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My husband and I did this a few years ago. We bought a Fourplex in Saint Marys GA in 2017 for $230,00. We renovated every unit for about 40k total and were able to raise the rents from a gross $2200 to $3300 per month and it recent appraised at $350k. We lived there for a year with an FHA loan. It's a fantastic way to build wealth!

@GetRichEducation

3 жыл бұрын

Oh, yes! What an astounding Return On Investment you created there - both appreciation and cash flow. Congratulations and thanks for sharing!

@ericcrenshaw279

10 ай бұрын

Do you have any courses ?

@adrianajoy8791

5 ай бұрын

I love that town

You also need 2 year stable work history and salary, and 2 year tax returns. Stay sharp so you can get your potential loan approved.

You need more than that if you're getting an FHA loan on a 3 to 4 unit. You have to pass the FHA Self-Sufficiency Test and require to have reserves. Also, you need to look up FHA loan limits per county.

Just came across your video I like how you jumped right into it and didn’t talk about 5 other things before the main topic. Great video. 👍

@GetRichEducation

Жыл бұрын

It's good to "get right to it". Thanks for the comment! -Keith

Awesome!! Thanks four breaking it down for me!! It’s crazy how information comes into your life when you actually open your mind and start learning!!

@GetRichEducation

3 жыл бұрын

This is Keith. Buying that first-ever fourplex building for $295K in midtown Anchorage, AK set me on a course to change my life forever - for the better. I'm glad that you seemed to like the video. Take care!

Great explanation Rich!!

GOLDEN CONTENT🏆!!!!...THANKU SO MUCH!!!!!TEACHING THIS 2 THE FAM!!!!IT IS VERY EASY 2 UNDERSTAND!!!!MY FAVORITE KZread VIDEO!!!

@GetRichEducation

2 жыл бұрын

Thanks, Rue! Buying a fourplex this way could be the best wealth-building strategy for ordinary people.

Thanks for the tip and break down how you used OPM. I am searching for my 1st investment now.

@GetRichEducation

2 жыл бұрын

Excellent! This information really only helps action-takers anyway. -Keith

Great video Keith! I’m hoping to be able to do this myself soon. Would the property in this example be cash-flowing while you’re living there, or only after you move out and have a fourth tenant move in? Or is it when the property is paid off in about 8 years when you really start having cash-flow? I’m on episode 22 of your podcast so I still have a lot to learn.

@GetRichEducation

3 жыл бұрын

Hi Brian, While you’re living there, it probably won’t cash flow. It’s most likely that you’re effectively living there at a reduced rate. It often cash flows positively once you move out, and keep the mortgage in-place. As you listen to more Get Rich Education podcasts, you’ll see why it rarely makes sense to completely “pay off” a property. Thanks for the question! -Keith

What a remarkable and interesting presentation! 🤔👍

@GetRichEducation

3 жыл бұрын

Thanks, Roxana. Yes, it's definitely an "every person's" way to wealth-building!

Hi Keith, I just bought my first multifamily in a class C neighborhood - great cash flow but am looking to diversify in a different area now - class A and single-family. Lower cash flow but fewer headaches and I like the idea of diversifying. There may be more potential for appreciation here as well but I understand that betting on this is very risky so it’s not a huge consideration. I’m only worried about vacancy rate - so far monitoring the listings and looking at the data all seems well right now in this wide-moat area, however I’m wondering about the trend in the upcoming years and whether class A single family homes might become more difficult to rent with more people being able to afford homes? So I’m a bit on the fence on whether I should just stick to my class C neighborhood. Would love to know your thoughts. Thanks for your fantastic content, cheers!

@GetRichEducation

3 жыл бұрын

Hi Louis, That's a valid question. Longer-term, I like the idea of having small "C" Class multifamily and "B" Class single-family in at least three markets. That's what I do. This allows diversification across: asset type, tenant type, geographies. Where I do my own buying - www.GREturnkey.com - there are many "B" Class single-family income properties (and some "A" Class). Hope that helps! -Keith

Please give us more details infor how much requirements for money put away to payment ( how many month of the totally of all expense include property tax insurance and bank payments if there management fee please. Be great if u can recommended some bank and loan broker especially for this ( 4 units on FHA loan please ) very much appreciated for all information good luck all

Awesome thanks

Thanks for the video. I was telling a realtor I wanted to buy the 4plex within an LLC for the asset protection, and he said FHA loans are for individuals, so I wouldn't be able to buy it as an LLC. Is that true? And if it is, doesn't it carry some risk to buy it under your own name?

Does it work the same if you build?

Would you mind sharing your lender? I’m running into problems with lenders saying I can’t use projected rental income for the other unit on a duplex because I am a first time home buyer.

@GetRichEducation

Жыл бұрын

Sure! It's Ridge Lending Group at RidgeLendingGroup.com. But I don't know if they do FHA loans for owner-occupants.

Can I build a fourplex with a FHA loan

Genius, wish I had this information a year ago tho

@GetRichEducation

3 жыл бұрын

Yes, Richard. I wish this was published a year ago for your sake. So few people seem to know about this. That's exactly why the video was created. Thanks for the feedback!

