All Forum Posts by: Jacob Stan

Hello,

I will be purchasing my first multi family property sometime this year.

The one thing that has been holding me back is the liability associated with being a landlord. I plan to potentially hire a property management company to handle day to day issues and for acquiring tenants, but I still would like some advice on what to expect legally.

Of course I plan to maintain the properties well, but I still would like a heads up on how to protect myself and my investments. I’ve already spoken to a few landlords and read a few forums, but it seems that not everyone agrees on everything.

Could you please suggest any books or articles on what to expect and how to approach my first investment wisely? Id like to review my options on my own and consider what would be best for me.

I’m also open to all advice that you have to share with a new investor.

Thank You!

Hello Everyone,

Thank you for your input. I've asked my broker about FHA loans and they suggested that with an FHA I'll typically pay about 4% of the cost of the property in additional fees.

If I come across a property I feel that I must have I'll push the idea of an FHA. In the mean time, I suppose waiting a few months to save enough cash to bring my desired down payment from 15% up to 20% to avoid fees makes sense.

Thoughts?

Hello,

I am looking to purchase my first property. I graduated college almost 2 years ago and have always planned on purchasing at least my first multi-family property with around 10% down. This would be my first ever home purchase, and I would use 1 of 4 units as my primary residence. I currently have 15% to put down on a purchase and enough cash for at least 4 months of "emergencies". 

I have recently been told that I do not qualify for any loan at less than 20% down. Supposedly in Macomb and Oakland county the buyer must make below the counties gross median income to qualify for a loan at less than 20% for any multi-family property. This is supposedly true for even duplexes. I've always thought that as long as I'm looking for a property with less than 5 units then the property is typically not considered commercial. 

Have I been given wrong information? Is there any way to secure a loan, other than through a private lender, for less than 20% down in Macomb and Oakland county when purchasing a multi-family property I plan to live in?