All Forum Posts by: Carlos Rodrigues

Good morning BP!! I have a few questions on egress basements. Again my name is Carlos and I'm new to the real estate industry, so sorry in advance for any silly questions. And also thank you in advance for helping me out and you're guidance, it's appreciated!! I have this plan in purchasing a duplex. I'd be getting a FHA loan requiring me to make this property as my primary. The plan would be to lease both floors and live in the basement. I'd like to do this but legally!! Now I've heard I can and I've also heard I couldn't. I've heard if I have a egress basement then I should be fine as long as I can get it certified. If this is true what would be the requirements? This future property would be purchased in Elizabeth NJ (Union County). I'm not to sure on there laws and rules, but how could I find out if they allow this? Thank you in advance!!

Thank you Tim G. and that's great having someone help you out! And I've heard of 203k loan and I know that it's a loan to help you renovate/ fix the property. Do you or anyone on these forms know the guidelines on 203k loans? I mean I'll do my homework on it in the near future but hearing from you experienced BP users would be best! Thanks everyone in advance!!

Thank you Ian Reeves I will definitely check out his book. I've been listening to his pod casts and I'm on podcast 23 in 6 days. I've gained tons of knowledge just on there alone! I love that option as well on owners financing. Many great ideas is what I conclude here. I just need to keep gaining knowledge and I'll find answers on the way. Also it seems like networking is a huge deal in real estate, I'll definitely be working on that. Again thank you Ian and everyone who's helped me out on this thread!!! Again anyone with additional information please feel free to share it!!

Thank you Ian Reeves for your response! In the future of my second purchase on a $250k- $300k duplex I just might not have 20% either. And that is why I would like to know what I can do. I feel like I got the impression as you mentioned to get creative. It seems like I can get another FHA loan just like Angel M. did. Also you Ian Reeves mention that I could subject to finance, which I'm not to familiar with but I'll research and study on that a bit more. Also it seems like to gain equity on a property and then use that equity to purchase another property I have to make the property gain value?... Again thank you everyone for helping me out, looks like there definitely is a way to get a second duplex after my first duplex looks like I just need to explore more what's out there. If anyone has any past experiences on what they did that worked please if you're able to share that with me. Thank you all BP users!!

Thanks Angel M. It's great that you're in the area I'm in! Also that's true and something I didn't realize till now. Although the interest is higher the PMI gets removed balancing itself sort of. Also one quick question, how do I inquire 20% equity? Let's use an example of $300k purchase price and I put 3.5% down.. Leaving me with 21.5% to pay off to get the PMI removed right? But if I gain equity how would that apply? Thank you and sorry for any silly questions that I may have asked, this is a new field for me. Thank you again for working with me and helping out!!

Mike Wood thank you for your response. I'm glad your brought the school thing up because a its good to keep in mind who I'm renting to. I don't want to have any units vacant in the summer. Also I agree and understand that it might not be legal. I'm just unsure on how I could figure out if I could do live in the basement. And I also wish I knew how could I make it legal. But I would like to know before purchasing the duplex. Thank you again Mike and BP users for your advice. Please add on to this thread for any additional advice, suggestions or experiences you might have!!

Joshua Lyon wow that's great information!! It's funny because I'm actually looking to purchase a property in Elizabeth NJ right by the Kean University. I feel like it's a great location. It's near major highways, great shopping centers, Kean University, County Colleges, great schools, it's a growing community and it's right near EWR airport. One of the biggest airports, and I will definitely take a look at this!! Thank you so much!!! If anyone wishes to add on this please feel free. GREAT ADVICE HERE!!

Joshua Lyon good point, they're not trying to make me rich with FHA loans. And it's good to know that about after 4 loans it will get harder. And I'm sure when I'm at that point I have figured something out and have a better and clearer understanding. But this leads me with a few more questions.. My plan is to purchase a duplex in New Jersey. I'm trying to put between 3.5%-10% down with FHA loan. I'm not sure yet on if I should put a little and save a lot or put a lot and have almost nothing saved. I mean if have PMI either way. I was wondering if I could rent both floors and have myself live in the basement. Also if there is separate attic access I would like to rent that out too. Any advice on living in the basement? Risk vs reward? 
Is this legal? Thank you in advance for your help!

Good afternoon BP! My name is Carlos and I'm seeking a future in real estate. Please read my description to know me a little bit more. Okay so I've been asking a few questions on BP and have received amazing responses, and I want to say thank you. My plan is to purchase a duplex in New Jersey. I'm trying to put between 3.5%-10% down with FHA loan. I know I have to live in the property but o was wondering if I could rent both floors and have myself live in the basement. Also if there is separate attic access I would like to rent that out too. Any advice on this? Risk vs reward? Is this legal? Please add any additional information, links, threads etc. This is my first week on BP and I'm currently learning and reading threads, sorry for any silly questions. Thank you in advance for your help!

Okay Josh Mitchell I think I'm understanding now, I don't have to have the 20% of the purchase price paid by that one year. I just need to live at the property for at least a year and then refinance the loan with conventional. And now would there be a limit of FHA loans I could do? What I mean by that is if I keep refinancing to conventional and getting I new FHA loan, it seems like I would be able to do this every year. So would there a limit? Thank you!