All Forum Posts by: Joshua Costa

Christian unfortunately wasn’t aware of this before the refi and I did use a lot of my capital to pay down my current mortgage to the needed 85%. 

yeah Anthony basically was just asking if I would have better luck with another company. The person I worked with last was just saying that they couldn't have a conventional owner occupy and fha owner occupy for the same person on their books.

I was just wondering if anyone has had experiance refinancing out of a multifamily fha and getting a new fha in a relatively close span, less then 6 months. 

I'm assuming working with a local portfolio lender wouldn't change anything as far as fha is concerned, but it would be a great way to build a relationship with that bank. Is that correct?

hey guys, 

So I just refinanced out of my fha mortgage into a owner occupied conventional.  Now I’m looking to purchase another 3-4 family in the same area using another fha. The loan officer I worked with on the refi said I may need to wait up to a year after the refi and still present a reason for wanting to move and gain another fha mortgage.  He said I may be able to get one with another company but the underwriter may stop me.  I’m trying to avoid wasting money on appraisals and inspection to only have an underwriter say no. Not sure if it makes a difference but I’m located in Rhode Island.  

Thank you guys. 

So Just looked at a Property that is a fourplex with questionable tenants on a week to week rental basis some seemed good others not sure based on just a quick meeting of them.

the sale price is 199,000

rents are week to week one unit a $175 one at $185 and two at $200 to me these do seem a little low but we will use those numbers seems how thats whats in place

there is nothing on the house electrical meter so no cost there

would need a dumpster and small lawn triming and snowplow in the winter. figure 80 per month 

I feel although this would cashflow decently but just looking to the experts for advice at this point im waiting to hear what the sewer and water bill is for the property.

I don't think getting financing will be an issue Ive talked with my agent and lender and they seem to not be worried because legal use shows it as a 4 plex.  the property was just fire coded and was done so as a 5 unit so that shouldn't be an issue.

so if I could lock down financing as a four unit how would I go about legally renting 5 units.

hey guys I've been in the background reading a lot of blogs for a while. I have learned a lot and I'm about to make an offer on my first multi. So the details on the property are that it's a legal four family but there is 5 units I'm going to be doing FHA financing. Should I be worried about anything? The property is being sold as a "fourplex".

Thanks 

Jason I would be interested in doing something like that you can pm me if you want to work something out.

Saturday meetings could be a good idea. 

Thanks Anthony, I have always wanted to make it to rireig meeting but can never seem to get out of work in time.