All Forum Posts by: Steeve Gauthier

Hey Dov, 

To my understanding your PMI will fall off once your loan balance has reached 78% of of the original purchase price and you have been paying for 5 years(Assuming it is 30 year mortgage). Alternatively, you can refinance to a conventional loan after the "Seasoning" period.

@Wayne Thank you for that information. That is very good to know! 

I was running some numbers on a property provided to me that can yield great results (depending on the strategy being used). However it is a short sale which is typically a more arduous process compare to a traditional sale. Bearing that in mind, I wanted to know if anyone had any experience using an owner occupant loan such as the FHA loan(standard or limited) to purchase a short sale property? If so, is there a difference in time frame utilizing an FHA loan for a short sale compared to a conventional loan? Also is the purchase price negotiable or is the bank typically firm with the price?

Congrats and great job on your first duplex! I love how this deal is already successful as is but you can still earn more cash flow once the rents are raised. Overall just great! 

@Justin Chercoles

Glad to see you are starting out at an early age! I can't give you much info on the VA loan as you need to have served or currently serve in the military, however, similar to Alejandro's response, I would definitely recommend buying a duplex as your first property. You can rent out one side and live in the other and if you utilize the FHA loan, you can put less of a deposit down and use that money else where in your deal.

I would also definitely recommend reading "The House Hacking Strategy". Its a great book to read especially if you are just starting out! Good luck!

Thank you Evan and Michael for your advice. I'm not the most handy person out there but I do have the patience and ability to manage people, so as long as the capital is there, a fixer upper may be more advantageous. Although, the idea of less headaches does sound appealing as well. 

Hey fellow BP members, 

Long time member but first time really posting (Shame on me! haha). I'm hoping some of you can grace me with your advice with an idea that I have. 

So my goal is to house hack my very first rental property which leads me down the path of purchasing a duplex. I planned on purchasing the duplex using the FHA loan, but with that being said, I am trying to figure out/understand which one would be more feasible option to do.

Would it be more beneficial to purchase a duplex that is renovated and move in ready, put a tenant in there and get the process started.(Not forgetting my due diligence of course!) or would purchasing a fixer upper duplex and using the 203k loan to help with the repairs, be a better route to go. 

Any advice would be greatly appreciated!

Hello Bigger Pockets community! I am new investor getting started with the wholesaling part of the industry. 

Now I know having an LLC is important to protect yourself and your assets, but is having an LLC necessary for doing your first couple wholesale deals?