All Forum Posts by: Hector Lewis

@Brittany Minocchi 

Conventional or nonQM? If nonQM, most lenders have a $100k loan amount minimum. I've seen some that go down to $55k-$75k depending on the scenario. Conventional should be a bit easier to finance with a low (sub $100k) loan amount.

Thank you for your response.  This is a conventional loan where I was going to put down 25% but they stated they would not finance since it was under $100k.

@Mark Munson

Hi Mark,

Thank you for responding. This is a duplex in New York for $72k. If you have some recommendations, that would be great.

Thanks,

Hector

Hello,

I found a multi family property that is under $100k. I am already approved for $130k. When I told my lender about the property, they stated they could not finance if it is under $100k.

Does anyone have any suggestions for trying to get this property financed?

Thank you.

Hello,

I am currently conducting due diligence on a triplex I might purchase.  One of the callouts was this "14-81(2) Interior Structure.  The building system is improperly installed or missing in particular rooms or throughout the structure.  Repair the entire building system in accordance with the Michigan Building or Residential Code."

I have not heard of a building system before when going through this process previously with other properties.  I am not sure if this is a big or not.  If someone could provide some insight that would be great.

Thanks,

Hector

@Drew Sygit @Bill B. @Sergey A. Petrov @Nathan Gesner @Steven Foster Wilson @Tracy Streich

Thank you for your responses.  This has been extremely helpful.

Have a good day!

Hello,

I recently closed on a duplex in Texas.  The utilities are paid by the tenants except for the water.  My new property management company asked if I wanted the water bill in my name or property management company's name.

Should I get the water utility in my name or the property management's company's name?

Thanks,

Hector

@Michael Dumler. Hello. Thank you for your help. I decided to not move forward with property. I just didn’t want to take the risk.

Hello,

I am about to put in an offer on a duplex. Usually I thought there was an inspection period of 10 days but the realtor told me there is no inspection period for this property. That means the home inspection would need to be completed before the offer was put in. Then if I put in an offer and it was accepted then I would put a $5k binder which non refundable. I just want to make sure this sounds right. Every time I have gone through this process I usually put in an offer that is contingent on the home inspection and this seems to be in reverse. If you could give me your input that would be great.

Thanks,

Hector

Hello,

My wife and I are trying to decide a pathway to where we are doing good enough off of passive income so my wife can quit her job.

Would you recommend to save the money for a down payment on an investment property or put that money towards a dividend providing index fund. We can save about $1,000/mo and we already have one investment property.

Thanks,

Hector

HI Scott,

Thank you for the response.  This helps a lot.