FHA Loan | The perfect HOUSE HACK

#realestate #mortgages #fha #fha203k #mgthemortgageguy

This is a perfect example of how to house hack using a FHA 203K loan to buy an undervalued 4 Family property rehab it and not only live for free but cash flow 24k a year in profit.

After I refinance Shantel I will add a couple thousand to her profit margin and finance her next property.

This was a home run deal. I’m happy she jumped on the call and shared her story.

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[geminigirl]

this makes me feel so excited because it just affirms it that real estate investing changes lives and this is not only possible but attainable!

[pambrook]

thanks for the info. looking to buy my first multi family this year

[morelife]

I’m from Chicago south suburb area where this is located so funny I stumbled across this video at 12am motivation

[NaturalBeauty]

Luv the new intro too! 🤗 Thanks for the info.

[chelsbolin]

Wow! I haven’t seen someone cash flow like this on an owner occupant multi family deal.

[jaeprince]

Yes Calumet city does hve high ass taxes . South suburbs in general does

[businesscentral]

I'm in Chicago too trying to get in the real estate game. I just can't do them suburbs, they got the highest property taxes in the country. I've done the math, that 4 unit in Cal city with a mortgage of 2100 is gonna be 1100 in the city for the same 4 unit at the same purchase price. I stopped looking at property in the burbs because of the ridiculous property tax. Sounds like it's working out good for the young lady but that comparatively high mortgage turns me completely off the burbs.

[cassandra]

How long do you have to live in the home before purchasing the next home to be considered a first time home buyer again? Right now I have a fha loan in charlotte, selling the home and moving to nys. how long would I have to wait to become a first time home buyer again, my plan is to buy a 4 unit with the profit, live in 1 unit (for however long the waiting period is) move out of the unit and rent the entire 4 units. But not sure of the waiting period.

[laceyb]

Can do a HELOC comparison as opposed to cash out.

[r.medmond]

@MGthemortgageguy I'm a resident of Dallas. Homes in my inner city area are going from 300k to 800k. If I can purchase land in the area for under 100k should I go for it or just buy new construction?

[sam]

Can we get FHA loan on the name of LLCs?

[clarisndoro-mashingaidze]

Can one get FHA again after getting it for Multifamily.When you wanted buy your home .please advice.

[geminigirl]

i’m closing on my first investment property next week it’s a single family house and it’s fha loan so i have to live there for 1 year. i didn’t know it was possible to refinance before that year was up and that would free up the fha requirements!

[sudakara]

On FHA loan Is it legal to Rent part of house to a Family while living in small room in the same house ( Can the Tenant Kids allowed to go to Public School with that ) ?

[RicardoSanchez-jgun]

How do you think the coranavirus scare happing right now is the U.S will affect the loan rates?

[DryUrEyesM]

loan officers and banks really approve a second fha mortgage right after you refi out of your first fha?

[ksniper]

Got some questions I'm interested in buying a duplex/multifamily ...can I contact you?

[jaygambill]

I’m working on getting a 4 unit right now but the lender is dragging there feet anyway I can pay you for a call on some advice

[luvleta]

Where in Illinois did she but a 4unit for under 150k cash flowing like that? Ok....
:) No hate. The numbers dont seem right.

[RicardoSanchez-jgun]

How do you think the coranavirus scare happing right now is the U.S will affect the loan rates?