All Forum Posts by: Ronald Enriquez

@Jonathan Greene thank you for your input and yes I understand the inherent risk. I have a client of mine that has been helping me throughout this process who owns numerous properties in the city I live in. A family member of mine also has numerous properties and I will mostly be using his contractors that he has used for years. And I am consulting with them on the property. 

@Evan Polaski I would have about 30K left in reserves after a 3.5% downpayment. I do have a surplus with my job of 4K a month after all expenses right now as well.

I plan to start my real estate investment strategy with house hacking my first property. I want to purchase a 4-unit property. I am speaking to several lenders right now. One lender mentioned I qualify for a 5% down conventional loan for multi-unit. I plan to speak to him tomorrow. Another lender said I qualify for a FHA loan with 3.5% down. When attempting to pursue a 4-plex the property is listed "as-is" which I was told cannot be funded by FHA and I would need 25% down for the 4-plex.

Does it depend on the lender in order for me to qualify for a 5% down conventional loan on an as-is property? If not, do I have an other options besides putting 20-25% down?

Also to note, all 4 units of the 4-plex are occupied by tenants on current leases.