All Forum Posts by: Matthew Brill

Your best option I think is to refinance the current property to a conventional loan if you have 20% equity from forced appreciation from the rehab. You can then reuse your FHA/203K. If not, you will have to check out local banks/credit unions to see if they have any special financing programs for purchase that includes a construction loan.

You can buy a property with that in mind and be able to change your mind along the way should you have the need/urge to. I would just think of it as buying an asset with the option available someday to give it to a child as a stream of income, or refi/sell it for the cash for your kid to use for education, business, or a home. Another cool thing you can do is open up a whole life insurance policy (structured a specific way) on your children and it can be an asset for them with cash available for any use whenever you decide.

Why not purchase a house to house hack? Will get you going and don't need much capital if you can get the mortgage. Or could try the live-in flip. I'm no guru but do help people with your scenario. Feel free to reach out if you want to talk it over.

It is definitely a viable option. You just have make sure your sister, or whoever else, will be comfortable with it. They will have the loan show on their credit report and will be responsible the loan gets paid (if you don't pay it and the loans goes into default they will be in default as well). It is not something to take likely. If you don't have the sufficient income history, you could possibly get away with showing the bank an employment contract if you have one.

Happy to connect with you if you are wanting to go over some tips and strategy!

I would still considering holding it for another 3 years while renting it out. Since it is brand new your expenses should be low (not sure what you included in the calculator). And you will have a 3 year window after moving out to potentially get some more appreciation and not have to pay any taxes on the sale. Happy to go over it more if you'd like

If you will be an owner occupant you should have no problem getting a unit for yourself.

@Pamela Vargas

If you are looking for any help or guidance feel free to reach out, would love to help you accomplish your goals

@Tonia Burks

It really comes down to the numbers. If your current home can function as a positive cash flowing property, and you have enough cash saved to get a house hack with 3.5% or 5% down, then I would keep it and rent it out. If it isn't sustainable as a rental then I would sell it and move into a house hack. Happy to talk through it more if you're interested!

Yes, definitely refinance to a conventional loan. If you have 20% equity when you refinance you may not need to refinance as an owner occupant. I would say it depends on your situation. If you "intend" to live there for another year then I would get the owner occupant loan with the lower interest rate. If you are moving out soon then you can just get an investment property loan and pay a little higher interest rate. Either way you'll have your FHA loan back and in a good place to move forward.