Why do people want to buy real estate? It is a great long term investment. You aren’t paying for someone elses mortgage, you are building your own equity. No fear of rent increase every year. But I feel it’s not just investing in your own home that is 100% of the appeal. People want rental income. Using real estate to build wealth with an investment property is a significant portion of The American Dream.
For many, purchasing multiple properties might seem out of reach but we had a recent client who utilized some great programs to help get one step closer to their American Dream.
One Clients Story…
One of our clients recently purchased a 4 unit property. They planned to live in one of the 4 units, so it was an owner occupied purchase transaction. This made it possible for them to use an FHA loan for their home purchase. One of the FHA’s most attractive features is allowing a 3.5% down payment, which our client took advantage of. For the rest of the purchase price, we used estimated rental income to help them qualify. Think about that for a second. They are using estimated rental income that they haven’t received to qualify for a home they don’t own!
Another piece of their loan puzzle: The home was not move-in ready. There were multiple repairs that had to be completed before the client could move in to their unit. The other three units also needed work to get them ready for renters. FHA Renovation loan to the rescue!
Our client was able to purchase a property, using rental income to help them qualify and have it fully renovated with just 3.5% down.
Let us help make your American Dream come true, reach out to us today!