All Forum Posts by: Gabriel Torion

@Mike Cook

"New guys here too but how do you get away with the low down payment after your first home? I thought that was for first time buyers only?"

Hey Mike! To answer your question, no, I don't think being a first home buyer is a requirement for a FHA loan.

One of the requirements that you may be alluding to is that the home must be your primary residence. 

Moreover, I heard a lot of BP episodes of investors getting subsequent FHA loans every year to house hack.

Sources: 

-https://themortgagereports.com/19116/first-time-home-buyers-... 

-https://www.hud.gov/topics/buying_a_home   

Noobie here. I have no properties, but I want to start my real estate endeavors with either a house hack or a fix and flip.

I'm in the Twin Cities, so my target market is North Saint Paul or the suburbs of the Twin cities.

So here are the two options that I carved out for myself:

A) Start with a fix and flip using a hard or private money lender. Then, use its profits to purchase a house hack with a FHA loan. Repeat the process every year.

B) Start with a house hack instead, using either a FHA or USDA loan. Perform a fix and flip after getting my feet wet with house hacking.

I would have about 14-15 grand saved by April next year. By then, I could pull the trigger on one of the options.

With that said, here are my questions:

1) What's the best area to invest in for a house hack or a fix and flip in the Twin Cities area? Is North St. Paul a valuable option for both?

2) I'm getting mixed opinions about this based on my research, but with the current market conditions, how much money should I save up for a fix and flip if I go with option A? Is 15,000k good enough in your experience?

3) Which options sound preferable based on my conditions?

4) This might be tangent from my post, but what primary sources do you use to understand market conditions, especially here in Minnesota?

Links to resources and reading material would be greatly appreciated. Thanks in advance.