All Forum Posts by: Theiborh Almanzar
Theiborh Almanzar has started 1 posts and replied 4 times.
Post: FHA Purchase with Siblings for a Multifamily Property - Seeking Advice
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Quote from @Mohammed Rahman:
Hey @Theiborh Almanzar - now is a good time to actually speak with a lender about this and make sure you include your other 2 siblings into the conversation as well.
Thanks for the input!
Post: FHA Purchase with Siblings for a Multifamily Property - Seeking Advice
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Quote from @Kevin Romines:
When using and FHA loan, if there is a non-occupant co-borrower that is a family member, on a 2-4 unit the max. LTV is 75% so a 25% down payment. Confirm that with a lender that you will be using for the loan.
Thank you for the input!
Post: FHA Purchase with Siblings for a Multifamily Property - Seeking Advice
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Quote from @Jaryn Pierson:
Hey Theiborh
Interesting situation you have on your hands over there. My guess is that you actually won't be able to get the loan with that many people on it but that is just a hunch.
Regardless, a few things I'd want really organized before going into any type of partnership like that . . .
- Get really clear on a 1 year, 3 year, 5 year, 10 year plans
- Get really clear on who's responsible for what
- Decide EXACTLY how you are going to pay for repairs
Buying anything with a group of family members is totally possible to succeed as long as you really prep yourselves on the way in. Where things will go wrong is when you need a roof and only one of you has the cash. What might be a good idea is to set it up with your own little 'HOA'. You each can set aside some money each month into a reserve account so you have some capital to draw on for repairs that affect the whole house. If you wanted to be really diligent, you could have a lawyer set up a contract for something like that for not much money at all.
Happy Investing !
Jaryn
Thank you so much for taking the time to share your recommendations. I greatly appreciate it.
Post: FHA Purchase with Siblings for a Multifamily Property - Seeking Advice
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Hello, BiggerPokets Community!
I hope you're all doing well. I have a concern and would greatly appreciate some guidance from those who have experience with FHA purchases, particularly when involving family members.
My two siblings and I are considering purchasing a fourplex using an FHA loan. Has anyone here been in a similar situation or have insights into the process? We're specifically interested in understanding:
What key information or considerations should we be aware of before proceeding with an FHA purchase as co-borrowers with family members?
Are there any specific FHA requirements or regulations we should be mindful of in this scenario?
How does the FHA view co-borrowing situations involving family members, and are there any potential advantages or disadvantages?
Any tips or recommendations on how to streamline the process and ensure a successful FHA purchase in a family co-borrower context?
We understand that real estate transactions can be complex, especially when family is involved, so any advice or personal experiences you can share would be incredibly helpful as we navigate this journey.
Thank you in advance for your insights and assistance!