All Forum Posts by: Grant Bublitz

HI BP members,

I am in the process of buying  second duplex and will live in one side while renting out the other. 
So i will be occupying 1 unit and renting out 3. 


Currently my rent goes just to a sole ownership account.

Should i get into an LLC or some sort of different protection as more units are added?

Thank you.

Hi BP,
I am in the first two months of my owner occupied duplex. One of the 22 year old water heaters is shot, and im getting both replaced. I was really hoping i could collect a years worth of rent before the $1600+ repair, but thats the way it goes. 

Everything else about the property is holding up well and the tenant is paying my mortgage and putting about $50 extra in my pocket. 
Im hoping to do another owner occupied in a year (perhaps spring 2018). My question is, what do i do in the meantime? My FHA loan requires a year long occupancy. Savings $$ is kind of sapped.
Suggestions/advice?

Thanks.

Hi 

My closing date of Aug 12 is approaching on an owner occupied (FHA loan) Duplex.

The purchase price was $115K at 3.5%down. The roof was replaced in 2007. The foundation/basement are excellent.

The current tenant has been MTM for 2 years and pays $700/month.
I will sublet a room of my occupied unit for $300.

Mortgage and everything comes to $950 a month and the appraisal came back that i could gross $1400/month in this area when i do rent out both units eventually. At a purchase price of $115K i would like to net $115 per door. I think these numbers can achieve that.

Anything else to consider? I found this to be a near homerun first purchase- which has me a little scared.

Thanks

I am closing on duplex in mid August and will be occupying one unit starting Sept. 1. I financed it with a FHA loan of 3.5% on a $115,000 property, so i have to occupy it for at least 1 year. The rented unit will pay $700 and i may sublet a room on my side for $300.
The monthly mortgage, taxes, insurance and pmi comes to $960. 

When i move out  i think i can rent $750 for the bottom and $625 for the top ($1375.00)

The inspection came back good. No major fixes: roof is solid, basement is fine, detached garage may need vinyl siding soon. Water heaters and furnace have a lot of life left.

Thought? 

Things to keep in mind?

Thanks

I am about to close on my first duplex and will be living on one side (top) while renting out the other (bottom).
Is there any reason to put the duplex in an LLC?

Just have the rent made out to me and have a new checking account just for rent?

At what point is it beneficial to have it an an LLC?

Sorry. I didnt finish that. Yea, i feel mildly bad. But it is a good deal i got and i need the owner occupied status for an FHA loan.
The tenant i chose had a lot of stuff in the garage and owned a pet that tore up the molding around the door frames. Also, vacuuming and dusting werent a big part of this tenants life. 

The other tenant is clean, with no pets.
Both units had a bedroom that reaked of weed.

I am in the process of closing on my first duplex. I need to live in one side and a requirement of the buy is that the seller kick out one of the tenants. The tenant i chose has been there 4 years. I cant help but feel a kind of bad. Should I

Learn to sacrifice. Don't give in when your friends may be getting nice houses, large mortgages, several kids. They are now STUCK. Be patient, be frugal and understand life doesn't end when your 30. Your twentys are a good time to make mistakes while trying to build wealth. Im 29 and finally getting in good position to start investing.

I would self manage them....and would mostly hire a lot of help as I am not very handy. Im not completely sure how I will find them. Need to find an agent, and have been attending REIA meetings.

Hi,

How quickly do you think this can happen? I am looking to buy a mutli family this year and rent out units while living in one . I want to add more from there.

Experts, how quickly did you reach this goal?