That's what I'm trying to do

Hi, would this have to be a first time buyer or would one qualify for this program if they already own one home?

@GetRichEducation

Жыл бұрын

Hi Laura, One does not need to be a first-time homebuyer. As long as one does not currently have another FHA loan, they can often get a new FHA loan for a fourplex. However, if one already owns and lives in an SFH, the lender might not "believe" that one will really meet the fourplex "owner occupancy" requirement.

Does FHA require 4plex to have separate utility meters or can they all be on one meter?

@GetRichEducation

2 жыл бұрын

Hello Juan, At last check, they may all be on one meter. -Keith

Can you do this if you already own a home? Or is this only for a first time buyer?

@Elextrano-qf4km

8 ай бұрын

You become a first home buyer after 3 years of every purchase I think😊

Can I qualify for the 3.5% FHA loan if my daughter will be the one residing in the property instead of me? (she is a full-time college student and therefore I still claim her as a dependent on my taxes.)

@GetRichEducation

Жыл бұрын

Hi Bradley, Interesting question! I don't know the answer to that one. My guess is "no". But I'm unsure. Perhaps fha.gov/ or your mortgage loan officer has the answer. Thanks, Keith

you definitely have interested me my guy

@GetRichEducation

Жыл бұрын

It can be an amazing springboard to wealth, while others merely do something like add a part-time job.

That's great! So would a VA loan with 0% down payment work too?

@GetRichEducation

3 жыл бұрын

Hi Eddie, That's correct. For those with Veterans Administration (VA) benefits, it works similarly. The key difference is that you use an incredible 0% down payment rather than 3.5%. Amazing!

@deepikaatkinson4111

Жыл бұрын

Can we get 4 Flex Rehab loan with O% down payment with VA?

So question - how do you find a 4 plex with a unit free for you to live in? Did you just get lucky with your first purchase?

@GetRichEducation

Жыл бұрын

Hi Blake, That is an excellent question that a lot of people don't think about. My seller ensured that unit was vacant for me. At times, an incoming owner-occupant must give notice to the least desirable tenant to vacate. Of course, this becomes complicated if all four tenants still have a lease. Sometimes, an existing owner-occupant sells to you, the new owner-occupant. In that case it's just easiest to take their unit. Of course, if you buy a *new-build* fourplex that you intend to owner-occupy, that incoming owner will often plan to leave that unit vacant for themselves to occupy. Hope that helps! -Keith

What website do you use to locate four-plexes?

@GetRichEducation

2 жыл бұрын

Hello Allison, Brand-new construction fourplexes are here: www.getricheducation.com/fourplex/ However, expect a wait until it is built. Fourplexes are hot. These ones also require a 25% down payment. Thanks for the inquiry! -Keith

how do they know if you live there? say your looking to buy out of state and have a license from your home state

@GetRichEducation

Жыл бұрын

FHA asks for documentation. However, one can often circumvent it if they're crafty; it's nothing that we advocate. Hope that helps! -Keith

MAY I ASK A QUESTION? My score is currently 662, but my husband's is only 543. Both are rising. With his being under the 580, will we have to pay 10% instead? Or will they run it based on me?

@MikeWill2250

7 ай бұрын

If the loan will only be in your name, you’ll be fine

Uhhh, where do you find an apartment quad for sale?

@GetRichEducation

Жыл бұрын

Hello Billy, At GRE Marketplace. There are brand new construction Florida fourplexes here: gremarketplace.com/turnkey-properties/florida-statewide/ Thanks, Keith

Is it possible to have a four plex built on land you own ?

@GetRichEducation

3 жыл бұрын

Check on your jurisdiction's zoning requirements. If that checks out, it's likely than you can build on your own land. In the last two years, the cost of new construction has risen substantially. Hope this helps! -Keith

Someone answer me. If I don't have a 3.5 down-payment? Do I need a lender to pay the 3.5 percent?

@GetRichEducation

Жыл бұрын

The FHA does not want the 3.5% down payment to be a loan. However, it is allowed to be a gift. -Keith

Where do I sign up for a FHA loan?

@GetRichEducation

2 жыл бұрын

Many mortgage companies offer these.

What if I got pre approved for an amount that wouldn’t help me buy a quadplex? Can I still take the deal to the lender as long as the rental income is greater than the estimated monthly mortgage payment? Well 75% of the income.

@GetRichEducation

2 жыл бұрын

Hi there, Sort of. In addition to the monthly mortgage payment, the lender will likely also consider the other expenses like: property tax, property insurance, maintenance, repairs and utilities. The problem for prospective FHA & VA borrowers today is that they face increasingly stiff competition from all-cash buyers. Sellers would rather sell to a buyer that does not need to wait for financing. Hope this helps! -Keith

@Am-tp7uc

2 жыл бұрын

@@GetRichEducation thanks for your reply

@Am-tp7uc

2 жыл бұрын

Any suggestions on what to say to an agent so they can help me find one?

