All Forum Posts by: Patrick Donovan

Welcome ! I am 21 myself and closing on my first property in about two weeks. I went the multi family route because I like the fact that other people will be paying me for everything ( mortgage, insurance, taxes , utilities, cap ex , maintenence, ect.)@Brandon Turner calls it house hacking. By far my favorite thing about real estate so far and am so glad I was introduced to it! 

I borrowed 24,000 and had 6,000 of my own to use. This is on a $140,000 property with 20% down. The rent from my roommate and the second unit of the duplex cover my mortgage, insurance, taxes, maintenance, cap ex, vacancies, heat, electric, water, and internet! The only payment I am responsible to pay out of pocket is the second loan (money I borrowed from mom).

@Elizabeth Colegrove I did look at that, however it worked out better in my favor to not pay the PMI but that was just a personal decision to pay more for a short amount of time rather than to pay PMI for ten years or more until I was able to have it removed.

Great to hear more young real estate investor stories ! I am 21 and closing on my first property in two weeks! I had to have my brother consign with me to be able to get the loan and had to borrow money for the down payment. The bank sees it as a gift from my mom who took out most of my down payment on a home equity line of credit, but I will be paying her back monthly. If I were you I would be looking for a duplex, triplex, or quad simply because the more bedrooms you have means more rent coming in which means a lower mortgage payment out of pocket. Good luck and I would love to hear how your future turns out ! Elizabeth Colegrove I tried to do mine with FHA and wasn't able to because my cosigner would have had to occupy the dwelling. Not to say it won't work here in this situation just sharing my experience. Definitely worth a shot to check it out though!

Great to hear more young real estate investor stories ! I am 21 and closing on my first property in two weeks! I had to have my brother consign with me to be able to get the loan and had to borrow money for the down payment. The bank sees it as a gift from my mom who took out most of my down payment on a home equity line of credit, but I will be paying her back monthly. If I were you I would be looking for a duplex, triplex, or quad simply because the more bedrooms you have means more rent coming in which means a lower mortgage payment out of pocket. Good luck and I would love to hear how your future turns out !

Lynn M. Is correct you would have to live in one unit of a duplex-quad. As for where to go you'll have to call around to banks and see who offers FHA. In my experience I couldn't get one through my credit union but a local bank was able to do it for me. With the credit again you'll have to call your banks and see what they can do to help.

J. OCCUPANTS: No persons except those specifically named on Application and in Section A of this Agreement will be permitted to occupy the unit. Any additional occupant 18 years of age or older must also complete an Application for Tenancy and be approved by the Landlord. If Tenant fails to inform Landlord of additional people occupying premises, the Landlord may charge a fee or terminate the lease. No occupants will be allowed or approved whose occupancy will exceed the occupancy standards of the Landlord or of any local, state, or federal codes or ordinances or who could pose a threat to other tenants, neighbors, or the Landlord or his employees. Unapproved occupants are trespassers. Here is what my lease states. I have 7 days maximum stay for guests, which is totally up to you. I will also be living on one side of my duplex but have not yet placed a tenant so this post is helping me as much as you!

They we're trying to sell to sell the house for the last four years and haven't been able to so I am not sure if they just fell behind on payments or just gave up and said they didn't want it anymore. Is it possible for me to contact the bank that is foreclosing and ask them about it just to back up what the tenants tell me?

He told me their credit isn't great which was kind of expected. I am still a little wet behind the ears so what are some red flags you would look out for with the foreclosure?

I received an application from a prospective tenant and they are currently in foreclosure and are looking to start over fresh.  What are your thoughts on giving them that chance?

My brothers are both GC's and they require 50% up front, 25% half way through the project and the last 25% at the end of the project.