All Forum Posts by: Donald SaintVal

There is absolutely nothing wrong with FHA on the first home. Besides the PMI payment, which may not be a big deal if the cash flow is good enough. At the end of the day, you can easily refinance after a year to a conventional, if you choose to by building a little bit of equity in that house.

The second home maybe require 10% or 20% or honestly something else. That all depends on the lender and what you guys can work out. There are so many different kinds of loans to be offered. If you can refinance that first home before you purchase the second, you can technically even get another FHA.

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Jovon Itwaru

Your real world practical example of the flip is gold. I have been exploring the self directed IRA option and I have had a little trouble understanding g how it would work practically if I wanted to do a flip.

At the end of the day, we are talking a few hundred ($125 In my state) for an entire year. I don’t really see the benefit of waiting 

I recently mentioned my interest in doing this same thing to my lender and they said it would not be an issue as long as it is your llc 

First of all 30k at 21? Great for you. That's incredible. You are way ahead of the game. I know you say it's your life's savings, but the same mentality that got you that much at such a young age will drive you to make much more as you get wiser. Money will come and go. Regarding the property, that $900 I would imagine is for one room, correct? If you putting 20% down the mortgage and insurance will be way below 900 total. If you are renting rooms individually, even at $600 each, you stand to make a good profit. Also you can confident living in one of the rooms and renting out the other 2. That way you can only part with 3.5% down via FHA. More money in your pocket to possibly purchase another.

Good for you for taking positive steps. 740 is good enough to get most any bank loan out there. they look at more than credit score...income, history to name a few. If that 740 is the only thing holding you back, sounds to me like you are ready! 

The Midwest is pretty good. Cincinnati in particular 65k would be more than enough