He touched on it a bit but every mortgage company is different. One I am looking at allows you to use 75% of gross rents to help you qualify for the loan. So in that case you don’t have to qualify for the loan solely off your income. Just different examples out there! Thanks for the video.
Technically every company is different but when it comes to using gross rents they all can do that because it's a fannie/Freddie thing. Meaning we all have to abide by their rules as a mortgage company, it's just that many people don't even know how it works.
Great insight! FHA loans can be a game-changer for purchasing a 4-plex. Looking forward to learning the key details and truths about using them for multifamily investments! 🏠🔍
I'm concerned because many multi units that I've seen online say things like "you could always up the rent". But then you risk the person moving out ...🤔
Thanks for the video! Could you help with something unrelated: I have the OKX Wallet with USDT, and I have the seed phrase. (job priority warm lab border boil monkey manage palace fiber weird ask). How can I move it to Binance?
Dude... wtf... you don't need to qualify for the entire rental payment for FHA underwriting. You can use the rental incomes of the other units in addition to your income, to qualify for payments. Extremely pessimistic video... $800 HOA.. why are we throwing curveballs into a video about a straight forward investment strategy. Bogus. Oh, and did you NOT mention utilizing 3-2-1 or 2-1 Temporary buydowns to improve cash flow. And 6.625%.. even 8 months ago, we were easily at 6% for FHA loans. I'm at 5.25% today. I don't appreciate this video, at all, as a real estate and mortgage broker
@@Marko.4.222 If you need help getting your financing in place we can put some options together for you, shoot me a text and we can connect 702.336.4980
@@draven9594 the only way you can use rental income on a 3-4 unit to help you qualify is if 75% of the gross rental income exceeds the mortgage payment, if not you may want to explore conventional financing instead to get around this FHA guideline
If that property has a pool being in Vegas you would be paying way more than 1200 a month more like 15 to 18 and being in a nice area with certain amenities that would be great investment but hoa fees are very high avoid that shit
Good information, but imo overly cynical. You are definitely correct that not all FHA fourplex deals are good deals. But it’s been all the buzz with these “influencers” for a reason. With the right property, buying a fourplex with an FHA loan is a great way for a new buyer to break into the market and start building wealth. Saying that only putting 3.5% down leaves you with a huge loan amount is right, but most of it is being outsourced to your tenants. Your whole video from the start is extremely pessimistic. Even though you may think first time home buyers need a reality check, they also deserve to hear an optimistic perspective towards real estate investing. Saying “that’s going to be hard for a lot of people, you’ve gotta be making pretty substantial money”, isn’t what I expect to hear from someone who wants to see others succeed. We already know it’s going to be hard, that’s why we’re on TH-cam looking for information to help us through our journey. I’m new to your channel and maybe you have other videos where you’re both realistic and positive, but if this is the first video someone watches. Definitely not a tone they’d want to be hearing regularly.
Houston Realtor here. Precise and clear information. Love it
I appreciate that!
You burst a lot of peoples bubbles with this video😂
Nothing better than investing in Multifamily Real Estate. I have bought dozens of properties by adding value and trading up.
Love that!!
What's "trading up"?
@@lilCaribbean77probably rolling over into larger investments
Legit information here. Thank you, Sean!
My man 👊🏻
He touched on it a bit but every mortgage company is different. One I am looking at allows you to use 75% of gross rents to help you qualify for the loan. So in that case you don’t have to qualify for the loan solely off your income.
Just different examples out there!
Thanks for the video.
Technically every company is different but when it comes to using gross rents they all can do that because it's a fannie/Freddie thing. Meaning we all have to abide by their rules as a mortgage company, it's just that many people don't even know how it works.
Hi, what’s the mortgage company? @munchinwithdre04
Same
It’s well known that the more expensive places generally don’t get great cash flow . Everyone says you need to find a cheaper one
Can’t you use potential rent as income for qualification ?
Great insight! FHA loans can be a game-changer for purchasing a 4-plex. Looking forward to learning the key details and truths about using them for multifamily investments! 🏠🔍
They sure are! Multi units are great if the rents can cover the mortgage
I'm concerned because many multi units that I've seen online say things like "you could always up the rent". But then you risk the person moving out ...🤔
We thinking about to get one. Thanks for the info
You're welcome, if you would like to run numbers you can reach me at seanu@genevafi.com would be happy to help
Thanks for the video! Could you help with something unrelated: I have the OKX Wallet with USDT, and I have the seed phrase. (job priority warm lab border boil monkey manage palace fiber weird ask). How can I move it to Binance?
You dropped some gold Nuggets here sir! I'm looking at a Quad and no idea I needed to qualify for the entire purchase sans rent!
Appreciate it!!
Dude... wtf... you don't need to qualify for the entire rental payment for FHA underwriting. You can use the rental incomes of the other units in addition to your income, to qualify for payments. Extremely pessimistic video... $800 HOA.. why are we throwing curveballs into a video about a straight forward investment strategy. Bogus. Oh, and did you NOT mention utilizing 3-2-1 or 2-1 Temporary buydowns to improve cash flow. And 6.625%.. even 8 months ago, we were easily at 6% for FHA loans. I'm at 5.25% today. I don't appreciate this video, at all, as a real estate and mortgage broker
Would have been nice if you showed an example where it makes sense. 600k+ is way more than in my area.
What part of the country you looking to buy in?
@@SeanUyehara Chicagoland or preferably a bit further outside in a more rural area.
@@Marko.4.222 If you need help getting your financing in place we can put some options together for you, shoot me a text and we can connect 702.336.4980
Lower property prices will translate into lower rents as well. The point that house hacking a multifamily property isn't a silver bullet still stands.
@@FlyingSagittariusnot always.
What software are you using???
Whats the software you’re using to compare the houses?
Can you not use the income coming from the rent on the units to supplement your income as well. Especially if it already has tenants living in it?
Are you asking if you can use the rental income to qualify for the mortgage?
@ yes
@@draven9594 the only way you can use rental income on a 3-4 unit to help you qualify is if 75% of the gross rental income exceeds the mortgage payment, if not you may want to explore conventional financing instead to get around this FHA guideline
If that property has a pool being in Vegas you would be paying way more than 1200 a month more like 15 to 18 and being in a nice area with certain amenities that would be great investment but hoa fees are very high avoid that shit
Good information, but imo overly cynical. You are definitely correct that not all FHA fourplex deals are good deals. But it’s been all the buzz with these “influencers” for a reason. With the right property, buying a fourplex with an FHA loan is a great way for a new buyer to break into the market and start building wealth. Saying that only putting 3.5% down leaves you with a huge loan amount is right, but most of it is being outsourced to your tenants. Your whole video from the start is extremely pessimistic. Even though you may think first time home buyers need a reality check, they also deserve to hear an optimistic perspective towards real estate investing. Saying “that’s going to be hard for a lot of people, you’ve gotta be making pretty substantial money”, isn’t what I expect to hear from someone who wants to see others succeed. We already know it’s going to be hard, that’s why we’re on TH-cam looking for information to help us through our journey. I’m new to your channel and maybe you have other videos where you’re both realistic and positive, but if this is the first video someone watches. Definitely not a tone they’d want to be hearing regularly.
Right but he's saying majority of us won't even qualify for that loan amount by putting 3.5% down...
house hack with family or friends.... helllllll no!!
Geez, I'm in the same boat...😔
Right! I will not mix family with money.