Using FHA Loans to Buy Your First Multi-Family Investment Property

72013 Using FHA Loans to Buy Your First Multi-Family Investment Property

wwwbiggerpocketscomrenewsblog20121108fha-loan-multi-family-investment-strategy 119

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The BiggerPockets Blog raquo Financing Real Estate raquo New Investor Strategy How to Buy Your First Multi-Family

Investment Property amp Live Rent Free

New Investor Strategy How to Buy Your FirstMulti-Family Investment Property amp Live RentFree

by Frank DeFazio on November 8 2012

TweetTweet 60 Like 49 9

If yoursquore like me the bad news is that yoursquove spent too much time running across cheesy late night get rich quick

schemes like the one below

Give Me 10 Minutes And Irsquoll Tell You How To Buy Your First Investment Property (With Virtually NoMoney Down)

The good news is that unlike those late night gurus I fully plan to deliver on my promise and explain how you can buyyour first investment property with very little money down Irsquom currently a real estate agent in Center City Philadelphia

and many of my clients are young professionals who are eager to get started investing in real estate Some come to me

looking for condos others single family homes and my advice to them is always the same

Use an FHA loan to purchase a multifamily property that generates enough income to allow you to live for

free while you occupy the property and healthy cash flow when you eventually move out

ShareShare 11



Whatrsquos An FHA Loan And How Does It Work

The FHA loan is a federally insured loan that requires the buyer to put down a minimum of 35 of the purchase priceand allows up to a 6 sellers assist Without getting overly technical this means the buyer is required to bring 35 of

the purchase price to the settlement table and can wrap his or her closing costs into the loan

So for example if you purchase a $250000 property using an FHA loan with a full sellerrsquos assist you would only need

$8750 to purchase the home FHA loans are readily available for single family homes duplexes triplexes and quads

but the loan amount limits vary by county and the limits for each statecounty are available here

httpwwwfhacomlending_limitscfm

eg For Philadelphia County the FHA loan limits are $420000 $537650 $649900 and $807700 respectively

which is high enough to allow the buyer the opportunity to afford a multifamily home

A Real World Example of a FHA Financed Multifamily Investment

A recent example of executing this strategy is a duplex that an investor client recently purchased in Manayunk a smallsection of Philadelphia comprised largely of college students and young professionals This investor purchased a duplex

that had two identical units that each had two bedrooms one bath and one parking space Irsquove rented several

apartments on that street so I knew that a 2-bed apartment with parking rented for $1100month plus utilities

The investor paid $250000 which included a sellerrsquos assist that covered all of his closing costs and his monthly

payment for principal interest and PMI came to about $1250month All in his monthly total with taxes and insurancecame to approximately $1550month The investor was able to rent the first floor apartment for $1100month plus

utilities and then occupied the top floor apartment with a roommate who pays $550month plus utilities

So the investor is currently getting $1650month plus utilities in rent and spends only $1550 per month for principal

interest taxes and insurance The additional $100month surplus goes into a reserve account to cover repairs or future

capital improvements and the investor currently has virtually no monthly housing expense

When this investor inevitably moves out he will generate $2300month plus utilities and will still have the same $1550

per month payment for principal interest PMI taxes and insurance His monthly surplus will be $750 per month whichwill easily cover his operating expenses and still allow for a healthy cash flow

Summary

So to recap itrsquos possible to use an FHA loan to purchase your first investment property for very little cash allowing youto live virtually rent free while you occupy the property and to make generous cash flows after you move out This

scenario is low risk because as long as the property is 50 occupied the majority of the debt and expenses are coveredand the second unit is largely profit The ROI on an investment like this is can be quite good and there are significant tax

deductions that the investor can take advantage of Hopefully now you can see how using an FHA loan to purchase a

multifamily property is a smart way to buy your first investment property with very little money down

