All Forum Posts by: Samuel Vogt

Nice job Duc!

In a similar situation. Experienced investors, your input and help is greatly appreciated! 

Nice job!

If you have enough equity in the first property, you can refinance out of the FHA and use it again. If not, just keep talking to lenders until you find one that will give you the conventional option that you need.

I am looking for my third deal at the moment and the farther along I get, the more I realize that lenders vary. Most have to follow specific guidelines, but there are some community banks or credit unions out there that can offer you a lower downpayment (10% or 15%) for a multi-family.  I wish I could help you with the ones in your area, but its local intel, so you have to do the legwork. 

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In same boat minus the refinance, except I’ve only been in mine for a year. Meeting with lender in a week or two. I think if you have a valid reason then the lender may be more flexible. 

I know my duplex now is smaller, and only a 2-1. My argument is that I need a 3-1 with a little more room for future purposes (marriage, kids, etc.) All of which is true. Hoping that they understand.

Finding deals with built in equity that you are able to BRRRR is another way to move at a faster pace.

Joe, dont forget that you are able to write off the interest payments on the mortgage as well. 

I am in a similar situation and am choosing to hoard cash for my next property that I plan to purchase and relocate to.  

But like everyone above stated, it's about what you want personally, and what your risk profile looks like. I am foregoing paying off my student debt because the interest rate is low and the money would be best used towards another property. Tough decision to grapple with, especially when the idea of no student debt sounds really really good, but after being a landlord for a year, I am extremely certain that my long term plan is to acquire as many properties as possible.

Use @Anthony Angotti... He helped me do my first one last May. Guy knows what he is doing and wont force you to buy a property. Gives honest feedback, and helps you run the numbers.  No he is not paying me to say this, he is just a good agent.

Hey Gary! I'm 3 months into an FHA house hack and it's arguably the best decision someone can make if they are interested in pursuing a frugal lifestyle.

I will try and summarize some takeaways from my experince, since you are just asking for general advice.

1. Agents matter.. a lot. Especially with FHA loans, because there is a ton of coordination that needs to happen since properties have to meet specific standards.

2. Don’t get annoyed with the fha process. You might not get as many buyers accepting your offers if it’s a hot property, but the low down payment is worth it in my opinion. Plus my seller misinterpreted the work that needed done and did more work on accident.

3. Even if you have to make up the difference after you collect the second units rent, it still can be a good deal. I specifically wanted two 2-1’s so that my unit had a second bedroom and I could rent that out to a Roomate to cover the difference.

4. Make sure it’s where you want to live.

I’ll stop there, for times sake, but if you want to chat more shoot me a dm and we can link up. A lot of people helped me along the way so I want to pay it forward.