All Forum Posts by: Sean Gleason

Is it possible and legal for me to refinance my current residence, which is financed with FHA loan , to pull cash out and use as down payment on my next home? I have been paying extra on my house since I lived here chipping away at the principal, I would like to upgrade and keep my current house as a rental property. Cash pulled out would be for a down payment on my next residence, I would have two mortgages but one would be paid for by renter hopefully. I currently live in a small house with a very good location that I believe would make a good rental but I am starting family and need more room for myself and would also like to get into real estate investing so I don't want to sell my house in order to buy my next house. I'm asking for the future also, something like 3 to 5 years down the road, just trying to learn options so I can plan ahead accordingly.

I have just read that a 203k loan is a type of FHA loan and has to be owner occupied. I am not really looking to live in the property as I already have a home that I live in and is also an FHA which to my understanding you can only have one.

Thank you for the replies, I will have to look more into hard money? 

@Jeff Kehl I am looking to rent it after I am done with rehab. So what you're suggesting is basically the BRRRR strategy or is this kind of different with hard money?

@Michael Ablan for some reason I thought that 203k loans required the work done by licensed contractors and I am looking to do the work mostly myself. Is this the case or am I mistaken?

Also tried doing the @ thing to tag and respond to specific people but I don't know how this works apparently. How do I mention someone specific with @ symbol?

I'm looking into forclosures in my area for my first property. I don't have much cash to invest right now. Will most lenders finance a fixer upper forclosure with say 20 percent down? If I dump all my money into getting the property I won't have any to fix the property. 

To add, I'm located in southwest suburbs of Chicago. Specifically Ottawa IL. I bought my own person house last year, don't have much money right now. I would like to invest locally as I want to manage my own properties. I am interested in forclsures and fixer uppers as I can do most work myself and have connections for anything out of my skill set. Any and all information welcome, thank you

Looking to get started as a landlord and possibly property management business. Trying to soak up as much information as possible and hopefully at some point share my own knowledge with anyone else getting started.