Photo Richard Eriksson

TweetTweet 60 Like 49 9ShareShare 11



By Frank DeFazio

Franks Website httpwwwCenterCityTeamcom

Frank has written 17 articles for us

Frank L DeFazio sells Philadelphia Real Estate and Philadelphia Condos for Prudential Fox amp Roach in Center City

Philadelphia Frank is a real estate agent investor developer and founder of the CenterCityTeam Read more from

Frank at his Philadelphia Real Estate Blog

Related posts

1 ldquoMini-Modelrdquo Leasing Strategy will fill Vacancies Fast in

Multi-Family Apartment Buildings for Under $200

2 Apartment Buildings Verse Single Family Homes mdash An

Investment Property Comparison3 The Benefits of Green Multi-Family

4 Manufacturing Equity in Multi-Family Properties with The

Rule of 150

5 Multi-Family Green Case Study

45 commentshellip read them below or add one

Al Williamson November 8 2012 at 556 pm

Absolutely true This is how I got started Lived in the smallest unit in our threeplex Great advice

Reply

Frank DeFazio November 8 2012 at 636 pm

Al

My first comment ever Irsquom glad you liked it I think itrsquos a great strategy for someone just starting out

Reply



Joshua Dorkin November 8 2012 at 806 pm

Frank ndash Yoursquove outlined a good basic strategy for a new investor to follow to get their feet wet in

the world of investing Now there are certainly downsides of living in such close proximity to your

tenants but there are ways to shield yourself which wersquove talked to many times on the forums andhere on the blog

Thanks for the post and welcome to the blog

Reply


Thanks Josh

Irsquom excited to have the opportunity to write for BiggerPockets

Rashaud November 12 2012 at 742 pm

Hi there

Quick question how would you go about protecting yourself when living so close to tenants

My business partner and I are both gearing up to buy our first investment property and wersquore

trying to be as thorough as possible We want to use the FHA loan strategy outlined above

but wersquore less sure about how it would function on a day to day basis let alone how wersquodlegally protect ourselves Any help or guidance you could offer would be greatly appreciated

Thanks

Rashaud

Keith Schulz November 8 2012 at 934 pm

Great post This is how I got started too While its tough in my area to buy in a good neighborhhood and have

one half of a duplex cover the full PITI it still works out great

Reply

Frank DeFazio November 9 2012 at 526 am

This strategy does require scouting out neighborhoods but my guess is that you can find a safe reasonable

neighborhood near most major metropolitan cities where it would work The FHA loan limits do vary bycounty so FHA takes into account the cost of livingbuying in each locality

Reply



Gavin November 9 2012 at 609 am

Great post Frank I have recently executed this strategyas of June and had a question for you What is my exit

strategy My understanding is that legally the owner must occupy the property per FHA guidelines So when

the owner is ready to ldquomove onrdquo how do you normally suggest doing so In my case I plan to keep the propertyas an investment and owner occupy another investment How and when do you advise moving on

Reply


To the best of my knowledge FHA does not have a specific time limit and you are not required to

refinance when you move out The do require that you intend to purchase the property as a primary

residence and you must occupy the property win 60 days of settlement but there is no requirement for

how long you have to live there Most of the mortgage guys Irsquove asked have said they would recommend

one year at a minimum of occupying the property as a primary residence I would change the insurance

policy to reflect the change from owner occupant to investment property so you have the right amount ofliability coverage and such

