All Forum Posts by: Firoozeh Mofakhami

Did you ever complete this deal? Very curious!

Hi - need some advice. I found a property that has 4 buildings (1 is a 2 unit, 2 cottages, and 1 storage garage), that has been grandfathered into this allowance. It's in an emerging part of town, with lots of new condos going up - hip hotel coming up, restaurants, etc. This property has been on the market for some time likely b/c it's considered historic and cannot be torn down and the exteriors must be maintained, so a lot of investors are not interested. I think I could make ok cash flow on it with existing rents, or renovate the interior and get more rent. My main concern is what this property will be worth 10 years down the line and what my exit strategy would be. Will it be worthless b/c no one else will want to buy it b/c of the hassle and inability to tear down? Or will it appreciate? Are tax incentives for historic homes worth it?

@Ali Boone haha - thank you! Your advice is greatly appreciated! My thinking was to put down as little as possible - hence the FHA...but I could likely put down 20%. We are also looking in a physician's loan whereby we can put down little to nothing with no PMI. But I'm worried we might have missed the window on this.

@Jon Schwartz Would love to connect - we sound like we have similar situations.

@Ann North Thank you for that that - PMI is a lot!

@Joe Scaparra Wonderful!! Thank you - this is very helpful, but back to having too many options ;)

I'm very luck to be in the situation I'm in - but the more options the more analysis paralysis. My husband and I make a good living, both work remotely, and currently live with my in laws (new baby!). Therefore, we don't have an existing house, and are open to living or investing anywhere with no real limitations on timing. I'm currently determining which market, and what strategy. After my initial research, I think my first investment should be a house hack because I can take advantage of an FHA loan, whereas if I purchase another property to flip or hold, I would no longer be eligible for an FHA loan (even if I don't use the FHA loan to buy this property). Is this accurate?

Related Questions

• Would I lose my option to have an FHA loan if I purchase a rental property first? I think so...
• If you don't use an FHA loan to buy a rental property (and instead use BRRR method or other), can you still qualify for an FHA loan later for a house you plan to live in?
• We may not live in the multi-unit and continue to live with our free babysitters (I mean, in laws!) - can we just keep the unit empty and still be legal under FHA guidelines?

Thank you!

I'm very luck to be in the situation I'm in - but the more options the more analysis paralysis. My husband and I make a good living, both work remotely, and currently live with my in laws (new baby!). Therefore, we don't have an existing house, and are open to living or investing anywhere with no real limitations on timing. I'm currently determining which market, and what strategy. After my initial research, I think my first investment should be a house hack because I can take advantage of an FHA loan, whereas if I purchase another property to flip or hold, I would no longer be eligible for an FHA loan (even if I don't use the FHA loan to buy this property). Is this accurate?

Related Questions

• Would I lose my option to have an FHA loan if I purchase a rental property first? I think so...
• If you don't use an FHA loan to buy a rental property (and instead use BRRR method or other), can you still qualify for an FHA loan later for a house you plan to live in?
• We may not live in the multi-unit and continue to live with our free babysitters (I mean, in laws!) - can we just keep the unit empty and still be legal under FHA guidelines?

Thank you!