All Forum Posts by: Christopher Redden

Hello BP,

This is kind of a personal topic so I understand if people are hesitant to answer, but I could use some help with this. I will try to keep my emotions out of it for the most part.

I am in the process of closing on my first property. I became interested in real estate for many reasons. One of them was that it was a shared interest of my girlfriend of about one year. We have learned a lot together, both through BP and various other sources.

When it comes to buying this first deal, we are financing using my credit and my savings for the down payment and closing costs. She has little to no credit and barely works currently. We decided that we would split the deal 70/30 based on these circumstances.

At first this deal seemed agreeable to her, but lately I get the sense that she feels that she is getting a bad bargain. I get this sense both from direct means as she has said it, and indirect means as she does not seem to be putting forth her full effort all the time lately.

We have not officially divided this deal yet through a contract, but we have talked about it with a lawyer.

What do you all think? Is this a fair deal? Should we be splitting it down the middle 50/50? I would appreciate any input.

Thanks

Thanks for the input guys.

The appraisal that I go said that market rents for both units was 650, but that is hard for me to believe because the bottom unit is about 1200 sq ft wheras the top one is only about 850. 

To your point Daray I have actually been able to speak with both tenants. The top one who pays less was disappointed at first but when I explained the situation he was amenable. 

My main concern is just losing a great tenant vs a decent to substandard one but I think I will probably just end up keeping the one who pays more. 

Thanks guys

Hello all,

I am still in the process of closing on my first rental. It is a duplex which I will be house hacking, and I am purchasing the property with a 5% down conventional loan. It's not FHA, but apparently there are still occupancy requirements, which state that I must intend to occupy the property, but apparently do not specify a time frame through which I must occupy like an FHA loan would.

So my first question is, has anyone else bought with this type of loan? If so did you occupy and for how long?

Second, both units are currently rented out, so if I do occupy, I will have to remove one obviously. The upstairs unit is rented by an older gentleman who keeps the property in excellent condition, he is neat and tidy and everyone in the neighborhood loves him. That unit rents for 450.

The downstairs unit is rented by a younger guy. He is kind of a partier and is rougher on the property. He does not seem to have the loyalty of folks in the neighborhood. His unit rents for 650.

My mortgage is looking to be about 600 a month. Which tenant should I keep? Does anyone have an opinion on this?

Thanks in advance

Thank you AJ that is helpful

Hi,

I'm about to close on my first property on Friday. It is a duplex that I will be house hacking. The appraisal on the property came back at exactly the purchase value, though I believe it is worth a bit more. My question is how concerned should I be about this? Should I be fighting for a higher appraised value in an attempt to gain instant equity, or should I wait to achieve this better ltv through repairs, appreciation, and refinancing. I know that a higher home value will lead to higher property taxes. Any help with this would be appreciated.

Thanks

Chris

@Matt Powell that sounds great. I'm wondering if you wouldn't have some early evening availability tomorrow at Flingers. That would definitely work better for me. If not that's okay though.

Do mornings work for you David? Or maybe early evenings? Weekends? Those would be the best times for me.

Hey David. That's great! When are you available?

Hello to you all. My girlfriend and I are just getting into rental properties in the blo/no are. It would be beyond amazing if someone could meet with us and disuss strategy. Thanks.