@GetRichEducation

2 жыл бұрын

@@Am-tp7uc Be able to tell them that you're pre-approved for a mortgage loan.

Do you need your own taxes to qualify or does the income of the property enough?

@GetRichEducation

Жыл бұрын

For mortgage loan qualification, use your tax returns. However, some good news is that you can also typically use 75% of the building's rent income (before you even own it) for your income qualification for the loan. -Keith

@deepikaatkinson4111

Жыл бұрын

That is great,we can use rental income to qualify.

@GetRichEducation

Жыл бұрын

@@deepikaatkinson4111 It's like you're ethically using other people's money before you even own the property. Yes!

Would it be a good idea for me to have an LLC property management company and put the four plex as one of my properties?

@the_shadow_healer

9 ай бұрын

Excellent idea, they are two separate entities, and a client of the property management company.

@godlygoddess

9 ай бұрын

@@the_shadow_healer thank you 😊

Dont you need proof of Income and what about your Debt to Income ratio?

@GetRichEducation

2 жыл бұрын

Hello there, Yes, expect to supply proof of income. I'm not sure what the current DTI requirements are for FHA loans on income property. You may also need to show a mortgage loan underwriter that you will some some liquid reserves post-closing. Your mortgage loan officer will surely have a few more requirements, which often change. I've outlined the general ones in the video. Thanks for the comment! -Keith

Is there a limit on how many times you can get a FHA loan?

@GetRichEducation

Жыл бұрын

While you can apply for multiple FHA loans in your lifetime, you can usually only have one at a time. -Keith

Can I get a loan to build my own?

@GetRichEducation

Жыл бұрын

Hello Jose, Maybe. You'll have to begin with a construction loan, which often comes at a higher interest rate. Later, it will transition into a permanent loan. Then, there are the risks of hoping that supply chains and labor are finally steady. However, it could be an option. -Keith

Do you need vedio editor for your vedios ..as I edit vedios for you people...if you want then reply me

Do the units have to be connected? Or can it be 2 separate duplexes making it 4?

@GetRichEducation

2 жыл бұрын

Hi Juan, they units all need to be under the same "Tax ID Number". I have seen four detached units under the same Tax ID Number as a fourplex before. But that's rare. Two separate duplexes won't work. -Keith

@myreviews4905

2 жыл бұрын

@@GetRichEducation Right now in FL, the fourplexes are hard to find and very expensive. I can't find a construction loan to build one. Banks are only offering loans for single family homes. I wonder if I can buy land and build 1 plex (1 sfh) and live there then build the 2nd, 3rd and the 4th plex. They'll be separate or if you plan a head make it so that you can build it into one bldg by expanding. Is this possible?

@GetRichEducation

2 жыл бұрын

@@myreviews4905 I don't know whether that's feasible or not, based on zoning and local regulations. I'm surprised that you cannot find a bank loan for fourplexes. www.B2RDirect.com has new-build rental single-family homes in Florida. Their prices make sense. Take care! -Keith

@myreviews4905

2 жыл бұрын

@@GetRichEducation Yes I called a bunch of banks, even my credit union. They'll give you FHA loan w 3.5% to buy a 4 plex, but not to buy land and construct them. I want that in south FL, Miami area.

4 plexes are a GOLD mine for beginners! Yay

@GetRichEducation

Жыл бұрын

Totally. Few know about them.

Not in New york

@GetRichEducation

2 жыл бұрын

Hi, Thanks for the comment. There may be opportunity here in upstate New York. But not so much in the NYC metro. -Keith

A 580 credit score?!! Man… I’m listening

Fist time in this channel

@GetRichEducation

3 жыл бұрын

We appreciate having you here!

@diose0078

Жыл бұрын

Me, too.

Not a good market to buy in... Alaska is on the down and down

@GetRichEducation

3 жыл бұрын

It depends. Alaska is the biggest US State.

@907gamers

3 жыл бұрын

@@GetRichEducation job losses for 5+ years it's becoming detroit

@GetRichEducation

3 жыл бұрын

@@907gamers Thanks. This video is about how to buy a fourplex building rather than investing in any certain area. Yes. Anchorage and many parts of Alaska have deeply concerning economic troubles, losing both jobs and population. On the contrary, Wasilla keeps growing. Detroit's population dropped from about 1.8 million to 700,000 over sixty years.

G🔥

Unfortunately everything sky rocketed already

@GetRichEducation

6 ай бұрын

Yes, you're right. Most analysts expect prices to keep rising again this year.

@u2fkeys665

6 ай бұрын

@GetRichEducation I have about 180k saved and I feel like all the ships left already in real estate and the stock market. What would you do?

@GetRichEducation

6 ай бұрын

@@u2fkeys665 Rental real estate is the proven wealth-builder. Most analysts only expect prices to appreciate higher this year. The real opportunity now is to buy new-build income property from a builder that will buy down your interest rate into the 5s. If you like, our free coaching can learn your goals and help you find the property right for you: GREmarketplace.com