All Forum Posts by: Mathew Weissman

@Ron Dayley Thank you for the link Ron!

@Nick M. This is a very good question I hope someone could answer. As of now I am using Zillow and comparing other properties on the same street or area. Sometimes this gets hard because some houses might have a garage or sits on a bigger lot which adds value. I am currently looking for multifamily properties to buy and rent, I know REAs are great at finding deals for you and they have a good sense of the current mv of an area.

@Kevin Dickson Thank you for your reply. Basically I was interested in the 203(k) for minor to major cosmetic repairs that I wouldn't have to dish out with my own money which would in my eyes be a better ROI. That is just how I see it but I could be wrong.

@Andrew Postell Yes I have heard the 203(k) is a difficult loan to get accepted by a seller. I am new to investing so I would think FHA loan is the best route for multi family for living and renting. My current situation is this... I only make $15 hourly part time 3 days a week(still in school to become a nurse). I have 30k I would like to invest of my own money, I am currently looking for a triplex for $200,000 or less(in morris county NJ this is hard to find). My credit score is 748. Would I even qualify for an FHA loan with my income being so low? I am currently sending paperwork in for a pre approval through my bank.

@David Zheng

This post is amazing. I admire your hard work and dedication you put through to reach your goal. This is a great example of not letting fear get in your way. Good luck to you and the rest of your path to financial freedom!

-Mathew Weissman

Hello BP community-

I am currently in search of my first investment property as a "buy an live". I am currently renting in a apartment and I am sick if throwing my money away to the person I aspire to be. I want my first purchase to be a small to medium multifamily home(preferably a duplex or triplex). Since this is my first purchase and I would be living in it for 1-2 years until another deal comes along, I believe I would qualify for FHA or a 203k loan. My question is this..If you were me in my situation, what type of loan would you use? Would you go a different route other than FHA or 203K? Any tips you would like to share as well please feel free. Thank you.

Mathew Weissman