All Forum Posts by: Jared Schweiss

Hi all - I am house hacking a Fourplex with a good sized backyard. All the tenants have been very good so far, and one recently asked me if they could set up a few patio chairs in the backyard. I said yes already and voiced as long as they kept I tidy it shouldn’t be an issue. That said, there is currently no patio in the backyard. I was already thinking of adding one in, however this is making me think of doing it now rather than later. The area around me doesn’t have many multifamilies. Some of the houses have small decks or patios, and some don’t.

I’d appreciate opinions on adding a patio and allowing tenants to put patio furniture on it. I also currently mow the yard myself, but would hire it out in the future.

Some of the initial questions I had are:

Does patios increase resale value for multi-families?

Do patios strengthen or worsen rent?

Any recommendations for additions to the lease?

Any feedback is more than appreciated!

Hello All,

I recently bought and moved into a quadplex 4 months ago. After renovating and renting three of the units (while living in the 4th unit), I am wanting to refinance to pull out some equity and lower the interest rate. 

I initially put down 20% on a primary residence loan. I am now looking to refinance into an investment loan so I can move out and buy a new primary residence to move into (utilizing some of the pulled-out cash as well). 

Can I refinance and pull out 85% and keep down only 15%? Or is 20% or 25% the lowest possible down payment on an investment loan? I understand I could do primary residence and do a 5% or even 3.5% down, but I do not want to be stuck living in the unit another year. 

Can someone recommend a lender they have worked with who would refinance for 15% if possible? 

I'd greatly appreciate any recommendations or suggestions on how i could go about this process differently. 
If more details are necessary let me know!

Thanks, 

Jared

Hi All,

I am looking to get into my first house hack. It is a 4 unit that needs a lot of cosmetic upgrades. I wanted to go with an FHA loan, but due to the self sufficiency test, the current rental rates do not pass the test. The future rents would pass the test, but needs the upgrades. Therefore, a normal FHA loan seems to be out of question.

The other ideas floated to me were FHA 203k loan. I have no experience with this, but I heard that this route is easier said than done as contractors are not excited to take on the additional FHA requirements work. Plus, I was hoping to do a lot of the work myself and not hire it out.

My question to you all: is there a way to get into an owner occupied 4 plex with a conventional, low down payment? And would anyone recommend doing a FHA 203k loan instead and/or have feedback on it?

Thank you for the help!

Thanks,

Jared