All Forum Posts by: Joseph El hage
Joseph El hage has started 1 posts and replied 3 times.
Post: working on my first deal & need guidance on my strategy
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Quote from @Brett Voorhees:
Hey @Joseph El hage
Not a bad plan. I would personally use that FHA and purchase a Quad.
From there you will have more options since you'll have more cashflow and down the road pulling out a HELOC would give you a larger chunk of money to work with on other deals. I would also really work on getting the best deal possible of course. Possibly parter with a local realtor to find some off market opportunities. In the beginning, building a team of people is always really important and can be the difference between making tons of money and losing out of deals and properties. Let me know if there is anything I can do! I am always looking to build long term relationships where we both win.
Best of luck to you!
for sure same here always looking for relationships where we both win
Post: working on my first deal & need guidance on my strategy
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Quote from @Jason Wray:
Joseph,
Sounds like you have a good game plan but you could buy the quadplex first with the FHA loan. After 6 months you can refinance the quadplex into a conventional loan which will free up your FHA power. Then move into the duplex with an FHA loan overall saving yourself a lot of liquid cash/reserves. So essentially you can be in the Quad for 6 months refi and move into the duplex where you can reside for a period of time until you either refinance into convenational once again to free up your FHA option or pull out cash throug a cash out refinance to buy more doors.
Thank you for your feedback and advise much appreciated
Post: working on my first deal & need guidance on my strategy
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Hi, i am new to this , i already owe my apartment but i am looking now to invest & i have in my mind 2 ideas that i wish to seek in the coming 6-12 month
- first is buy a Duplex home live in one & rent the other using an FHA loan ( while i will rent my current apartment that would leave for me a cash flow monthly of $800) the reason to live in it with my family is to be qualitied for the FHA loan. for the new duplex my total loan would be around $6,500 and the other house can be easily rented for $4K its a 3bd 2bth, yes i would need to pay $2,500from my pocket but i am able to move my cash around more with the below step.
- while i hold a decent amount of cash i want to use that amount to invest in a quadruplex for long term rent that will require a 20% down payment and for that reason i want to hold to my cash.
what recommendations do you suggest here & is this the correct approach or wrong one and if so what do you recommend me to do?
appreciate your guidance and help
thank you guys