All Forum Posts by: James McMurrey

One part of a deal is having financing OPM. Having a pre approval letter helps if you plan to use a loan.
Happy to help you review options as a mortgage broker. Rates have been volatile lately so it's good to shop. 

-James
Umortgage

Hey Juwan,

An FHA duplex or triplex purchase is a great kick start to real estate investing. As a lender, I've helped 3-4 clients the last few months purchase duplexes using their FHA loan eligibility.

I'm happy to help get you qualified that way you can place competitive offers with the realtors when the time comes.

Feel free to shoot me a DM so we can exchange contact info!

Best of luck on that move! I've made a lot of moves myself being former military. So I know what it's like to move the household overseas.

-James

Kimberly Furrh at Furrh & Associates is awesome (based out of Lawton, OK). She invests in real estate herself so she sees both sides as a CPA. I've recommended her on the forums a few times and have gotten great feedback from other members. She also works with a bunch of veterans so she's used to having to communicate remotely and work around schedules.

I use her for my personal portfolio (going strong on year 4 now). She has a great online portal for uploading documents and is happy to help with specific questions.

Kimberly Furrh at Furrh & Associates is awesome (based out of Lawton, OK). She invests in real estate herself so she sees both sides as a CPA. I've recommended her on the forums a few times and have gotten great feedback from other members. She also works with a bunch of veterans so she's used to having to communicate remotely and work around schedules. 

I use her for my personal portfolio (going strong on year 4 now). She has a great online portal for uploading documents and is happy to help with specific questions. 

You shouldn't have to put 20% down on your next purchase. FHA is not the only option for low down payments. For example, I have a loan program that only requires up to 5% to 10% down for a primary residence purchase (DTI & credit depending). So you shouldn't have to put 20% down on your next primary residence.

I'm happy to hop on a zoom if you want to talk more specifics. Shoot me a DM.

To be eligible for another FHA loan at this point, you would likely need to be: relocating (moving to a new community that is not a reasonable commute's distance from your current primary residence), working through a divorce situation with a co-borrower, or your family has increased in size (family needs more room in your house because you had a baby etc).

Hello Amber! 

If you're thinking 2-4 units,

FHA might help you out as far as giving you a little "more" income on paper to qualify. For example, you purchase a triplex and live in one unit as your primary residence while tenants occupy the other 2 units. The "proposed rental income" for these units will be determined off a "fair market rent analysis" conducted at the same time as the appraisal of the property. Then that income number will be added to your overall DTI ratio which lenders use to help qualify borrowers. Generally, FHA DTI limits are capped between 40-50% max.

I was helping a client through a duplex house hack just last month. It was an FHA duplex purchase. 

One extra note: the FHA underwriting will only count income from your existing rental properties if it's shown on your tax returns. So be mindful of that if you've owned your other properties for 2 years or less. I had this issue with my client because he had 1x rental property that he had only owned for 14 months. And the rental income for the first year didn't have much on his Schedule E.

Feel free to shoot me a DM if you have more questions or need help. I can lend FHA in California so I have a team of underwriters dedicated to helping share the right information on these deals.

I'd recommend an FHA loan. You can house hack your way through your first rental property. The FHA/VA loan options allow for the smallest downpayments possible so that you can save money as you navigate balancing expenses for the first time (must be your primary residence, hence the house hacking part). FHA loans will allow for 30 yr. fixed rate terms so you can predict the cash flow a lot better and get the lowest monthly payment possible.

Most other investment property purchases will require 15% down. Other options exist as far as "fix to rent" and "fix to flip" programs but that might be a lot to take on for your first project.  

Shoot me a DM if you have more questions on the loan side.

Koree, welcome to the community! Congrats on taking your first steps towards RE investing. There tons of great info and people to answer any questions in these forums.

Feel free to shoot me a message if you ever have specific question on the loan/lending side of the process.

Best of luck to you and your family!

Looking forward to this event! The winds are changing in the market. Can't wait to discuss RE investing with everyone!

Welcome to the team Gus!

If you ever have loan questions, feel free to reach out. You'll be able to take advantage of primary residence loan programs if you're house hacking (living in the property). I'm always happy to help and there are also some other great lenders in these forums!