All Forum Posts by: Christine Seeley

Thanks, @Glenna Wood. I wouldn't know where to start. I'd want all the answers before I spend all my time and energy! Like you said, "If you're up for it". I appreciate your thoughts. What is a GC?

Glenna, Thank you so much for all of your input. I think I like the 1031 replacement idea. I will look further into it. Is Dave Foster a member of BiggerPockets? I'll take your advice and not consider a reverse mortgage. I have had my numbers run before and my income was too low. I think it's a little higher now, so I'll take your advice there too, and have a lender run the numbers.

Yes, I have a current mortgage and also a HELOC that has about 4k of credit available on it. I'm not opposed to giving up this old duplex, so long as I'm not making a financial mistake.

Both sides are not identical. The kitchen and bath are different, and my side has a fenced-in privacy yard and off-street parking. The other side does not. I believe the overall square footage is about the same. 

Why do I never hear of others BUILDING a multi-unit? Too expensive that way? 

I originally put this post on the BP Facebook group but it isn't getting any action, so I'm trying here.

Hello, all of you savvy and wise investors. I'm pretty new to this group. I've been reading and learning as many posts as I can over the weeks. So, I've decided to take the plunge and create this post in hopes of kind and helpful responses to my position. I need some direction.

My goal would be to move forward financially by purchasing my next multi-unit to increase my cash flow (I'll have nothing else to live on except an extremely small SS). I would like to move to one where I can be more comfortable as I age. I've invested in single-family rentals in the past and have some landlord experience, but now I own only one property in a great location—an old, 2-story side-by-side duplex that I've resided in for the past 16 years. My current tenants have lived here for 18 years. 

My income is very low and I don't see it getting much higher. Therefore, I don't think I would qualify for much at all. However, I do have about 75-100k equity and 750+ credit. My property value is hopefully about 200K (guesstimating). It's just that my income is under 25k. Current tenants pay 850 mo., and I believe I could easily get 1000 to 1200 mo. from my side after I move out. 

I've been looking at USDA (online) running numbers. But I would have to sell my duplex if I go USDA since they would only allow me to own one single-family property (to my understanding, anyhow). To me, that would mean giving up on getting ahead and settling for the one property. I've also considered FHA and conventional. Ideally, I'd refi my current property, and use it for repairs, and down payment on the next property. But again, I think my income is too low. I'm looking at 200-300K multiunits. I'm in West Michigan.

I don't know which direction to go. All kind comments, advice, or ideas are very appreciated. I'm feeling very alone here. Thank you.

Thanks, everyone for your input. I appreciate all of it.

Jason Turgeon, I will talk with the local authorities to get it straight from them. And yes, (head hanging low) I did mean CO (Carbon Monoxide), not radon. 

I'm a Michigan landlord who resides in a two-story, side-by-side duplex (3-bed each) and has the other side rented. It's been a long time since I've been very active in the RE world. If I understand the laws correctly, I need to add smoke alarms to each bedroom. As of now, I have only one smoke alarm on the main floor and one in the hall of the 2nd story (in each unit). I also have a basement that runs the length of both units and it has been recommended to me to have a detector in the basements, too. 

So, my first question is, does this mean I need 6 alarms in each unit? (3 in each bedroom, 1 in the upstairs hallway, one on the main floor, and one in the basement).

My next question is, what type do I want to get? I'm on a really low budget but want to be up to code. And where might I find a good deal? Amazon?

And one more question. From what I understand in the current laws, I need a radon detector for the other unit (have one already in mine). Is it a good idea to have a combo smoke/radon detector?

I'm hoping to be renting out my side of the duplex next year, and am also looking to bring things up to code for Section 8.

Thanks, anyone and everyone for any helpful advice you might have.

I'm wondering how to get started...

I'm almost 57 years old and next to no money to invest. I've owned a duplex for the past 14 years that I live in and rent out the other half. I started out with 2 mortgages on it. The 2nd is a HELOC that I've been paying just the interest on (I felt desperate at the time when I accepted those terms).

The past few months I began to make double payments on the HELOC. My income is very low. I have a very part-time job and am also self-employed part-time. So, taxes show my income as too low for a loan. I'm thinking a Home Equity loan with bank statements for verification is the way for me to try and go. And possibly through FHA? I'm not sure what to do about the maxed out HELOC, but I am feeling like I need to do something about it. I'm thinking I'd like to find and buy a multi-unit out of state that I would move to, and rent out my half of the duplex here in Michigan.

My duplex is worth about 165k on Zillow (but I hear Zillow is high). My guess is that it's more like 135k. First mortgage balance is about 69k, and the HELCO is about 12K. So I hope to get out enough of the equity to use as a down payment (and maybe a little rehab) on the next property.

Prior to owning my duplex, I had several single-family homes that I rented out. But I've been out of the RE loop for many years. I want back in!

Thank you for any and all responses!

Hi. I'm a newbie here and have a question. I'd like to know what options I might have.

I've owned and resided in a duplex now for about 12 years, paying the mortgage every month, with my self-employment income and long term tenants. I ran into a problem when I wanted to get a loan for a 2nd property because my income tax statements show my income as too low. Bank told me I would need to show enough income from a job that I've had for at least 2 years.  But I've not had a "job" in a long time. Just my self-employment, rental income, (and worked for cash on the side).

I've managed to save a few thousand, but don't know where or how to start.

I'm all on my own. I don't know very many people, and need to build my network.

What advice could anyone give?  Thanks for reading.