All Forum Posts by: Jesse Holshouser

@Account Closed Turns out one of the leases is expired and they've been updating it month to month in case someone wants to purchase and move in. Problem solved! Thanks for the help though. It's much appreciated.

I'm wanting some advice on a deal. I'm looking to FHA into a triplex. I currently have my own house that I purchased in June of this year. I'm looking at possibly doing a deal on a triplex in early 2017 and living in one of the units while also renting my current house. The triplex I'm considering is an old SFH that was transformed into a triplex. They're asking 149,900 for it. Currently the three units rent for 425, 450, and 550. The 425, and 450 units are currently rented and the 550 unit is rented but has an expired lease that they are updating month to month in case someone wants to purchase and move in. A rough analysis shows my total monthly payments being somewhere around 950 a month if I paid asking price for it. That's with 3.5 down, 4% interest, and pmi. Once i moved out, if I kept rents the same, I'm looking at somewhere around 400 a month cash flow. I'm also fairly certain rents can be raised. One concern is that currently the tenants pay for their electricity, and the owner pays for water. I'm still working on finding out what the typical water bill is. If I'm going to live in the property for at least a year, I'm not too worried about having to pay a little out of pocket. It will be my own home afterall. But if I plan on having this property long term, I want to make sure the numbers make sense. I would love to hear what people think of the deal, any tips for negotiating price, etc... If you need any more information, please ask! Thanks. Here is the listing in Lenoir, NC

http://www.realtor.com/realestateandhomes-detail/711-Meredith-Ct_Lenoir_NC_28645_M61372-45658#photo1

There's a triplex I'd like to do an FHA loan on and move into one of the units. The problem is, all 3 units are currently rented and my understanding is that I would have to honor the current contracts. I don't know when those contracts are up at this time and I will see if I can find out, but does anyone know of any way around this? What are my options? Thanks!

I'm wondering if any BP investors have any experience with Phil or his freedom mentor program. I have an interview scheduled but wanted some feedback before I dive into something. I'm a bit skeptical