All Forum Posts by: Eric Mcginn

@Michael Goldsmith just a duplex

@Lien Vuong thank you for the information 

@Jonathan Bombaci wow, thank you so much for all that. Very interesting about being occupied by owner being an issue. Funny the only couple foreclosures I see in the area are listed as “occupied” 

I am, however, in a position where I can actually wait 14 months if I had too but cash wise would be tough, hopefully would be getting reasonable rent from them (wishful thinking)

Let's say I bought a duplex with a commercial loan under an LLC now and rented it. And then at a later date live in one of the units and make it my primary residence, can I refi into an FHA loan?

In theory I would do this to free up the 20-25% down I have invested in the duplex as well as get a better APR.

Let's say I bought a duplex with a commercial loan under an LLC now and rented it. And then at a later date live in one of the units and make it my primary residence, can I refi into an FHA loan?

In theory I would do this to free up the 20-25% down I have invested in the duplex as well as get a better APR.

Well that's good. So does all due diligence on the title have to be done before bidding? Is there any "out" of an auction? 

Seems like REO is what I want, it pre-foreclosure or the bank is working with the seller.

Unfortunately, it seems like there aren't many foreclosures in the area I'm looking, Boston and North shore.

@Avery Heilbron And @Philip Ganz thank you I'll check them out. 

@Jonathan Bombaci I'll send you a PM, not sure if I'm quite ready for an introduction, still have a lot of research to do. 

I always read that you need cash to buy foreclosures. Could a commercial loan be made to work with sites like auction.com and with municipalities or banks’ auctions ?

I feel like the beauty of a quadplex is it’s easy to self manage, Lots of savings there. But the utilities look low, does that include heat?  

Thank you, I’ll look into them, I like that they have all the locations and have some good looking deals on rates and products.  

Hi!

I’m looking into getting a duplex within the next year in the north part of Boston, between Revere and Medford.

Ultimately I plan on occupying it, but I'm considering getting it before hand so that we can utilize our incomes before we move. I'd be using equity in my LLC owned rental property in Southern Maine.

Anyone have a credit union they like in the area? I wish my bank, Kennebunk Savings, worked there but it’s out of their area.