All Forum Posts by: Gustavo Medina

@Josh C.  @Saberian Younger  @Andrew B.

First off thanks for responding, I really appreciate the help. I want to live in the one of the units, so it would be owner occupied for at least one year. I'll bring this up with my loan officer, see what he says. Thanks. 

A local loan officer at Summit Funding in Stockton wrote the following...

"The maximum LTV for a 2-unit property is 85% plus it is required that you have 6 months reserves PITI. To give you an idea what that looks like a $225,000 sales price would require approximately $44,000 to close. You would need to total of $53,000 with reserves."

I've heard several podcast where you only need 5% down for your first duplex. I only have $15,000 saved up and was hoping to purchase my first duplex around 200k by the end of this year. Do I need to save another $40,000? Can someone help me with this? Thanks! 

@Carlos Powell I can drop by for sure. I'll send you my cell #. Thanks. 

@Carlos Powell I would prefer a property I can fix up, but open to the area. I just like Victory Park. Let me know how we can connect. Thanks. 

@Carlos Powell I grew up in Stockton and was looking for a duplex around Victory Park. I like the area closer to Fremont Street, since it seems to be gentrifying. Any thoughts? Thanks. 

@Jeet Sangha I was looking for a duplex. I could live and rent situation. Do you have any advice on that? Thanks. 

@Chris Mason  Thanks man. I've been saving and have been pre-approved for financing. I was wondering if a duplex is a good idea. 

My name is Gustavo and I'm from Stockton, CA. I'm looking for advice on the investing on my first property. Is there a process I should follow? Any guidance is welcomed. Please help me get started. Thanks.