All Forum Posts by: AJ Satcher

So I currently have my first property under contract. It's a 1959 built, rehabbed home. The very first day we went binding I got an inspector out there and this is what he found:

- A questionable foundation (recommended a structural engineer check out because soil has been dug out around support pillars)

- Plumbing issues (multiple leaks and some cast iron pipes)

- Recommend a termite letter due to visible signs of wood damage in a small area

- HVAC nearing end of life

- Some mold present in crawl space

- Electrical: none of the outlets are grounded

This is not an all inclusive list, just the more big ticketed items. By no means do I intend to rely exclusively on the biggerpockets community to move forward or not move forward with this property (that would be foolish). What I'd like to know from experienced professionals or homeowners is how severe can these types of issues be and would issues like these completely steer you away from a property that has these types of issues.

Thanks!

@David Summering my lender is offering LMPI (lender paid mortgage insurance) which essentially is baked into the higher interest rate

*Title Edit: Which Matters More: Lower Interest Rate or Lower Monthly Payment?

Novice Investor here

Would it make more sense to go with:

- higher interest rate

- less money down

- no PMI (bc of higher interest rate)

vs.

- Lower interest rate

- More money down, 

- With PMI

Evaluating both options against one another is looking like the higher interest rate with less money down and no PMI causes monthly payment to be less. 

Let me know what you think!

Is anyone here privy to the South to Southwest ATL investor market? Really considering an owner occupied investment within this area because of much lower prices however I've only heard mostly bad things so far. My hopes is that the area will will appreciate over time and can generate solid rental cash flow.

Just realized this may not be the best forum for this type of question... will post in another forum

Is anyone here privy to the South to Southwest ATL investor market? Really considering an owner occupied investment within this area because of much lower prices however I've only heard mostly bad things so far. My hopes is that the area will will appreciate over time and can generate solid rental cash flow.

Hello everyone,

The reason I'm posting this because of my feeling of frustration and discouragement about my market (ATL) but in the same respect still trying to find ways to be optimistic and adaptive... if even possible at this point. 

My goal is to do an FHA low money down multifamily house hack on a duplex. I finally have the funds needed for downpayment+closing from saving over the year. Also have just about survived the first round of obstacle courses by getting my FHA preapproval letter (currently working on a conventional with another lender). The problem now is - finding a deal that makes sense. Where I'm located, multis are very few and far between. If I do find one its either a piece of junk, way over priced or I'm just competing with all cash offers.

I'm not throwing in the white flag yet because really I'm just getting started. However this has me thinking what I need to do in order to be successful. On one thought I have a backup plan to just get a SFH, live in it for a year and then rent it out afterward (boring). The other thought is to keep trying to fight against the grain and get that duplex someway somehow. Not looking for an exact answer on what I should do at this point because ultimately I will have to make that decision based on what's best for my situation but I'm more-so looking for some ideas/thoughts/strategies that I can bounce off of others in the community!

 Yea but I wouldn't be telling the seller that of course... who knows I really may be interested in the property! How will I actually know if I cant see it though..

 Yea this further makes me question why my realtor is suggesting submitting the offer at almost 4% over asking, especially if it doesn't even really matter... we just want to view it

Is there any risk in just submitting an offer?

Context: Apparently this seller will allow viewing only if an offer is submitted. Weird, but I am really interested in seeing it. Doesn't mean I actually want it as of now