All Forum Posts by: Joseph Welker

The VA detail was thrown in there for refi options on my current property, not for the 5-unit. Sorry for not being clearer.

I currently own a single family home as my primary residence with approximately 60k in equity. Current mortgage is a VA loan at 3.25% with about 10 years left on a 15 year term. I'm looking to purchase a 5-unit property with the intentions of occupying one of the units. My plan is to purchase the 5-unit before selling my current house so that I can do repairs on both properties and have a smoother transition between the two. Carrying both properties simultaneously for no longer than 6 months. What would be my best strategy to use my current equity towards a down payment on the 5-unit? HELOC? Cash out refi? I'm trying to minimize fees or anything else that might eat away at my equity. Thanks in advance for any input to help out someone new to all of this.

Hey everyone. I'm very new to the game and have focused mostly on reading as much as possible before I make any moves. I've been scanning properties and analysing them for practice and to get a feel for what things are typically like in my area. I finally found something interesting enough to make me consider making my first move on but I thought I'd take advantage of this great community and have to guys take a look at it. So here it is.

2 duplexs currently listed separately by the same owner. Each is 3 bed 1 bath. 2 Blocks from a school. Fully rented

Each listed at 65k but they have been on the market for about 2 years. My plan is to offer 100k for both of them.

Duplex A

Gross Yearly Rent $9600 (1 side is 20 year occupant other side is owner's son)

Taxes $1160

Insurance $300

W/S $1900 (seems very high, need to verify)

Roof and siding 7 years old

Duplex B

Gross Yearly Rent $11100

Taxes $900

Insurance $300

W/S $1000

Roof and siding 7 years old

The rent on Duplex A could and should be raised to match Duplex B. That would be my plan anyhow. Duplex A is actually slightly larger than duplex B. So how does it look? I think it is close to a 2% property or at least has the potential to be.

Another question regarding financing. Would it be possible to get a commercial loan for the pair? Should I get separate personal mortgages for each indiviadually? What makes the most sense or is even possible?

Thanks in advance!