KEYS TO FHA MULTI FAMILY REAL ESTATE INVESTING
ฝัง
- เผยแพร่เมื่อ 7 ก.ย. 2024
- On this clip Matthew Garland better known as MG the Mortgage Guy and Jullien Gordon aka Mr. Multi family covered the steps to buy a multi family house using an fha loan. #realestate #homebuying #fha
Link to full episode: • Secrets To Build Your ...
Link to 4-3-2-1 Black Friday Sale: Http://www.get4321.com
THIS is ALL we have to do is continue to educate EACH OTHER , work TOGETHER and hold each other accountable. And Most importantly STAY UNITED.
Good stuff fellas. Appreciated.
#BARRZ
in process of buying a multi fam in Baltimore as we speak. thanks for posting this refresher episode. Keep me in ya'll prayers for a successful process.
❤🙏🏾
How did you get started?
🙏🏾🙏🏾🙏🏾 you should do a video on how your process went. I live and invest in Baltimore as well. Would love to hear more!
I'm n Bmore too. My landlord propositioned me 2 possibly buy her mulit fam home n Bolton Hill. I like the tenants that r currently there, including myself.
Im trying to get one too in Bmore you have any tips
Thanks Jullian and Mathew I bought my triplex house hack with a va loan and looking next door to buy another triplex with FHA im so excited my wife has wiped the single family dream out her mind we love paying 200.00 instead of 1200.00 in rent. With true generational wealth.
Veterans get benefits. It's definitely a route to guaranteed financial freedom, albeit there's a higher risk of death and injury. Congrats to you and your family.
This is my 3rd time watching this video, and I'm going to keep watching it until I Manifest my first multifamily unit this year. Thank yall, as always dropping some incredible knowledge.
Same
Same here starting the process now
I’m in the process of trying to buy a house for my family and I came across this and I appreciate it!!
I’m 26 years old I’m buying a duplex next year and I’m going to live in 1 unit and put the rest on Airbnb 🚀💪🏾
There’s the smart guy! Renters are not paying right now, so best option is AirBnb. Get that paper bro
Awesome information on how to purchase a home from FHA & one year later go & purchase a multiple home duplex home. Great example on the Asian family living next door to you. POWERFUL INFORMATION ON HOW TO PURCHASE A HOMES FROM FHA. Thank you for informing your community on how to build wealth for your future.💯💯💯
This is some very valuable information. I owed about 8 rental properties none of them are multi family rentals. I will most definitely be looking in to this. Thanks for doing this video fellas.
Jullian is right i live in my triplex I do have property management but all work orders rent etc. Gos through them 8% of our rent let's us breathe easy as the rent rolls and cashflow come in like clockwork on the 10th of every month.
Always good thoughts 💭 and motivation from Assets over Liabilities
I work in mortgages and this is a really good video with some really good advice.
Yup I’m an underwriter lol he definitely was speaking the truth in the beginning
@@Mansa.D.Musa313 Hello, can you recommend any good lenders with a good reputation?
Greetings Brothas, keep up the great work 🥰💯🙏🏽
We’re getting that multi family unit 2024!!!
U guys are amazing🙌. Very good at explaining each step this is an eye opener🔥🔥🔥
The wisest thing that should be on every wise individual's list is to invest in different stream of income and don't depend on the government to bring in money especially now the pandemic is hitting the economy
you are definitely right , waiting on the government is a big waste
Investments are the stepping Stones to success especially if you been guided by a professional
Investing is good but investing in the right thing is the actual key to success . who is your pro ?
That was exactly what I did, I trade with a professional stock expert "VIVIAN KLAINE MORGAN " who i met in one of the seminars..
There are so many investment out there but if profits must be considered then not all investments are good to go into.
Refinance = exit strategy GOT IT !! 🔥
Excellent information!
Economies of scale is such a key concept.
Going to do this, this year!
The problem is finding a property
These properties were flying when the pandemic first hit!
Especially depending on your city.
Not at all! You may have to go out of town. But there out there!
Joining this year for sureee, just waiting for my income to be more stable
Using FHA twice is a great information!
I want and need to do this for my family. I already have potential tenants and everything
👆👆👆.................
I went to go buy a multi family unit and the lender said you aren’t able to utilize rental income until you have at least two years of rental history. So this won’t work for people who aren’t already landlords essentially.
👆👆👆.................
appreciate this, looking into this in the next few months. Going to be hard to find a mutli family under 400k in the atlanta/metro atlanta area.
In the process of buying a 3 unit multi family. Will be closing in a few weeks.
@God's Poetic Diary I closed on a 3 unit Property. Had seller pay my closing cost.