Reply

Jay Orlauski November 9 2012 at 1108 am

Great Idea this is how I started also and did again several years later For serial multiplex buyers remember

that you must get out of your FHA loan before you do it again ndash so you have to refi after a time so that you freeup your ability to do another FHA loan since you cannot have more than one government backed loan out at

once

Reply


Jay Orlauski great point and great idea

Reply

Chris st john November 9 2012 at 1021 pm

Frank

This is how I imagine getting my start as well Can you describe the tax breaks you mentioned at the end of the

article

Reply




Certainly Right now the main deductions for real estate investors are mortgage interest depreciation

repairs travel home office insurance and legalaccounting You can also team up with an accountant or

tax attorney to strategically use losses to offset income on a year to year basis Tax laws change frequently

and are certainly a hot topic in Washington right now so keep an eye on the fiscal cliff negotiations and

make sure yoursquore getting advice from a full time professional

Reply

Dale Osborn November 9 2012 at 1130 pm

It sounds almost too good to be true We do not have an FHA loan but choose to live onsite to better keep a

finger on the day-to-day operations It can make a huge difference in your bottom line FHA amp HUD are pretty

much alike ndash had a HUD loan once and it is something that I would not wish on any other investor

Reply


There are definitely pros and cons of living onsite Bad experience with HUD

Reply

Dale Osborn November 10 2012 at 1026 am

Bad experience with HUD

1 Rate supposed to be 75 but with all their withholding = 95 2-years Taxes amp Insurance kept in reserves

$20K kept in repair reserve that never got reimbursements from

2 Repairs reserve ndash do repairs and be reimbursed ndash took 5-years to get a partial payment

3 Annual inspection ndash 13 of all apartment units inspected so 17 of 43 units selected If a light switch cover plate

was cracked ndash deducted 50 from your 100 start point I did not operate a 50 property

4 Annual reporting of income amp expenses If you enter real numbers ndash system online did not accept them so

needed to make up additional expenses or other areas to make the system balance Once it was balanced ndash you

met their annual reporting requirement but data was all bogus5 Took $90K of my principal to put in their own pocket to make the loan

Never again

Reply




Wow thatrsquos insanehellip

Reply

Chris Fuller November 11 2012 at 616 pm

100 seems like a slim margin for repairs and maintenancethe investor might have to pay out of pocket especially

if something major goes wrong like a roof or a furnace

Reply


Thatrsquos true but initially itrsquos a hybrid investmentowner occupied property and any owner occupant is going

to have annual expenses for the upkeep of their home You could get a home warranty that covers roof

heating system (possibly paid for by seller) at settlement to cover you in year 1 and then purchase

subsequent years on your own

Reply

Brandon Turner November 12 2012 at 1051 am

Hey Frank I did this very strategy early in my career Excellent way to begin

Welcome to the team

Reply


Thanks You were actually the reason I wanted to get involved I really enjoyed your articles and I used to

forward them to my brothers and mother Glad to be aboard

Reply

Remrie November 13 2012 at 153 pm

I canrsquot tell you how much I wish someone drilled this into my head when I was just starting out it would have

saved me and everybody else a butt load of trouble Especially if you have the ability to invest in multiple

properties Places like Indianapolis in a working class area that isnrsquot run down you can spend $30k-$40k per

unit in a marketeconomy where rents can be near double PITI with tons of multifamily property Buying a

couple of fourplexes or duplexes in a few miles of one another isnrsquot difficult and allows the investorowner to take

care of everything Especially with todayrsquos interest rates



Worse case scenario if crap hits the fan thatrsquos my fall back plan

Pick a place where you are comfortable living I wasnrsquot born ldquoaffluentrdquo so I am comfortable with lower income

neighborhoods

Reply

Frank L DeFazio December 1 2012 at 234 pm

Very true Thanks for the comment

Reply

Lindsay Wilcox July 13 2013 at 105 pm

Remrie Irsquom under contract for a triplex in Fountain Square in Indianapolis right now Originally a

1350sqft single family home itrsquos now 3 small one-bedroom apartments Purchasing for $50k with an

FHA loan just like described above and each of the other units rents for about $500 Indianapolis is a

GREAT place to invest

Would secod some other comments though about wanting to know how to legally protect myself

