All Forum Posts by: Hector Briz

Hello,

Please rate this deal. This would be my first property and it would be a fourplex as owner occupied. I am adding property management since that is eventually the goal. Property insurance is what seller is paying now, but Im sure I can find a cheaper quote so wanted to put hers instead. The property was built in 2006 and is in fair condition despite age. The AC are original units but seem to last another 5 years before major repairs/replacement. Inventory is little due to low rates. Can you please put your 2 cents if this is a property worth pursuing. I want to pursue it but not sure if from investors eye its worth it. I humbly ask for your help. Thank you so much

Hello,

Need your help how you would proceed here.

Relevant info:

I’m a DACA recipient. My job is in Austin tx although currently residing in McAllen tx due to covid and working remotely.

Job doesn’t require us to return to Austin until at least summer 2021 due to covid. The fourplex is in McAllen area since property is cheaper than Austin. I plan to do 20% down.

I was fully transparent to lenders and since I know eventually I’m returning to Austin (once covid chaos subdues), the few lenders that were willing to work with my DACA status, all said only an investment loan is possible since I wouldn’t be able to house hack due to it not being my primary residency. Which is fine I just want to start RE investing however I can.

One lender in particular says that we can do a conventional loan, 20% down, and can be classified as owner occupied. Ill live in the property for a few months(since it’s Jan and don’t have to go back to ATX until at least summer) than I came move out and fully rent out all 4 units.

I straight up told him that sounds like a lie. What I’ve found online all state that owner occupied has to be for at least a year. He says it’s fine because my intent is to buy a home(and reside in it) in the area until covid situation improves. Which is true but I worry it’ll be for less than a year since I have to move to Austin eventually (assuming covid will calm down around July 2021) 

For all the wise ones in this community, is there any truth to his statements or is he smoking crack? Or how I can protect myself legally from this? The guy says he’s been lending for 25 years I wanna assume he knows what he’s talking about.

Here’s the portion from loan estimate contract regarding owner occupancy. There nothing additional on the subject. No specific time or affidavit stating how long I have to stay in property. Definitely not trying to do mortgage fraud so hopefully y’all can give me some peace of mind on this. 

Thank you in advance.

Hello,

I am a first time investor that is very brand new to RE investing. I am a DACA recipient doing a conventional 20% down owner occupied loan to house hack a fourplex. These are the closing cost I received from a local lender. Total loan is 295k. The area for property & lender is south Texas area (Rio Grande Valley). 
Are total closing cost amount normal for my type of loan? It seems high (especially administration fee) so wanted to check with you guys here how it sounds. I am afraid of being taken advantage because of first deal and DACA status.  If costs are high, how can I approach lender to reduce?

All feedback/advice is deeply appreciated. 

Hello,

I’m a first time investor and put my offer for my first fourplex as owner occupied loan.
The place is fully rented but all the leases are month to month. What is the proper procedure in removing one of the tenants so that I move in. Do you have to pay them off or just give a period so they may find relocation?

Also since I’m taking over, should I require tenants to lock into new year leases, or keep them in their month to month? What would you in my place and why?

Many thanks on your advice

Hello,

This is my first post. I am a first time investor. I plan to buy a fourplex to start out.

Relevant info:

I’m a DACA recipient. My job is in Austin tx although currently residing in McAllen tx due to covid and working remotely.

Job doesn’t require us to return to Austin until at least summer 2021 due to covid. The fourplex is in McAllen area since property is cheaper than Austin. I plan to do 20-25% down.

I was fully transparent to lenders and since I know eventually I’m returning to Austin (once covid chaos subdues), the few lenders that were willing to work with my DACA status, all said only an investment loan is possible since I wouldn’t be able to house hack due to it not being my primary residency. Which is fine I just want to start RE investing however I can.

One lender in particular says that we can do a conventional loan, 25% down, and can be classified as owner occupied. Ill live in the property for a couple months(since it’s Jan and don’t have to go back to ATX until summer) than I came move out and fully rent out all 4 units.

I straight up told him idk about that. What I’ve found online all state that owner occupied has to be for at least a year.

For all the wise ones in this community, is there any truth to his statements or is he smoking crack? Or how I can protect myself legally from this? The guy says he’s been lending for 25 years I wanna assume he knows what he’s talking about.

Hopefully y’all can help me out. Please help avoid jail