All Forum Posts by: Brendan O.

@Amit M.

This is the one im looking at. Wont cash flow while im living there for the first year. Could do some work get the rents up and refinance in a year. What do you think. San Francisco is impossible i think

http://www.redfin.com/CA/Daly-City/152-School-St-94014/home/2028694

Also came across this on loopnet. What do you think about this.

.http://www.loopnet.com/xNet/MainSite/Listing/Profile/Profile.aspx?LID=18487318&SRID=4037100016&StepID=101

Seller financing with 100k down. Id be tying up a lot of my cash though and thats not ideally what i want to do. id say about 2k a month cash flow on this one. obviously id need to get a property manager though, its two hours drive and I know nothing about the place

@Aaron Junck @Jesse Hyder .

Sorry yes i know its obviously possible. Its just that in san francisco the rents will never be anywhere close to covering the costs. He specializes in fha and has rarely seen anyone pull it off with 3.5% down. Definitely near impossible in the market we have here today

Dear BP,

I have just been informed by a loan officer in San Franciso that buildings here will never qualify for fha loans. My idea to buy four units and live in one is out the window. What route should i go now?

Brendan

@Robert Adams

Got it.

What if my family member was to cosign with me on an owner occupied loan would they then be able to get their own owner occupied loan for another property or are they using up that privilege by cosigning on my loan Sorry for all the questions.

Brendan

thanks @Robert Adams , @Brian G. .

Ok so they have to co-sign . It wont work then if i get the loan and they are just on title?

Dear BP,

If I wanted to purchase a property with owner occupied financing could I put a family member living in there ? Are they required to be on the loan on title or on both?

Brendan

Hi BP,

If I was to buy a four unit building with an fha then one of the stipulations is that you live there for a year. What would happen if you could not move into one of the units. Im in San Francisco and tenants have a lot of rights here. If for example the four units each had tenants for longer than ten years then there is no way for me to move in. You cannot evict based on the fact you own it and want want to live there. What would happen in this situation?

Brendan

Thank you for the reply @J. Martin

If i can buy the four units I will worry about the second property after. The four units will not cash flow as is. I will do some work to it and have to live there for a year. Then next year il refinance move out and it will cash flow when its fully rented. Could cost me 2k a month for a year paying massive omi $1500 pm. Two tenants are paying below market rent and two are vacant. Only one tenant is protected so if i could buy them out id be making a few thousand a month easily next year. Im a contractor also and could make the units very nice cheap enough

Brendan