All Forum Posts by: Mike Harris

@Jin Kim

Thank you guys. I'm going to look into both. if 5% holds true that would not be a problem at all. Do you know what loan best fits vacation homes?

I am in the process of comparing turnkey single family homes in hopes to purchase one as my first rental. From all of my research I'm finding that loans like usda and fha do not allow investment properties. Conventional loans that do allow investments want 20% down. Is there a solution to this I am just not seeing? Is there a loan maybe I havent come across that requires a lower down payment and allows investment properties? For the ones I am finding I can afford a 10% down payment. If anyone has any insight on this it would be greatly appreciated. Thank you.

So was living there for a year personal choice to get it ready or was this because of a loan requirement? Congratulations on your success as well. That's so great :)

I am looking for potential homes to buy and rent out through airbnb. From what I have been reading you need to be buying a primary residence to get approved for an FHA loan....is this correct? If so, would I be able to buy it as a primary and then decide to rent it out after? Does anybody know how strict this is and if there is consequences for renting out a property after securing it through FHA? Thank you in advance.

I don't have much to add on this topic seeing as im in the process of getting started myself but I just wanted to say congrats! That's great :)

I have roughly 8k to get started...is this enough to do anything with? and if so, what are my best options? 

Hi everyone! My name is Mike and I am new to Bigger Pockets. I have been saving money and listening to the podcast for some time now. Just trying to get as much education as possible. I am from the south jersey area and looking to get into short term rentals. However, I am open to any opportunities. I just wanted to make this post and say hello to everybody and maybe get some advice for a newbie. Thanks in advance :)