All Forum Posts by: Priscilla Paul
Priscilla Paul has started 1 posts and replied 4 times.
Post: CPA for Note investing / Real Estate Agent and W2 Employee
- Jersey City, NJ
- Posts 5
- Votes 4
@Sunil Chatani were you able to find a CPA? I am in Maryland and also W2 with note investing on the side.
Post: House Hacking FHA Downpayment Strategy
- Jersey City, NJ
- Posts 5
- Votes 4
Thanks so much for the advice! Super helpful, I'll put the 3.5% down and hang onto the cash for other investments such as other properties and stocks. I also have a 3 month emergency fund to cover any unexpected costs and will set aside 15% of the rental income for vacancy and maintenance costs.
Post: House Hacking FHA Downpayment Strategy
- Jersey City, NJ
- Posts 5
- Votes 4
Originally posted by @Juli Becker:
I am not completely sure about this, but I heard you can only do one house hack using an FHA loan with 3.5% down at a time. https://riverbankfinance.com/blog/can-i-have-2-fha...
I suppose then you would have to do a 5% down conventional loan for the second investment property.
Thanks Juli, yes I know I would need more for a second property. I'm more just trying to figure out how much money to tie up in the downpayment for my first property.
Post: House Hacking FHA Downpayment Strategy
- Jersey City, NJ
- Posts 5
- Votes 4
I'm looking to purchase a 3-unit multifamily next year that I would occupy 1 unit of and rent the other 2. I will finance using an FHA loan and I know the minimum downpayment is 3.5%, but putting so little in minimizes cash flow. The most I would be able to put down would be 7% and I'm trying to figure out if I should put the 7% in for the downpayment or just put 3.5% and hold the other 3.5% towards other investments/future property. (For this scenario, please assume closing cost will be covered). Any advice much appreciated!