All Forum Posts by: Vincent Ngo

 So this will be most likely be a conventional loan for an investment property; which I am hearing a 20% down payment required.

I actually bought my primary residence about 2 years ago; using conventional financing. Is FHA ONLY for first-time home buyers? This is my understanding. But regardless still an investment property.

Hey BP community. 

I am trying to obtain a buy and hold multi-family unit in Philadelphia. This is my plan; I plan to receive a gift from my parent which I hope to use as a down payment for the property. Assuming all rents are substantial they should be able to cover my debt service and any other expenses needed (repairs, water, vacancy, cap Ex, etc.) 

Now after the seasoning period of 6 months to a year I plan to refinance and cash out to repay my parents and hopefully make a profit assuming the appraisal value is higher than my purchase price of the property. 

How does that sound? I feel like it works in my head; but has anyone ever actually done this and was your overall experience? Any drawbacks or things I should look out for?  

Hey everyone. 

Just wanted to introduce myself to the BiggerPockets community. I am located in the Philadelphia area and am interested in getting involved with real estate.  I recently purchased a home and was considering renting out rooms but am not quite sure yet as I currently enjoy my space.

I have an interest in either flipping, obtaining multi-units or buy and hold properties. I currently feel like I am all over the place and just need to focus on a particular niche. I hope to do that by connecting with the Bigger Pockets community and anyone on here from the Philadelphia area. Hope to learn and connect with everyone.