All Forum Posts by: Daniel McCauley

Tim Hoffman... Is there a way that I can contact you? I have a few questions about Rockford areas. Thank you!

Thank you!!!

This has probably been asked a lot, but I searched and could not find the answer. We have been in our current primary residence for nine years now and have an FHA loan. We are looking into a 4-unit rental property. We are new to all of this! Usually, will we need 6 months of reserves for the new rental property plus a certain number of months of reserves for our own home in order to get financing? Our debt is low (other than current home mortgage) and our credit is excellent, if that makes a difference. Thank you!

Hello! I recently posted a similar question in a different area of the forum, but I thought it might be appropriate here as well. My wife and I are looking to purchase a second home and use it as our family's primary residence. We could just put our current home on the market and sell it, but my brother and his family would like to rent it from us. My wife and I thought this may be a great option, but we are clueless how to go about doing it. Do we just talk with a lender and try to get a second mortgage? Do we need the usual 20% down payment on our new home even if it is going to be our primary home? Do we need cash reserves for either or both of the homes? We have both had decent careers for quite a while, but we definitely don't have stacks of cash laying around, especially with 3 kids under 5! Any and all information and/or suggestions are welcome! Thank you! Dan

Hello and thank you for reading! I'm sure this is posted often, so I apologize ahead of time. My wife and l bought our current home 8 years ago. We are about an hour west of Chicago. We are wanting to buy a new home and move nearby. My brother and his wife have talked with us about renting our current home. So... we are clueless if this is possible and if so, how do we begin? Do we have to change our mortgage on our current home? Do we need to come up with the average 20% down payment for our new primary residence? Being that we have renters lined up already, do we need to have 12 months reserve for either or both of the homes? Any and all information and suggestions are welcome! We just thought this might be a great way to get started! Thank you! Dan