All Forum Posts by: Mike Sola

From what I understand, that would not restrict you. For the FHA, you have to live in the property for at least one year. If you want to put a down payment of 25-30% on a property, make sure you tell your lender you want to use it as an investment property to get the right financing.

@Maxwell Fontaine thanks Max! I know it won't be perfect but I am letting the imagination run trying to be creative. I think it would be a win/win. Let us say I don't get a higher appraisal, I still have a cash flowing house with a minimum down payment. Best case, I get my initial investment back + more. I rather try and fail then never try at all.

@Andrew Webber So it seems like I can still apply the concepts of the BRRRR method with this financing option (assuming the numbers work out)? With the numbers you presented, I would still be able to get my initial cash out plus some profit.

@Andrew Webber Thanks for the help! I understand it a little bit better now

@Maxwell Fontaine Lets say I have a house that needs rehab for 70k and I agree on a purchase price of 50k. The house needs 20k in repair. The loan I would get would be 70k + any admin cost correct? And I would only require a down payment of about 5%? Let us say I get this deal, and a year later I get an appraisal for 110k. Could I then not do a cash out refinance as I would from the BRRRR strategy and come out with extra cash?

Is it possible to combine the FHA 203k and the BRRRR strategy? I understand you can use this loan to make household repairs but to what extent?

Could you explain the differences between cash out refi vs regular refi?

The only fee you need for a mentor is $390.00 and you will have access to hundreds! (If you don't catch my drift, that is a biggerpockets pro membership)

@Joe Prillaman excellent story, Joe! Can't wait to move to the area and start going to meetups. Hopefully, I can have the same success you have had!

If you want to apply the concepts Rich Dad Poor Dad, take all the money you would use to pay off your student loans, put it into real estate, and use the income from real estate to pay off your loans.