All Forum Posts by: Amanda Copeland

I purchased my house utilizing an FHA loan, making a down payment of 3.5% and covering closing costs. I am approaching the one-year mark with my mortgage and have undertaken substantial renovations on the second-floor apartment, which I intend to rent out while residing on the first floor. Offsetting the mortgage expenses has become a priority for me.

However, I am also interested in exploring the possibility of eliminating Private Mortgage Insurance (PMI). To achieve this, I would like to understand the steps needed. Do I need a new assessment of my property's current value, and is it necessary to enlist the services of an appraiser? Or should I refinance from my existing FHA loan into a conventional one to remove the PMI requirement?

My FHA mortgage carries an interest rate of 7.25%, and I've observed that current rates appear to be higher than that figure. My primary objective is to eliminate the additional monthly cost of $380 associated with PMI without incurring additional financial burdens.

Open to any and all advice. 

@Tim Miller - Thank you for explaining the utilities and separate clauses for excess use because we all know that can creep up on a landlord. Luckily there is only one thermostat in the property, and it is my unit, which I currently reside in. When I decide to move out of my unit & rent both teams, I will separate the heating per unit. If, for some reason, I can't separate the heating per unit, do you have any suggestions when I am not living in the team? Controlling it remotely or Bluetooth thermometers. I am not familiar with that. Any insight is appreciated. 

 @Brian J Allen - Thanks for sharing that information. Small world we are all in. My church is on Francis Street, only a few streets from my property, so very relevant information to my property. I am strongly considering a mid-term rental to capitalize on the hospitals and colleges in the area. Thank you again!

@Andrew Bosco - thank you for the insight around the mid-term rentals. I have an inquiry call with Furnished Finders later tonight. It seems like that will be the best option for my situation. I am inherently frugal, but do you have any suggestions for making the apartment classy but inexpensive? I have been pulling costs from local outlet furniture stores. Curious if you had any tips. I appreciate any help you can provide.

I am a new multi family homeowner in Worcester - the Greendale Area. Young woman, bought this house on my own. I live on the first floor and hoping to rent out the 2nd floor. The renovations ended up being a lot more extensive than anticipated (electrical, plumbing, windows, carpets...etc.) I have an apartment coming online for Sept 1st, 2023 - The unit is a 2 bedroom (new carpet & new windows), 1 bathroom, hallway & living room are original hardwood floors to the home, eat in kitchen space with new refrigerator & over, In-Unit washer & dryer, 1 off street parking space (can provide 2 if needed), heat, water, and sewer are included in the rent. I am hoping to get $2500 per month for this unit. Looking to make sure I am priced correctly for the area. I haven't been able to find any other comps with heat & off street parking both included. I also can't find comps for these offerings for mid-term rentals or even short term rentals. My cash is running really low & I don't want to make the wrong decision. Looking for advise. Thank you in advance! Some people keep telling me to just sell and ditch the property considering the updates it still requires. I feel lost & looking for some guidance.

I am a new multi family homeowner in Worcester - the Greendale Area. Young woman, bought this house on my own. I live on the first floor and hoping to rent out the 2nd floor. The renovations ended up being a lot more extensive than anticipated (electrical, plumbing, windows, carpets...etc.) I have an apartment coming online for Sept 1st, 2023 - The unit is a 2 bedroom (new carpet & new windows), 1 bathroom, hallway & living room are original hardwood floors to the home, eat in kitchen space with new refrigerator & over, In-Unit washer & dryer, 1 off street parking space (can provide 2 if needed), heat, water, and sewer are included in the rent. I am hoping to get $2500 per month for this unit. Looking to make sure I am priced correctly for the area. I haven't been able to find any other comps with heat & off street parking both included. I also can't find comps for these offerings for mid-term rentals or even short term rentals. My cash is running really low & I don't want to make the wrong decision. Looking for advise. Thank you in advance!