All Forum Posts by: Jason Forbes

Just came across this thread.

Would it be a good idea for a complete noobie to attend? I'm just in the process of beginning to search for a multi-unit to OO in the near future. I have no experience whatsoever.

@Matthew Paul @Wayne Brooks

Thanks for the responses.

I was told I would not be able to finance the property because the bank would see it as two individual properties and therefore would not finance it. Would this be the case?

I will pm you with the address, Wayne. Thank you very much

@Shaun Weekes

Thanks for the response. Just to clarify, I would need to show 12 months of cancelled checks showing where the payments are being made from to prove that I am not making them?

In my case, my grandparents have been living there and they are on government aid. When they receive their pay, my mother who is in charge of their account, makes the payments from their account.

@Jay C.

Thanks for the suggestion. Unfortunately I do not have the funds at the moment for anything more than a 5% dp. So my options are limitied to fha or home path. I could not qualify on my own due to little credit history, that is why she cosigned.

I'm leaning towards just having the home refinanced and having myself removed from the loan. Seems to be the easiest option at this point.

Thank you for all the warm welcomes

I am in Coral Springs, FL. I will definitely setup keywords and check out some of the podcasts. Thanks for the suggestions

I came a listing for a duplex which states it is currently deeded as two sfr but can be converted back.

I am looking for my first OO investment property and am unsure of what would go in to something like this. I assume it is a matter of filing with the county to have return the property to being deeded as a duplex?

I am meeting with the listing agent soon but wanted to see if you guys can guide me to some questions I should ask or things I should look in to.

The only reason I am considering this is because the selling price is well below the average price for duplexes in this area. It is a foreclosure but looks to be in decent condition.

Can anyone give me an idea of what it would cost to have something like this done?

Hello all

I'm new here and had a question regarding a home i purchased in 2011. I am extremely new to real estate and while I have been trying to find an answer to this through searching, I thought I might get a better result by asking. Please forgive me if this has been covered before or is a stupid question.

The home was financed with an FHA 203k loan closed in august 2011. I purchased the home and lived there until I got married in September 2012. Instead of selling the home, I have had family living there and paying the mortgage on it since. The loan is under my mothers and my name.

My wife and I are now looking to purchase a duplex and would also like to apply for an fha loan. I know that when i apply for a pre approval, it will show as if I am still obligated to pay for the home that is being "rented out". My question is, what is the best option at this point? Should we refinance and leave it only under my mothers name? Can that even be done? (she is willing to and it was actually her idea)

I did not invest anything out of pocket in this home. The down payment was a gift from my parents, all i paid was the monthly mortgage payment. I dont really have a problem with losing anything on this house, I just want to make the best case for getting approved for a new loan.

Any help and suggestions are welcomed.

Thanks

Hello all

My name is Jason. Found this site while doing a little research (aka google) on purchasing a duplex/multi family home.

I am 27 years old and have zero experience in real estate outside of the first home I purchased in 2011. I no longer live in this property but still own it. (I have some questions about this since it is currently being rented out to family but I will start a thread in the appropriate section soon)

I am looking to purchase a duplex/tri/quad in the near future. My wife and I will be living in one unit while renting the other unit out to my mother in law that needs help getting around because she is not able to drive. We figure a duplex style home is a good way to keep her nearby and since she pays rent anyways, why not have her pay us? (just kidding....but not really)

I've found this site to be incredibly inspirational thus far and I hope to continue to learn more and eventually be able to contribute from my experiences.