All Forum Posts by: Marc Rice

You can do an owner occupied single family with as low as 1% down with a down payment assistant program offered by many lenders - just ask them if the down payment assistance is forgiven if you sell or must be paid back.

In regards to a small multi-family, there is a home-possible loan that allows for as little as 5% down on a 2-4 unit. Some states have certain income caps you cannot make more than to qualify or they require the property to be in low-moderate income neighborhoods. I'd reach out to some local lenders and see what they offer. A local lender here offers a 3% down loan on a duplex no PMI. Call 20 banks, I'm sure you'll find a good product.

Overall always house-hack every year if you can IMO, best cash on cash return.

I second @Mitch Messer, Google Voice is great.

Good luck!

@Zachariah Hays

If you can do another low money down house hack loan, always do it. Best CoC return in the game. Then use what you have left over to start BRRRRing or buying more rentals.

@Michele Foreman

It’s taxed as an installment sale. Ask him what is taxed less - interest or capital gains. You could charge a higher interest rate and lower purchase price to mitigate taxes. Consult with your CPA.

@Steve Pizzarella

House hack where you live, also look into south coast MA for cash flow and lower purchase prices near New Bedford/Fall River

@Michele Foreman

If your accountant is getting annoyed you either need a new accountant or need to pay your accountant for the time he’s helping you.

In regards the house, what do you mean by “under contract”, as in seller financing where you act as the bank and he pays you monthly?

@Chris Baxter

That’s tough, come invest in the USA ;)

@Tripp Smith

Yeah I’d start looking for your next house hack. It’ll take at least 30 days to close on it and probably another 30-60 to even find the deal. Skip the casino (aka stock market) and keep growing that rental portfolio!

@Tyler Mulcahy

Find a lender who will do a 3% or 5% conventional loan. Some lenders have special products where they don't have PMI on the loan and it's a conventional product. Plus with conventional, PMI falls off at 80% LTV (9yrs ~) where FHA stays for life of loan. Also FHA is harder to close and higher interest rate and will not win in a multiple offer scenario.

No reason to do a 20% down, Cash on Cash return is much higher with 3-5% down loan.