All Forum Posts by: David Palmer

I would like to purchase and move into a triplex property using an FHA loan. I currently own 3 duplexes, 2 conventionally financed and one FHA financed. I have paid down the fha duplex owning 10%. Can I refinance that into a conventional loan without paying anything other than closing costs? I do not live there, so would I have to put down another 10% to do so?

I am looking to buy my 4th investment property to live in with a 5% down payment. I am waiting on my tax return to start moving. I currently have 3 duplexes. How much of a cash reserve will I need for this move? House A PITI $2000 and rents at $2250 per month. House B PITI $811 and rents at $2000 per month. House C PITI $807 and rents at $2100 per month. Total debt owed on all 3 houses $338K. I have the money for the 5% down on a house 200K and then around 20k left over. I was just trying to figure out how much I need all together or do I need to wait longer and save.

Do you have any deals?

Hey man awesome thread! I currently own 3 duplexes in Middletown. Renovated them all and they cashflow great. Struggling to get a good appraisal value for them hasn't prevented my BRRRR. I have a house on high street, Grove Street and Erin Street. I would love to know where your place is. I have been in this area for the last 4 years and have seen the change. Dm me with your lenders please!!!

Thanks Andrew. It’s a rare 2% deal

No, I built them both myself using wood at Home Depot. Get the hardware off of amazon it’s way cheaper. The double door is barn wood from Home Depot which is hard to work with without gaps. Get tongue and groove pine at Home Depot for the door and regular pine planks for the pieces to hold the door together.

Thanks Pam! I think I am going to keep this one... the numbers are too good.

Thanks! It was a lot of hard work Jeff! I see you are new, so if you have any questions please ask away.

I did all of the work on this renovation myself. I just wanted your thoughts on my apartment and the numbers.... I have another house with similar numbers and I am looking to make this my full time job and quit teaching. 

The under 8k renovation:

Purchase Price $105,000

Monthly Mortgage: $422

Taxes: $2,958

Insurance: $1,068

Rent Unit 1 1BR: $1100 Rent Unit 2 1BR:1000 (Heat Included in Both)

Unit #1

Unit #2

I currently have 3 investment properties and am doing quite well. I want to speed up my financial snowball and start buying tax liens in CT... does anyone have any experience with tax liens? Thank you in advance!