All Forum Posts by: Diana Villalon

I have questions about convention loans, if anyone in field and with experience and knowledge can help, much appreciated. 

I live about 30 mins north of my work. I purchased a condo 13 months ago thru an FHA loan 3% down. I have saved enough now to put down 5% and move closer to work and get another condo with 2 baths instead of one (the one i have now is just 1 bath). I have a friend moving in so it'll be a semi version of house hacking and renting the other condo.

I spoke to 3 different lenders so far, one swears i can qualify for another condo no matter how close it is from my current one. One lender says, absolutely not, an underwriter is going to question and say it's should be an investment property, loan won't go thru with 5% (owner occupied). 

anyone has some experience with this?

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*This link comes directly from our calculators, based on information input by the member who posted.

Even though the numbers work, i feel i'm missing something. These 2 units are leased thru June 2020. I have no good property management leads to manage these (i'm out in CA). $208 for two doors seems a bit low... what else am I missing? 

thank you @Frank Geiger, my second question is about sitting down and discussing the numbers with the seller, but i guess that's not how it works.

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So, i know the numbers don't really make a lot of sense, it's CA... :( but I"m wondering if it's worth putting in an offer to get my feet wet. I am low balling this one, as they are asking for almost 60k more than what I plan on offering. 

Since this is an MLS deal, is it industry standard to negotiate the #'s with the seller to show him the numbers if it's on the MLS? Does anyone know? or would the agent just put in the offer and it comes back rejected? What do I do next?

*This link comes directly from our calculators, based on information input by the member who posted.

I'm looking for a duplex in Indianapolis, I found one where the #'s seem to work, but the rent is only $650 for a 2/1, it seems too low to make it worth the property management's while, the zip code says the schools have good ratings. Does it seem reasonable to rent a duplex for $650 in the Midwest? 

zip code 46201

@Jack Medford Thank you for taking the time to reply. It does look like a pretty rough area and with the adjustment we made to the report it doesn't looks as apealing. 

@Jaysen Medhurst You are correct I think that for being our first investment a D-class is not going to cut it. 

@John G. Thank you for taking the time to reply. I edited the report and it comes down significantly to a montly cashflow of $285.

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*This link comes directly from our calculators, based on information input by the member who posted.

@Robert Leonard Thank you for taking the time to reply. I appreciate the feedback.