All Forum Posts by: Jason Polykoff

Great info, thanks @Andrew Postell

@Andrew Postell Thank you for the feedback! Should I assume that there is no clause or loophole for people in this position who want to close earlier? Is there an entity one could appeal to? Thanks again!

Hi BP!

Can you still acquire a multi-family property with an FHA loan if all of the units are occupied?

Here's the scenario: I'm looking at a triplex that is currently fully occupied. The earliest lease ends in June. I'd like to use an FHA loan to acquire the property. Since I won't be able to live in it until July, am I able to use an FHA loan? I thought I read that I have 60 days to occupy the property if I use an FHA. Any information would be great!

Thank you BP!

Thank you all for your feedback. I'd love to hear more opinions as to why an investor should/would choose one method over the other? On another note, is there anything out there remotely close to the 203k option that FHA offers? If I were to go 5% conventional what options would I have for reno loans? Thanks everyone!

My to cents (as someone who lives in Drexel Hill), DH is good for fix and flip and rough for buy and hold. Taxes are waaaay too high.

Hi BP!

I've been told by two different lenders that the 5% conventional is a better/cheaper route to live-in investments than FHA loans. Can someone confirm or deny? What are the differences? What are the pros and cons to each?

Thanks BP!

Hi BP!

I've done a lot of research into FHA 203k loans. The idea of purchasing a home to live in that could also be an investment is intriguing. FHA's 3.5% down is hard to pass up, especially if you can couple it with a 203k loan. However, almost everyone I have spoken to, including lenders, say that it is a nightmare... paper work, inspectors, FHA officers, contractors, timeline, etc. So I have a few questions...

1) Does anyone have experience with 203k loans and can share a little about their experience?

2) Is there anything else out there that comes close to 3.5% down on the property and construction? What alternatives are there for live in properties?

Thanks BP!

Bennett, have you looked into Delaware County? Folsom, Folcroft, Clifton Heights are all good areas. 

@Paul Welden Thank you for the info on the capital gains tax strategy!

@Whitney Hutten Thank you for the awesome info. Great idea about living in it for two years in case we decide to sell. I am not necessarily planning to use it as an investment, but I want to have my ducks in a row in case we decide to make certain life choices. Anyway, thanks again!