Subscribed 1 minute in because you guys wasted zero time, thank you 🙏
Which lenders use rental income because I keep getting told that you have to produce proof of rent on 2 years of tax returns
good question
@@vlosa2439 I've heard people say this for years but never named a bank
I heard that its more about shopping around and being upfront with the lenders about using rent to help getting a mortgage. Some may accept it but many banks will be weary.
So FHA isn’t the lender??
@@calripkenboi no....
Okay first of all, in order for you to qualify for a 3 plex or 4 plex while living in 1 of the units not only do you have to qualify yourself income wise and DTI wise but you definitely not want to have a 580 FICO 🤦🏽♂️ know that you can only use 75% of the income from the units and that income must be able to cover the PITI payment with FHA practically makes it imposible. Moreover you better make sure the other 3 units are rented otherwise how the heck are you going to generate monthly rental income to help you pay for the mortgage if you want to live for free in one of the units. 🤦🏽♂️
Get a multifamily then use common sense. If tired landlords are selling theres a reason. You got the government extending the moratorium and protecting basically squatters to live rent free. For those looking to build, have some great negotiation skills and connections before planning. Then when it comes to FHA you're going to end up paying more in the end due to the mandatory mortgage insurance no one tells you about. If you truly don't have enough for a 20% down payment with a traditional loan, then go for FHA but terms for all loans are negotiable except for FHA. Get the property refinanced after a year or so to lower you monthly bill due to the mortgage insurance.
AirBnb the other side has helped alot lately. You’re right though.
Question. So I realize that there will be some variables that change this, but as a general rule while looking for a deal, what percentage should be calculated for capex/rep/vacancies? My napkin calculations look like this, but I wonder if its too much or too little
Capex: 5%
Repair 5%
Vacancy 8%
Coming out of Central Texas, not easy to find a deal that cashflows
But if your in your mid 40's you may have already bought your first home. So we may just have to put down 25% if we want to get a multi-family. I think it's a good idea either way even if you have to put down 25%.
I am trying to purchase a 6 unit multifamily home here in Columbus Ohio...I am being told that through FHA they only do the most as 4 units for FHA @3.5% down....and that I would probably have to go with a conventional(not commercial) which I would have to come up with that 25% (for the 6 unit they want $500,000.00)....I would have to come up with $125k🤦♀️ how do I get around this🤷♀️ to purchase this property?
Has to be 4 units or less
Yvone Harvey, I just saw a multi-family house for sale, 6 units and it said "financial consideration term, cash, conventional FHA, VA loans. I'm wondering if you were able to buy this property???? Thank You in advance for your answer.
This info is very useful 👍🏾 thank you for sharing.
My mentor julian amazing guy
Thanks I’m going to do this
Could you use this same method on a 7 story 64 unit apartment building in nyc????
This is a gem 💎
Appreciate the game 💪🏾🤝
👆👆👆.................
FHA loan for the muti family then First time
Home Buyers for the single family less then % 10 down on each
I love 7:30 to 7:54!
If you already have a Single family conventional What if you rent out your single family , move in with parents or rent , then buy a multi family FHA?
Can you post more information about buying for a non-occupancy co-borrower [home for aging parents
?
So how do we go about qualifying for a multi family property
FHA can approve you for up to a 4 or 5 unit property!
These are the shoes you guys should mainly promote on eyl.
i need more on the 5th method renovate refinance
Can you do this with a va loan and use rent as income source?
Absolutely and its even better because you can get that VA loan without a down payment..
This is so exciting
All you have to do is just make mortgage payments on time your good I know several people that don’t move in 😆😆🤷🏽♂️
I get the income +( rent)×.75 but not understanding why I'm multiplying all of this by 6?
Thx from Nigeria
SHOUT MG🔥
@Earn Your Leisure So are you saying that in order to use the FHA in multifamily home you have to be staying in one of the homes?
How did you put 3.5% down on an FHA loan that cash flows $3200 without being an owner occupant for a year??
Wouldn't that be loan fraud?
👆👆👆.................
Looking to get started in Chicago soon
👆👆👆.................
Smart guysc👌🏾🎯
This is great!!
Should i be looking to get a 12% cash on cash return while living in the multi family initially? Or should that number be applicated once i have moved out? i have a deal im looking at that i break even in the year im living in the home(rents pay the mortgage and capex) and has a 17% cash on cash return once i move out
If I have a conventional mortgage at 3.35% can I then get an FHA mortgage on a multi family. I want to rent out my single family.
This is my question as well..
Conventional requires 5% down
@@floridaman7 I used a program where I didn’t have to have a down payment. The 3.35% is my interest rate. I purchased in 2019 a 3/2 but would like to rent it out and get an fha loan on a multi family.
Was it NACA? I did the same thing.
