a replacement property.  They have a few more weeks until the clock runs out.  At the point I can either give them more time or pull out.  By the time this happens, it will have been well over 2 months.  I have still been saving and theoretically I could maybe find something better as I have still been saving.  What does the BiggerPockets community think?  Should I give them more time if it gets to that or would you pull out and try your luck elsewhere?