"How to Be a First Time Homebuyer TWICE!!!" Jay Morrison
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- čas přidán 4. 12. 2015
- How to Be a First Time Homebuyer TWICE!!!
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i haven't seen anyone help the black community like this ever
#facts
You clearly ain't looking good enough. He's a great man and I appreciate the knowledge but to make a statement like that is ridiculous
this information is readily available
Ikr...ppl stuck on stupid...not i
I believe you can refinance the first home to a conventional loan once you have 20% in equity, and then buy a new home with an FHA loan as well. So selling the first property isn't the only option
Bomani Jennings is that true? I just refinanced my fha loan to conventional. Had to get rid of the mortgage insurance
@@redgear4566 did you cash out refinance ? And does your mortgage go up when you get preapproved ?
Aisha berri I should’ve but I didn’t have to knowledge to leverage the refi that way. I could’ve cashed out and bought another multi family home (down payment)Maybe it was for the best. I’m looking into getting a loan from my 401k Roth instead. It’s better cause the interest I’ll pay on the 401k Roth loan will go back into my 401k Roth rather than the bank. If I cashed out it during refi than that would’ve meant a higher monthly mortgage. Also using a regular 401k (IRA) is tough because the money you put in is pre- tax. My 401k Roth uses money that is after taxes. I already paid taxes on it before putting it in.
@@redgear4566 I will look in to this and what type of loan do you plan on using for this method?
Aisha berri 401k Roth loan, of not I’ll just save for the down payment by temporary doing some overtime. The dave Ramsey way. Also I’m gonna buy out of state. New York is crazy expensive. I hate it
Just wanna thank you for your time and knowledge my brother! Remember me cause you helped me start and I know ima be big!
Jay Morrison back at it another way to keep it coming Jay Morrison
Always serving good game.
Gr8 game king simple wisdom
I am so glad I found you a channel I have six properties now and I'm ready to start leveraging my properties.
This is valuable information. Thank you Sir.
Short and straight to the point. Thank u
Thank you Mr. Morrison!
Great video brother Jay!
Thanks alot Jay im going to build equity been on the right track just kinda slow motion out here.
Thank you very helpful
ur a monster bro , good shit
He left out so much good info on how you can do better than just an fha. I’ll give this a 5/10
Man you and Dr. Boyce Watkins should partner up at least one time lol
Q boyce is not on this level lol
Yo Yo I Agree
Yo Yo I always say did dr Boyce Watkins make anybody make money yet this is key questions I look for answer when it comes to financial educated people. jay Morrison is making ppl money that's the difference when I sit back and evaluate it.
Yo Yo jay actually spoke at Boyce Watkins conference recently
If you already own a single family could you qualify by transferring the deed to an llc or trust??🤔🤔🤔
Are you saying that when a lender asks if you are a 1st time buyer I should check yes?
New student here ready lear thanks 4 ur drops of jewels
I have never bought a home, but I did do a refinance a duplex with someone. does that eliminate me from the first time home buyer list in the future? ?
Great game!!
Already used my FHA for 1st single home. What's my approach with trying for my Conventional loan for my multi home unit?
Would I be able to do this from a condo to a single family home?
I know this video is old but if in fact you are 'Mortgaged out' and you're able to go in on the deed for a property with someone else... do you still get all the benefits (like tax benefits) if you're not on the mortgage??
#AskJay
Greetings kings and happy holidays.My question is if I buy a multifamily do I have to sell it before I go find a second home. I was told that with FHA you have to sell it before you buy another
What if you buy a house joint thru FHa and you and the person don’t want to be together anymore so now you want your own home. Can you requalify for another Fha Loan??
I would learn to wholesale property first before I do this to have extra cash for emergencies
or
Purchase Subject two.
wow this is free game
wished i learned this sooner
before i got myself in debt from college
Multi family unit is townhouse/condo?
love that last tip..smooth..
Can I buy my first fha owner occupied apartment, then rent it out and use fha to buy a bigger condo?
just refi out of the fha in a year. 5%down conventional. get another multi. repeat process until they tell you no mas by then you will have atleast 8-16 apts under you in 4 years.
even if you go from a multi family to a single family, do I have to sell my first unit, or can I just move and continue to collect the rent.
I'm not sure but I believe you have to see it
Today is 12/9/2019 its 7:02 am. I just bought the RBC program but im not able to pull up any information. I was wondering Mr. Jay can you help me out with that brother?
please email support@jaymorrisonacademy.com for assistance.
thanks alot Jay God bless u in Jesus name
BMBG #4620 so thankful for comments like this one ☝🏼🙏🏼🙌🏼
Where do you go to get a multifamily under the first time homebuyer terms??? Every where I go that's only for a single family, multifamily they want 10%. Even if I'm Iiving in it.
Keep shopping for the right lenders...they are out there!
i used my VA loan and I have 2 single family homes...Can I get a FHA loan to buy a multi family home?? i guess my question really is who do i need to ask in order to use a FHA loan ??
No Limit Album Reviews I'm in that same boat you in. did you figure some legal way to get the lower down payment?
William Smith it's not possible. you will need to get a 25% down payment on a conventional. or what he said on the last part about a partner might work
No Limit Album Reviews I'm wondering now if i should use the fha loan first before tapping into my va loan🤔
Yes!! Thank you Jay! Can't wait to meet Everyone! DWilliams Trucking Company, LLC
You have to hold the property for 10 years before selling it.
Has anyone here bought a quad as a first time home investment based on jay morrison's advice? How is it working out?
piecesofme they won't let me use the first time homebuyer terms for a multifamily, only single family. So it ain't working right now.
Hey, have you worked past this issue yet? Whats the update?
TrueLoveAmber3 if you talking to me, I found out what he's talking bout isn't first time home buyer loan... He's talking bout an FHA loan which requires 680+ credit and 3.5% down. I'm viewing homes to buy tomorrow. Also, not all banks offer this and not for all units. Navy Federal offers best rates for only two units max. PNC bank and Wells Fargo offers it for up to 4 units. This loan also gives u government protection but requires you pay PMI.
DropSixteenTV Tv thank you! that is very useful information to know. hope everything goes well
@@dropsixteentvtv4149 how's everything with ur property?
I’ve been fortunate to buy a few homes and this makes absolutely no sense to me.
all these tricks we could have been doing
Or is the only option to sell the single family
Sell to holding LLC for IRA tax deferred rental maybe
Underwriters are being extra picky on these now
rush limbaugh
wait so you can have 2 fha loans at one time??? i dont think this is right
Can have up to 4 total loans
@@laceyb81 I don't think you can have 4 fha loans at the same time. Where have you seen this?
I thought it had to be 5 yrs later after you sold your home to be considered "First time home buyer"
Jay Morrison back at it another way to keep it coming Jay Morrison