All Forum Posts by: Nate Lee

Hello BP,

Before I start asking questions I would like to thank everyone in the BP forums in giving so much valuable information at no cost, that the true PLUR. 
I am a first time home buyer, looking to take my first step into the REI world. I've been searching for houses for about 3 months now, got couple of offered rejected but not giving up on finding the best deal! My finance options are FHA for MFR and conventional 97 for SFR. I would like to play this as strategically as possible by enjoying the perks of first time home buyer 3% down by purchasing SFR first, live one year, find tenant for rent, then purchase MFR with FHA, 3.5% down and build my portfolio from that. Now, my question is..

1. Can I start with FHA on MFR, live one year, and then use Conventional 97 for my second home SFR? Or is conventional 97 ONLY for the first time buyer? So FHA-> Conventional97 possible?

2. If I stick to my original plan and start with conventional 97 on Single Fam house, do I need to live one full year to be able to purchase the next with FHA or is there any other way that I can get out earlier from the conventional 97 loan for example by refi.. or any other creative way?

i am open to any suggestions, because at my current situation (no big savings) i think this is the best way to  buy as many unit as possible with small down payments.

Thank you!!

Hi @Jaron Walling,

Thanks for your response. I was too intimidated to even make the first call to lenders, but your posting has definitely helped me to start the process. It is not an easy market to get my foot in the door but I'm thinking of it as a long run, will continue to analyze deals until the right one comes up!

Hi @Dan Portka, thanks for your response. I am still actively looking for FHA lenders and your suggestion is very helpful for me. I will definitely check out the link!

Hello BP,

I am a newbie real estate investor trying to buy the first multi family house with house hacking in Indy area. In such competitive market these days, to be able to get my offer accepted as an FHA (possibly 203k) , it feels like I am going to need a lender who understands the REI and is able to lend with flexible terms. I am pretty discouraged by the current market competition and quite lost where to start finding lenders from. 1. Should I start by calling major banks? Credit unions or mortgage lenders?

2. Do they need to be local or can they be anywhere in the country?

3. How can I increase chance of getting offer accepted with FHA (203k)?

Any advice would be appreciated!

Thank you

Hello BP,

I am a newbie real estate investor trying to buy the first multi family house with house hacking in Indy area. In such competitive market these days, to be able to get my offer accepted as an FHA (possibly 203k) , it feels like I am going to need a lender who understands the REI and is able to lend with flexible terms. I am pretty discouraged by the current market competition and quite lost where to start finding lenders from. Should I start by calling major banks? Credit unions or mortgage lenders? Do they need to be local or can they be anywhere in the country? Ultimately wanting to network with a lender who I can work with in long run in my REI journey. Any FHA lender recommendations would be greatly appreciated! Thanks!!

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