All Forum Posts by: Justin Hammerle

I second the above, consider taking all the necessary steps to buy a multi and house hack.  You'll gain experience with the acquisition process and managing tenants.

@Account Closed - you can check to see if there are any grants available in your area that you could take advantage of; best resource for that would likely be a mortgage broker.  RI has a fantastic grant which covers up to $17.5K of your DP and closing costs for first time homebuyers.  

@Mandy Waryasz - you can visit REO sites for large banks and see if they have anything available. Websites like foreclosure.com can summarize most of the REO activity in the state. It would also help to get connected with an agent who has some background with the investment landscape in the area if you haven't already, glad to chat more.

don't wait to buy real estate, buy real estate and wait : )

@Brandon Nguyen - you can use your VA loan for new construction but it is not common. First step would be trying to find a lender that will offer it which there are very few in my experience. Then it would be a matter of partnering with a builder registered with the VA to find a lot and submit the building specs for review by the lender to get approved.

I don't know how desperate or flexible the seller is but maybe they will consider an agreement contingent on the variance for 100% residential.

@Account Closed - I would consider a multi-family house hack using an FHA loan.

Call them.  Look into their entire online footprint; there are so many different types from national to local.  Some smaller guys may not have the team to put together a great website but that doesn't mean they aren't good lenders. I wouldn't throw them out just because they are marketing themselves, some do as anyone would to attract more business.

Hi Ted, do you have enough road fronting on the land for multiple buildable lots?  Depending on the number of lots and your towns subdivision bylaws, you could be looking at a considerable amount of additional work to approve more than one.   Taken all that into consideration, you could subdivide the land and list the lot raw and let a builder entitle the land to build and you just pocket the raw land value.

Pre-approval is a hard pull - if you get multiple pre-approvals with a 45+/- day timeframe, credit bureaus will count it as one.