All Forum Posts by: Michael Kagan

What would you say to a new investor who wanted to make his first deal in San Francisco in the current market? Woah, pump the breaks! Or- go for it, while it's cold season and you can leverage the lower demand. And before rates go up. What other factors would you consider? Cheers!

Easy question here that I haven't had any luck finding the answer to. 

When do you have to start making payments on your FHA 203(k) loan? Is it right away, or can start you after the work is done? And if it's right away, are there any loans that you know of that you can start making payments on after rehab work is done? Needless to say, I'm planning this for a primary residence that I'd like to house hack. Cheers and happy new year!

Hi everyone, I'm wondering about some FHA details for anyone well versed in this.

1) I have heard on the podcast and elsewhere that it is possible to get more than one FHA loan if you refinance the first one, but I don't quite understand the nuances of that. After refinancing, can you simply get approved for a second one? Or do you have to do a continuation FHA loan on a second property?

2) I'm also curious about any legal loopholes with FHA. Would I be able to buy a property on FHA, and move out right after I refinance inside of a year? Or is there no way of getting around the minimum 1 year occupation period?

Thank you for your replies!

@Michael Ohara, and that's why I came here. :)

@Mark S. and @John Warren thank you for your insight! 

Open-ended question everyone - how did you finance your first deal, and what was it?

Hi there! I'm thinking about getting my first buy and hold property, and after all the reading and researching I've done, and considering my personal situation, I think an out of state turnkey would be best for me. Sidestepping all other tangent subtopics on this for now (I believe books have been written on the subject), my question is about financing only. For now. :P

At the moment I'm just looking at options for getting pre-approved. I have enough for 25% down for a 70k-100k property. But! I heard from a few RE vets AND a quicken loans broker that I won't be able to get a mortgage like that, especially for a non-primary residence. Does anyone have some perspective or experience with this and can shed some wisdom on the subject? I am a newbie, so general suggestions are welcomed as well, but I'm particularly curious about this financing question. Thanks!