All Forum Posts by: Jim Robertson

Welcome to bigger pockets! I have just started investing in Austin. Hit me up when you get back if you have any questions. 

I bought a duplex a few months ago and would like to buy another. My monthly payment is $585, monthly insurance is $60, and monthly taxes are $266. Both sides are currently rented for $1800 total. I am living rent free, and make 45k annually. I spoke with a mortgage officer today, and he said that I wouldn't be able to buy a second property for two years. He said it takes two years to count the rental property as my income. Until then, my debt to income ratio would be too high with 2 properties to give me a loan. 

Do I have options besides saving up for a bigger down payment or hard money?

@Jon Klaus Thank you for explaining the process of selling a duplex as two separate properties. I'm just getting into multifamily investing, and love hearing about different strategies. I'm curious to see how the build turns out. Keep us posted. 

That's a great lot in a great area. How hard is it to sell a duplex as two separate dwellings instead of one? What makes you go this route instead of keeping it together to rent out, or sell to a buy and hold investor as a duplex? 

@Dustin Keller Thumbtack is a good way to get started. It makes it easy to get in contact with several contractors and get bids. I wouldn't rely entirely on it though. I found a great painter through thumbtack but struck out on plumbers. Once you meet a few people though, ask them who they like to work with.

I like swiss coffee http://www.behr.com/consumer/ColorDetailView/1812 with pure white for ceiling and trim. Personally, I like the contrast between the two colors. I would recommend semi gloss finish so it is easier to clean. 

Thanks for the warm welcome everyone!

@Daniel Kaminske What part of town do look at for duplexes? I have one near metric and braker and I may try to get another in that area soon. It seems to one of the few remaining areas with a good amount of duplexes under 200k

My name is Jim Robertson. I got hooked on the bigger pockets podcast while commuting from Austin to San Marcos about a year ago. I have since bought a duplex as a buy and hold. I'm trying to learn as much as I can, and build a portfolio in the Austin area.