All Forum Posts by: Juan Aguirre

Thank you for your response Tsipora, and yes it is an FHA loan but this is already accounting the rents as income. I tried adding a non occupying co-borrower, but I keep getting mixed information on wether I can still get the 3.5% down payment. If you have any experience in this I would love your feedback!

Hey fellow Real Estate junkies, Ive been trying to acquire a duplex that would have instant equity and has major potential to become a cash cow. Although my financing has not been the best of situations I am only approved for 250k when the property is 280k. Ive ran into a brick wall, and even though I’ve tried to find a solution I really don’t want to miss out on this deal since its a great opportunity. I’m now seeking the options of either looking for a partner that will bring the money or my last resort will be trying to sale the owner on seller financing. What do you guys think? What should I look for first? The property is a huge 6/4.5 duplex with an unfinished mother in law suite in the backyard. Rents are currently at 1,000 on each side, but can easily be increased to 1400$-1550$, and the mother in law suite can bring 700$-800$. 

Hey guys, I am in the finishing steps of purchasing my FIRST rental property (a duplex with a mother in law suite in the back yard). I was hoping to get some advice on what I should focus on next. Both units are in descent condition, from the inside just need some tlc work, the exterior of the house also needs some tlc. The big ticket items that would need to be replaced soon would be the roof, and slight foundation work. I was going into this project with the intention of renovating the inside of one side and eventually doing the same to the other, but now I have shifted my intention to get the mother in law suite up and running as soon as possible since it needs a full restroom and a kitchenette to get it to a studio apartment status. That way I can have 3rd unit paying rent. What do you guys think, what should I focus on first? Any comments or recommendations on my situation would be much appreciated!