All Forum Posts by: Mohammed Ahmed

@Michael Cohen

can you buy USDA with 4 units and live in one and rent the rest or it has to be SFR?

Tarcizio Goncalves Hi and welcome! You definitely can buy properties less than 20% If this property is your first to own you can apply to FHA loan with low as 3.5% down. If you are a veteran you can use VA loan with 0% down payment ( I wish I am one ). You can read books about creative financing like seller financing and partnerships. I forget to tell you that with FHA loan I think you need to be owner occupant! Check this website http://www.bankrate.com/finance/mortgages/7-crucial-facts-about-fha-loans-1.aspx You can also use USDA loan if you want a single family house and also you are the owner occupant this goes down low as VA loan. I wish you all the luck

Hi Matt Souza This is the best contractors in your area! http://www.homeadvisor.com/c.Additions-Remodeling.Ann_Arbor.MI.-12001.html I think you should interview them and let them bid for the best price and quality you can get, also try to schedule the best of them in the same time so they can bid against each other and good luck

Great and amazing podcast! Airbnb is now added to my major plan. Thanks BP team!! You are doing a great job creating value as usual.

It was an amazing episode! I learned lot from listening to it!

@Vera Kirrane

you are completely right, I was just talking to him and probably that was USDA loan but He didn't know that.

Hello BiggerPockets investors, I am currently looking in the Maine area for 4 units building for a house hack and I wanted to use FHA loan, I know that it can go as low as 3.5% down payment plus any closing costs associated but today my coworker told me that his son bought a house with FHA loan with a 0% down payment but he only paid $3,000 closing cost, is this really possible guys!?? He doesn't know if it is FHA loan or what but I never read anything that is less than 3.5% any thoughts from anyone!??

I understand now I appreciate your answer again!! thanks alot

I appreciate your answer @Nicholas Covington, I am a newbie and I am trying to learn as much as I can and also to start as quickly as I can. I understood from what you said now that it is not gonna be gift tax free if I used it or part of it as a down payment?

what I wanted to do is weighing the pros and cons for him to make things appealing and of course I don't want to violate any rules. I don't believe that I am going to use all the granted money for down payment probably I will keep part of it for any short term disasters.

thank you!!

Hello amazing investors!

I have a quick question probably someone can answer me! someone told me that any family or friend can grant you up to $16,000 tax free first of all is this true? and if it is tax free does it free for me but the person who granted it would still pay taxes on it or because he granted it as a gift he can also deduct it or I don't have a tax deduction and he does??

I am confused as you can see from my writing but I hope to have an answer to this question, to be more clear about the story, I am trying to search for a Multi family, move in, rent the other units hopefully if the numbers are accurate I will positive cash flow, as I am starting out and don't have enough money I wanted to do FHA loan, my father in law wants to buy duplex and let us move in one of the units and he lives in the other so I had an idea he can help his daughter with the down paymnet make the monthly mortgage less and get four-plex he lives in one for free till the money he potentially gives to me been collected and then he pays rent and I live in one unit and rent the other two so I wanted to know about this tax question to see if I can include this pros in my future presentation to him or no

thank you all!!