All Forum Posts by: John McGrath

I am trying to figure out if I will be able to use an FHA again for a 3 unit.

I purchased 3 unit with an FHA in 2019. Renovated (Gutted) all 3 units.

Rented 2 ( lived in one)

January 2020 bought an SFR owner occupy.

All 3 units are rented in MF. appraisal will put me over 25% for equity.

Question is will I be able to Refi FHA and use it to purchase another 3 unit in different city. ??

Property is 3 unit. Existing bottom unit is 1 Br 1 bath 900 sq FT. Went to pull permits to convert garage space into 2 additional bedrooms increasing sq ft to 1300 sq FT.building  Permit price for additional sq for was 497$ plus 350$ for fire marshal review. Not including electrical permits. Any one have experience pulling permits in Meriden ? Similar costs for multi family’s? House considered commercial but was purchased residential. Currently “owner occupied”

Anyone have information on the benefits of owning a sober house?How to calculate the gross income on these units. How the property insurance is affected? listing has 15 beds and tenants under supervision from courts.

Hi nick,

Cash out on the rehab. As long as 25% is left in property there shouldn’t be an issue cashing out ? 

@nicholascovington

Under Contract with 3.5% FHA loan on 3 family. I intend to buy a fixer-upper cash (just after closing on 3 family) thru an LLC and rehab it. Then cash out property leaving 20%-25% equity with conventional mortgage in my name not LLC. Is this possible while honoring the 1 year owner occupy period/FHA loan or would I have to wait until after the year? Will lender even consider it?