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If you are looking to invest in real estate, you should consider utilizing a FHA loan for your purchase.
You can get a conventional loan but you will end up paying ~ 20% for your down payment vs. 3.5% for a FHA loan.
When I first started getting serious about real estate investing, I was working at an energy consulting firm. I was fortunate to work with several guys who happened to be serious real estate investors. I reached out to all of them and asked if I could take them to lunch.
We would chat about real estate, their history with investing, what they were currently doing and so forth. The end of each conversation went the same. I would say, âI want to start investing now, what should my next step be?â
They would said, âdo you currently own a property?â
They would said, âdo you currently own a property?â
I would reply âno, not yet.â
Each one, and I spoke with 3 different guys, said, âbuy a house for yourself, live in it for a couple of years, then rent it out and buy another one.â
Confusingly, I would respond, âbut I want to buy an investment property now.â
Each one, and I spoke with 3 different guys, said, âbuy a house for yourself, live in it for a couple of years, then rent it out and buy another one.â
Confusingly, I would respond, âbut I want to buy an investment property now.â
They all said, âI know, this will be the cheapest way for you to get a property (by buying with a FHA loan), it will give you the opportunity to learn how to take care of and upgrade a home (by living there) and once you rent it out, it will become your 1st investment property.â
I wonât lie, when the first guy told me this, I wasnât even trying to hear it. I thought he was crazy!
But after the second and third guys said the EXACT same thing, I had to reconsider.
Long story short, I bought my first property with a FHA loan and it worked wonders for us!
But after the second and third guys said the EXACT same thing, I had to reconsider.
Long story short, I bought my first property with a FHA loan and it worked wonders for us!
Some quick facts about FHA loans:
1. Easier credit/qualification requirements
2. Lower down payment
3. Low closing cost
4. Must be borrowers primary residence
The Federal Housing Authority (FHA) insures these loans, allowing your lender to offer you better deals!
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1. Easier credit/qualification requirements
2. Lower down payment
3. Low closing cost
4. Must be borrowers primary residence
The Federal Housing Authority (FHA) insures these loans, allowing your lender to offer you better deals!
I hope this helps. I know loans arenât extremely popular but buying a property for 3.5% down vs. 20% is a no-brainer.
Please RT/Like to help spread the word. Feel free to reach out with any questions. Thank you!
Get that FHAhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="đȘđœ" title="Angespannter Bizeps (mittlerer Hautton)" aria-label="Emoji: Angespannter Bizeps (mittlerer Hautton)">
Please RT/Like to help spread the word. Feel free to reach out with any questions. Thank you!
Get that FHA
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