All Forum Posts by: Chris S.

Thanks for the replies!
Yes, Charles we would manage it ourselves as we are home quite often with unconventional jobs.
We live as renters in the same situation now and have observed closely (and helped a lot with) the owners time and management around this building. We know there will be much more to it , but I think we have some idea of what to expect.

Now Jon, this terminology is all new to me, can you tell me what you mean by this "property won't cash flow very well" and why?
The property will sell for about 705k, with tenants in place making rents of 3650. This is not including the owners unit of course.
The price is 10- 15 % off the high from a few years back and is now flattening out / starting a slow climb in this area.
To rent something comfortable for my family would be 2500 - 2900 / month.
So........... given all of that, with the maintenance of a 100 year old home, property taxes, etc. Is it better to buy an OO fourplex or stay a renter?
Thanks again!

Yes Jon, so true. I have two questions to tag along in here, hope you don't mind Joe....
*** Can you use (part of) the rental income to qualify for the FHA loan ratios?
*** Is the 29% front end ratio PITI or just PI

It looks like your question was a long time ago now, but I'm new to the site....
I am interested in a similar purchase in Calif and am looking at an FHA loan with 3.5 % down ..... after reading the fine print, FHA will cover up to a four-plex (owner-occupied) out her in Cali anyway....
Hope you got what you wanted last year ! Good luck!

Is it better to buy a Victorian three plex (with my 3 bdrm owners unit as the first floor) plus a fourth unit detached 2/1 in back.....
OR continue to rent?
I live in a very desirable area 15 - 20 minutes from San Francisco and I believe the purchase prices are about as low as they are going here in this small town..... Also, this would be my husband and my first foray into the rental business. Good idea for the long term?
So confused, really need advice, thanks !! :roll: