All Forum Posts by: Samuel Collier

unless your credit score is an issue I dont see an advantage to going FHA over a conventional. On a single family home you can put as little as 3% down on a conventional loan if you're living in the property, and a 2 unit only requires 15%

Find a wholesaler you can trust and get into a deal with built in equity

Here are some things to consider; USDA loans were created for low income rural housing, so not everyone house is eligible for a USDA loan. Here is a link to the eligiblity map

https://eligibility.sc.egov.usda.gov/eligibility/w...

Type in the address of a house you're interested in and it will tell you if that property is eligible. I can go ahead and tell you the majority of houses in Charlotte will not be eligible. You'll have to find a suburb or a low-income census tract. A benefit of a USDA loan is that it has lower credit requirements, and it offers 100% financing, but there are income limits. and if you find a house in a USDA eligible area, you're going to seriously limit your market for rent and/or resale due to low population. Is there a particular reason you want to get an FHA loan rather than a conventoinal? If you have at least a 620 credit score, you can get a conventional loan for 3% down if you're a first time homebuyer and you plan on living in the property. I say that because most people gravitate to FHA because of the low 3.5% down payment requirement but you can get that with a conventional loan which is a lot of times better because the mortgage insurance goes away on a conventional loan once you have 20% equity whereas FHA loans have mortgage insurance for the life of the loan if you put less than 10% down. FHA loans have lower credit requirements (only need a 580) and have more favorable interest rates with lower credit scores, but if your credit is decent (650 or above) it probably makes more sense to go conventional.

@Tim Soots you should join triad REIA! (Real estate investor’s association)

@Stephen Rooker rates have gone up a lot in the last few months and continue to rise every week. Unless you are living in the property, you arent going to get a rate in the 4’s from any traditional lender

On a conventional loan, the down payment cannot be borrowed. You can get a gift from a relative but that requires an explanation letter stating it is not required to be paid back. So hard money would not work for what you are trying to do. (At least not with any lender that sells their loans)

Currently house hacking in Greensboro, feel free to reach out with any questions.

Have you considered any of the surrounding areas near Raleigh? Its getting tougher and tougher to make the numbers work there for buy and hold

Greensboro is the place to be!

Contact some local investors and property managers and pick their brain to see what strategies and price points are profitable so by the time you are financially able to make a move, you will hopefully already have a few properties to pull the trigger on