All Forum Posts by: Dana Peters

I have a 'newbie' question....

I currently do not have a 'primary' residence, as 'my' house that I built and raised my children in 15yrs ago I converted to a duplex about 4 years ago and have been living in the building I rent to run my business as that is where I spend most of my time and it just made sense at the time to let my house pay for itself.

I have recently decided to go into real estate investing and have found a wonderful triplex that I know will be an excellent cash flow investment (yes Ive run the numbers every which way and it all makes sense, have even had other investors run the numbers to make sure I didn't miss anything) .... so the deal I believe, is really strong.

My problem,... since I have converted the house I own into a NON owner occupied duplex, I can not get a HELOC to fund downpayment on triplex. I have looked into credit card lines of credit and 20,000 credit card debt just really scares me.

Question..... Since I do not have a 'primary' residence, could I get an FHA loan to purchase the triplex with a smaller downpayment and consider it owner occupied even if I would not be there frequently but just rented out 2 units for 6 months? Then would I have to refinance to get out of the owner occupied FHA loan?

Hoping this makes sense and I can get some input.... also any other ideas in funding down payment.

Thank you! Dana Peters (newbie)

HI!! Im thinking this deal is very good but per Brandon's suggestion I am putting it on the forum for input as this will be my first rental purchase.

This is a 3 unit (2bdrm, 1 bath each unit) house in an historical district, great area for rental property.

Asking price 139,900, offering 101,000, expect to pay 105,000.  Expecting 30,000 in reno & repairs (running this figure on the high side)

each unit can rent for 850.00 (one unit move in ready, 2 units need work)

can immediately rent unit 1 while working on the others.

Rental property calculator showing 1069.52

ROI 29.85%

My agent (this was listed on MLS) suggests that with needed repairs and clean up estimated value would be 190,900.

All input appreciated!

Thank You, Dana

Is there an issue  with tonights webinar or I am I having unknown computer issues.  Just keeps telling me webinar creator has not logged in.  Just checking because I didn't want to miss it.

Thanks!

Thanks J Beard! got it!

Thank you both.... am new to bigger pockets, still learning what's here and to navigate through it all.   However I did just try to download a spreadsheet fro BP and had a warning pop up that some of it was not all compatible with my 'numbers' program on the mac??? Still looking through to see how it works.

I am looking into purchasing spreadsheet software... looking right now at spreadsheet.com, any suggestions, input, knowledge of this software?

I have definitely evicted in the winter in Indiana

I am starting a new career in real estate investing.  Goals are wholesaling, flipping and eventually buy and holds.