@@royalexpress4747 yes, I used NACA and had a wonderful and quick experience. The office I used was in Orlando.
Silly question, but does this apply for international home purchases?
But what if you in navy federal they mortgage loans are different
Gems 💎💎💎
Where can I find multi-family units?
MLS
Great tips
What's the name of song playing at the end ?
I’m trying to figure the name to tht song too
What’s the play if I own a single family home using my VA loan?
This a good one
I wish multi family homes were in abundance
👆👆👆.................
I wanna get a building and only rent to single mothers who went thru what I went thru is that legal lol
you the landlord, you can do whatever you want at that point.
💜💜💜
Def learned something
Can I used the fha loan if I have a job in new york but live in ct
Do I have to stay in the multi family home for 1 year until I can rent out the rest of the units? Or can I rent out the units as soon as it’s closed?
You can live in one unit and rent out the other units from day one. But officially you have to wait a year until you can move out and rent out the unit you were living in.
@Earn Your Leisure Great video and information! I do have a question on your duplex you showed you owned. How did you get your monthly mortgage payment that low? Going through the process right now. My deal is about 298k and monthly is looking like 2k a month. All the rest of the few is very similar. I want mine down that low if possible.
I refinanced my first home to a conventional loan and wonder can an FHA loan be used on a multi family home in Texas?
👆👆👆.................
One question? What if the property you are looking to purchase is completely occupied. Is that going to immediately disqualify FHA or could you take the 60 days to notify tenants that leases will not be continued for renovations 🤷♂️
I would look at the leases and see when they end. It’s also possible the tenants are on a month to month which gives you more flexibility.
@@ImTheBestListen thank you
This will only work in veryyy few markets.
Hello i bought a single family home with a fha loan then refinanced to a conventional! Can i buy my 2nd property with a fha loan again????
👆👆👆.................
Did you ever get an answer on this question? I’m trying so search this too?
What if you rent out that single family before you FHA a multi family
@@user-sf9cd9rh8k no never got an answer
Im new to las vegas area. Anyone else, please let's link up
i don’t know where the hell your gonna find a 300,000 house at in ny lol if anybody knows please help me lol
I dont think youll find it anywhere these days
4:42 WHAT?!? $300,000 DOWN?
Where are ppl finding multi family units/homes for 300k?
Right
Don't give up on us were coming brothas
If I'm trying to buy a multi-family, which is better for me: FHA or VA loan?
I would imagine the VA loan is better. Isnt the interest rate lower with the VA?
Rookie question. Sounds like you should educate yourself more before pulling the trigger. VA loan is best just to answer your question. No down payment needed
@@bossnutz try answering questions without sounding insulting. Or DONT at all.
For everyone else, I was asking, specifically about multi-family homes. Not about down payment. Simply put, does the VA loan do multi-family loans And do you have the same borrowing ability to where you can buy a much higher priced asset due to the rental potential?
@@onlystop4gas863 meh, sorry for being so blunt. A simple google search will answer the question you have.
He's been Making the Internet for Quite Awhile Now give him a hand for Pushing threw this COVID the killings helping out Folk Meeting Us halfway
you cannot buy a multiunit property through fha with 3.5% down right now. Its 10%
How/where are you getting a 300k property DUPLEX and generating 3200 in rents ESPECIALLY when you have to owner occupy 1 of the units for at least 6 months....seems like some details are missing here fellas.
👆👆👆.................
What about if I get a loan on my home that if clear of debt
👆👆👆.................
🔥🔥🔥
How can I get in touch with you? This is great information.
👆👆👆.................
If I have conventional loan can I qualify for fha
Also what is a cash on cash return in real estate
It is your return on your capital invested to purchase.
@@kennya1425 thank yoi
How is your mortgage $1259/mo when you only put down 3.5% on a 300k property? This doesn’t add up.
👆👆👆.................
💯
Got your initial investment back in a year..
I just wanna know the signs of gentrification
👆👆👆.................
*I* *just* *made* *my* *first* *$20,000* *in* *cryptocurrency* *I'm* *so* *glad* *I'm* *gonna* *have* *a* *successful* *retirement.*
congratulations, I'm still mining bitcoin on my bitcoin cloud.
bitcoin cloud isn't the best, mining bitcoin isn't as easy as it seems... it takes much strategies and analysis.
the $20,000 I just made isn't from my professionalism. I trade with a prof. Mrs Helen Davis, I've been trading with her for half a year now.
Can i rent and still be owner??
👆👆👆.................
Va loan?
👆👆👆.................
fha loans are impossible to qualify for.
👆👆👆.................
💫✨💛
🤯🤯🤯🤯🤯🤯
Spare change? C’mon help a brother out 🫴