Reply


FYI if you can utilize some slave labor Invest in the properties and ldquoteachrdquo your kid how to make this their

career

It might even work better if you have discretionary income you donrsquot mind losing so they can live with a real life

example of what happens all around them as a result of their negligence That might be a bit too much tough love

for some but if the kid knowrsquos they got it good theyrsquoll try

Reply

Zach November 30 2012 at 945 pm

Frank

Does FHA allow loan underwriters to consider current leases as income to allow a higher financed amount than if

you were to be considered on your personal income alone While Irsquom pre-approved high enough for some

others are out of range if not for rental income to be factored in

Reply




Yes they will use 75 of the fair market rent of the non-occupied unit as determined by the underwriterdoing the appraisal So you can qualify for a higher priced home this way

Reply

Alex February 12 2013 at 841 am

Thank you very much for this Frank (and Brandon I was directed here from his previous blog) I am looking

forward to using this strategy to purchase a multi family property Question though I plan to invest in a property

with a business partner of mine how does that work in the case of getting a FHA loan are we able to co-sign the

loan together

Reply

jeffrey gordon February 19 2013 at 916 pm

What kind of a HUD loan was Dale Osborn talking about HUD would be FHA or RURAL USDA or

something I have never heard of two years of reserves and annual reporting I hate to mention it but FHA

Fannie Freddie VA FHLBrsquos etc are all government owned entities these days there are no private investors in

US residential Mortgages today for all intents and purposes

jeffrey

Reply

Dawn February 20 2013 at 339 pm

This is also how I got started 10 years ago Worked out great My tenant paid the entire PITI I lived in one side

for a few years During the time I lived there I did a refi to get out of the FHA loan A couple of years later I

bought another duplex using an FHA loan and moved into the new duplex I eventually sold the original duplex

for twice what I paid for it

Reply

Rich February 28 2013 at 1224 pm

Well what coincidence I have been progressively getting close to getting my feet wet in real estate investing The

funny part is I was looking into the ConshohockenManayunk areas before stumbling upon this article This the

exact strategy that I plan on implementing when I find the right property which at this point has become thehardest part Thanks for the tips Frank Donrsquot hesitate to give me a heads up if you see anything in the area

Reply



Mark Gould March 2 2013 at 800 pm

This would be a tough decision to live in one unit and rent out the other (s) without having your tenants call you

and pester you 247

I would welcome any suggestionsadvice to possibly go this route Currently I am planning to buy SFR to rent

out after I purchase my own residence (SFR)

Mark Gould

Reply

jeffrey gordon March 2 2013 at 925 pm

Mark Gould I have lived in a triplex with renters next door and it does have some issues when you get a

troublesome tenantndashI may never forget the two young college ladies that seemed to have a steady stream of guys

and their buddies coming over for partiesndashthey kept apologizing for the noise and promised to never have another

party but then a couple days later off we would go again

Like any tenant advertise and promote the vacancy as much as you can and then be very careful in who you

select as your new neighbors I would always choose a duplex or triplex over a single family rental property all

other issues being equal but that is just me

jeffrey

Reply

Terry H May 11 2013 at 247 pm

I loved reading your blog Frank this is exactly how I plan on getting started in real estate investing

A couple of you left comments about refinancing your FHA loans so that you could buy another property with an

FHA Do any of you care to go in to more detail about that Like how you decided to refinance Irsquom new to real

estate so Irsquom not familiar with all of the methods yet

Terry

Reply

Shaina May 15 2013 at 237 am

Would it be smart to invest in a property in an area where rent prices are going up I live in San Francisco and

am interested in buying here but am afraid of the high cost risk

Reply



Rob May 21 2013 at 659 pm

RE Would it be smart to invest in a property in an area where rent prices are going up I live in San Francisco

and am interested in buying here but am afraid of the high cost risk

Look at historical rent trends for your market areazipcode There are some good web sites out there that

compile asking rent information that would be able to help you get an idea of where the rents are in the

supplydemand cycle Also look for new development projects in the area that would possibly depress the rental

rates after you invest Also pay close attention to the particular ordinances and governmental influences on

rentrent control etchellip This would effect the ratio between the maximum amount of rent you can set and your

fixed expenses Make sure there are no variable expenses tied to your gross rental income (hence the problem of

periodic reporting)

