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Anyone use Ashwagandha? What type/brand?
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Subject Expert
Realistic in a LCOL city. Easier with a multi-plex (I think FHA will cover up to a 4 plex).
Use it to buy a duplex and rent out the other half.
may have to house hack as well
Mentor
Here’s what you don’t hear from the tik tok and Instagram gurus. The most common barrier to entry is saving up for the down payment + closing cost + maintenance, No matter what type of loans you use this will be the biggest hurdle for most.
Additionally, a lot of sellers hate taking offers from FHA loans. This might change as sales volume is low, but most seller still get multiple offers on their properties. FHA is riskier for a seller because they have stricter inspection requirements. You are also a considered a riskier buyer when you go down FHA, so a seller might take a slightly lower price (within reason) if another person is putting down 20 - 25%.
Not saying this is an impossible strategy, but you will have a harder time. Getting an FHA loan is not an automatic ticket to buying a house, in my opinion it makes you a less desirable buyer. I’d personally try to save up to 10%, ideally 15% down payment to be more competitive.
I bought a triplex FHA, but didn’t know I needed to switch to FHA until after my offer was accepted. So honestly don’t know if I would have been as lucky offering asking with FHA.
(Basically the bank ran the property wrong, and thought it was a duplex when they approved me)
It’s also tough to win a bidding war with an FHA loan. Buyers and buyers agents would rather not with FHA is possible because of the inspections and other things that cannot be waived by the buyer. So it’s not impossible, but it can be another obstacle, if you are in a competitive market.
This
Very realistic, just comes down to 1. Can you afford down payment / have money leftover for savings plus maintenance and 1b. Location