All Forum Posts by: Jerry Padilla

@Jason Garrison

You can get into an owner occupied FHA with only 3.5% down and you can ask for 6% sellers concessions to go towards closing costs. You still need to come up with the money for 3.5% down and the required 3 months of reserves if you purchase a 3-4 family. Do you have any one to gift the money to you?

@Daniel Antonetti

I would recommend purchasing a multi-family with an FHA mortgage. You can put as little as 3.5% down and get 6% sellers concessions to go towards closing costs.

@Emanuel Connor

Welcome to B.P. !

Using an FHA mortgage and purchasing up to a four-plex is a great way to get started. You can put done just 3.5% and ask for up to 6% sellers concessions towards closing costs.

@Oraude Boston

You can't finance a SFR with FHA and rent it out. You have to live in the property for a year as an owner occupant to obtain financing with this route. You could purchase a multi-family and live in one unit, while renting out the rest and cash flow this way with an FHA mortgage.

@John Lusk

I personally would do a cash out refinance - with a fixed rate and see if you can also get a HELOC afterwards to maximize the cash out on the property. A HELOC is an ARM so it is risky to take too much out this route if you plan on holding the property long term. Rates will go up. They are so low right now.

@Anthony Simboli

@Sean Ebert

As stated above that is the best route to go to get started.... Especially in more costly locations! You can ask for the sellers to pay up to 6% sellers concessions as well to assist with your closing costs. 

@Clay Manship

I have a lot of clients that are financing out of state with conventional financing.

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@Wendell De Guzman

May be able to assist you.

@James Wise 

@Account Closed

You really find some great deals! 

Thank you for the mention!