All Forum Posts by: Marcel Mckenzie
Marcel Mckenzie has started 1 posts and replied 3 times.
Post: I want to accumulate properties and this is my way about it
- Posts 3
- Votes 1
thank you for clarifying that, My initial thought was it drops off after 20%, I will most likely refinance in the future. I appreciate the knowledge!
Originally posted by @Marcel Mckenzie:
Hi i am 22 years old and i will be purchasing a home in 8 months, i have 700+ credit score, i will be using an FHA loan for a home that is around $400,000, i will be house hacking and i will only need to cover $500 of a $2500 mortgage, I have no bills and my car is paid off, I want to get into real estate investing and accumulate properties. My idea was to but this first home, using FHA while here save up all my money and pay down the loan to the point i do not have to pay PMI, and get a second home the following year, Using the same method. I do not plan on moving from the first home until I dont owe PMI, then i want to rent it out. Could i get some advice from experienced folks to understand if im missing something or if im on the right track and what you would do different?
Post: I want to accumulate properties and this is my way about it
- Posts 3
- Votes 1
That’s what my intention was, stay in the first home with family, who are paying down the mortgage for me, I plan on using paying down the home by 20% after a year or a year and a half, and buy a second property with an fha loan, and my family and me will move to the second home, and start renting out the first home, that is now payed down by 20% and I will refinance to remove the PMI. I would love to get your opinion, as a beginner investor it would help me tremendously! Thank you
Hi,
When using an fha loan you have to live in the home for a minimum of 1 year. So if you were to use the same method for the second home you would have to move out of the first and into the second. Otherwise you would have to use a different form of financing the second home.
Post: I want to accumulate properties and this is my way about it
- Posts 3
- Votes 1
Hi i am 22 years old and i will be purchasing a home in 8 months, i have 700+ credit score, i will be using an FHA loan for a home that is around $400,000, i will be house hacking and i will only need to cover $500 of a $2500 mortgage, I have no bills and my car is paid off, I want to get into real estate investing and accumulate properties. My idea was to but this first home, using FHA while here save up all my money and pay down the loan to the point i do not have to pay PMI, and get a second home the following year, Using the same method. I do not plan on moving from the first home until I dont owe PMI, then i want to rent it out. Could i get some advice from experienced folks to understand if im missing something or if im on the right track and what you would do different?