Reply

Angela May 23 2013 at 912 am

Great information My partner and I are looking to invest in our first investment property We currently each own

a home one that is currently being rented My question is what do they consider living in the dwelling Can we

split our time between both homes We donrsquot really want to move into the investment property but we also canrsquot

afford that 20 down that comes with just using it as a rental So we need to purchase it as an owneroccupy

Thanks up front for any information you can provide

Reply

Jakiec June 8 2013 at 950 pm

Hi Frank

This information is awesome My business partner and I have been looking for a way to obtain our first deal and

I think this is it Your timing is impeccable Thank you

Reply

Bob H June 10 2013 at 607 am

Frank a lot of good info that strategy was how I got my start back in 1981hellip Right now my daughter and her

new husband are trying to buy a 3 unit in Philly that their current landlord is willing to sell that they would live in

Either myself or my son are willing to co-sign to help if necessary but we have been told a lot of conflicting info

re whether a non-occupant related co borrower is allowed or not that the mortgage payment must be covered

by only 75 of the income from the other 2 units that they wonrsquot be living in rather than the rental income of all 3

hellip Is there a good place to find all the FHA loan requirements to see if this will work hellip I did a quick scan of the

FHA gov site and wasnrsquot able to find anything helpfulhellip Thanks for any insight you can provide

Bob



Reply

Amy June 10 2013 at 730 pm

Thanks Frankhellipyour timing could not have been better

Amy

Reply

Jim June 12 2013 at 659 pm

Does anyone know if you have to be employed to qualify for an FHA loan if yoursquore buying a multi-family

property

Reply

Keela June 29 2013 at 726 pm

Irsquom interested in getting a FHA loan I have been pre-approved for up to 70000 loan with 35 down Only

thing is I canrsquot seem to find anything decent for 70000 I canrsquot even seem to find a good duplex Irsquom not sure

what to do

Reply

Amy June 30 2013 at 1107 am

I have the same questionconcern as Angelahellipdoes anyone have definitive information or would it be best to

consult a real estate attorney Thanks

Reply

Remrie July 13 2013 at 405 pm

Keela consider the market where you live

$70k in Los Angeles is nothing compared to $70k in Indianapolis

Especially if you do rehab work on it

Reply

Gloria July 19 2013 at 842 pm



Great article I am new to the world of REI I have however made the decision that investing in a multifamily

property and living in one of the units might be the best way for me to start investing One of my goals is to get

involved in property management as well

Reply

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Hard Money LendersBP Recommends

Explore the BlogReal Estate Guides

Start HereHow to Rent Your House

Tenant Screening

The BiggerPockets Blog raquo Financing Real Estate raquo New Investor Strategy How to Buy Your First Multi-Family

Investment Property amp Live Rent Free

New Investor Strategy How to Buy Your FirstMulti-Family Investment Property amp Live RentFree

by Frank DeFazio on November 8 2012

TweetTweet 60 Like 49 9

If yoursquore like me the bad news is that yoursquove spent too much time running across cheesy late night get rich quick

schemes like the one below

Give Me 10 Minutes And Irsquoll Tell You How To Buy Your First Investment Property (With Virtually NoMoney Down)

The good news is that unlike those late night gurus I fully plan to deliver on my promise and explain how you can buyyour first investment property with very little money down Irsquom currently a real estate agent in Center City Philadelphia

and many of my clients are young professionals who are eager to get started investing in real estate Some come to me

looking for condos others single family homes and my advice to them is always the same

Use an FHA loan to purchase a multifamily property that generates enough income to allow you to live for

free while you occupy the property and healthy cash flow when you eventually move out

