All Forum Posts by: Savon Eckert

Closing on my first property purchase price 356k, I wrapped a 18k sellers concession into my mortgage, it’s a 203k loan I’m getting a 76k renovation loan totaling a loan amount of 432k. My lender told me I need to bring 9k and change to closing, now that the seller signed the contract my attorney sent me paperwork detailing her fee amount and services provided including THOROUGHBRED TITLE SERVICES for record deed, city mortgage recording tax% amount, loan policy premium ect. Amounting In $8,459 Now I’m confused and not sure if I have to come up with these funds in addition to the 9k my lender told me I need to bring at closing or is that what the 9k is for ?

@Jonathan Thank You

I'm a first time home buyer and I'm looking to buy an investment property in NY. Is it possible to use the BRRRR method with a FHA loan ? Also where do I get the money to renovate the home after I buy ?

@Brie Schmidt Ok I will ask. Thanks a lot I appreciate it.

@Michael Ablan Thanks for the info. So if my first investment property is a multi-family 3plex and I occupy the 2 bedroom but I have 3 family members that live with me and I can prove that I can use another FHA loan for a single family home that's closer to my day job and has a nice yard and 3 bedrooms to better accommodate myself and my family ?

Will I be able to get a loan from lenders a couple months after purchasing my first investment property using a FHA loan, is so how does that work ?