ShareShare 11
























Summary









By Frank DeFazio






Related posts






Rule of 150





Reply


Al


Reply








Reply


Thanks Josh



Hi there





Thanks

Rashaud




Reply




Reply







Reply








Reply




once

Reply



Reply


Frank


article

Reply









Reply





Reply



Reply











Never again

Reply





Reply




Reply






Reply



Welcome to the team

Reply




Reply












neighborhoods

Reply



Reply







Reply



career




Reply


Frank




Reply





Reply





loan together

Reply






jeffrey

Reply






Reply





Reply





and pester you 247



Mark Gould

Reply









jeffrey

Reply






Terry

Reply




Reply












periodic reporting)

Reply







Reply


Hi Frank



Reply









Bob



Reply



Amy

Reply



property

Reply




what to do

Reply




Reply





Reply







Reply

Leave a Comment

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Submit




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AffordAnythingcom







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Contact Us

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Recent Posts







Want to Contribute


Find Foreclosures



WordPress Admin


BiggerPockets Inc
























Summary









By Frank DeFazio






Related posts






Rule of 150





Reply


Al


Reply








Reply


Thanks Josh



Hi there





Thanks

Rashaud




Reply




Reply







Reply








Reply




once

Reply



Reply


Frank


article

Reply









Reply





Reply



Reply











Never again

Reply





Reply




Reply






Reply



Welcome to the team

Reply




Reply












neighborhoods

Reply



Reply







Reply



career




Reply


Frank




Reply





Reply





loan together

Reply






jeffrey

Reply






Reply





Reply





and pester you 247



Mark Gould

Reply









jeffrey

Reply






Terry

Reply




Reply












periodic reporting)

Reply







Reply


Hi Frank



Reply









Bob



Reply



Amy

Reply



property

Reply




what to do

Reply




Reply





Reply







Reply

Leave a Comment

Name

E-mail

Website

Comment Policy










Submit




Advertisement






Posts






Economy Watch



Editors

Contributors











Groupcom





AffordAnythingcom







Co







Categories

BiggerPockets News



Credit



Foreclosures

General Real Estate

Green Real Estate

Investor Psychology

Landlord Tenant

Markets

Mobile Homes


Opinion

Podcast

Real Estate














Real Estate Market



Real Estate Notes


Real Estate Tips


Rehabbing

Retirement

Short Sales

Starting Out

Taxes


BiggerPockets Info

About BiggerPockets

Press

Advertising

Blog Archives

Terms of Use

Privacy

Contact Us

Login

Recent Posts







Want to Contribute


Find Foreclosures



WordPress Admin


BiggerPockets Inc



By Frank DeFazio






Related posts






Rule of 150





Reply


Al


Reply








Reply


Thanks Josh



Hi there





Thanks

Rashaud




Reply




Reply







Reply








Reply




once

Reply



Reply


Frank


article

Reply









Reply





Reply



Reply











Never again

Reply





Reply




Reply






Reply



Welcome to the team

Reply




Reply












neighborhoods

Reply



Reply







Reply



career




Reply


Frank




Reply





Reply





loan together

Reply






jeffrey

Reply






Reply





Reply





and pester you 247



Mark Gould

Reply









jeffrey

Reply






Terry

Reply




Reply












periodic reporting)

Reply







Reply


Hi Frank



Reply









Bob



Reply



Amy

Reply



property

Reply




what to do

Reply




Reply





Reply







Reply

Leave a Comment

Name

E-mail

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Comment Policy










Submit




Advertisement






Posts






Economy Watch



Editors

Contributors











Groupcom





AffordAnythingcom







Co







Categories

BiggerPockets News



Credit



Foreclosures

General Real Estate

Green Real Estate

Investor Psychology

Landlord Tenant

Markets

Mobile Homes


Opinion

Podcast

Real Estate














Real Estate Market



Real Estate Notes


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Documents

Using FHA Loans to Buy Your First Multi-Family Investment Property