All Forum Posts by: Kyle Murray

@Will C.

Thanks James ! Have a great day.

@Will C.

Correct she is on all utilities. I could try for the low down payment loan. I just didn't know if I left the unit empty for how long I would have to do something like that. or if I treated it like a second home/vacation home for how long would I need to do that before I could be let off the hook for it being my Primary RES.

Kyle Murray

@Jordan Moorhead

@John Woodrich

I am not committing mortgage fraud, nor have I publicly admitted it. I simply asked a hypothetical question of "what if"

I am fairly certain someone has purchased a home with intentions of moving in but life happens.

Mostly I was just curious if there was another way then to OO the duplex and if someone had ever had a conventional mortgage on a 2 unit with less then 20% down.

My Fiancé is the only person on the home loan. I did this to decrease my DTI. I only have one mortgage obligation and that is on my 4 unit apartment building. which has a net profit of 20k per year. I have no other debt ( car, credit cards, or personal loans) besides that.

Thank you all for your input and hopefully my question did not offend anyone.

Kyle Murray

@Michael Kistner

@Frank Chin

Thank you both for the reply.

I am just trying to buy this duplex with less then 20 % down. The bank is telling me if I purchase it the only way I can avoid putting 20% down is to move in.

I thought I was able to put less down on a 1-4 family home.

Do either of you know if there is another way? I currently own a 4plex and did the OO thing for 6 years and we just moved into our first home and I really don't want to go down that road again.

Have a great day!

I am wondering if I were to buy a duplex with a conventional "owner occupy 1-4 family" loan, and I do not end up moving in but instead I rent the unit out, what would the ramifications be if any?

Can they call the loan?

Thank you in advance,

Kyle Murray

@Nick kaihoi , thank you sir ! I like to think so 😎

@Zackkarp , I appreciate it. maybe we could sir down together and go over different financing options .? I am trying to buy another 4 unit in the area and am unsure how I can get the loan.  The other bankers i talk to never like to go over options or Anything. Thanks again!

@Ryan Murdock all I knew in the beginning was I wanted to live for free! Now I have a total different view.  Thank you for the nice comment !

Hello everyone,

I am new to BP and I am looking to grow my network and knowledge ! As well as share whatever knowledge I may have of value!

A little background about me, I am 25 - I work in the construction industry ( CAD-Roof Trusses-Wall panels-Floor trusses ) I have made an okay living doing this and my side business is, renovating small apartments or certain parts of homes. I love to work with my hands and am a very visual person,

I also have owned a 4 unit apartment complex since I was 20 (owner occupied 15yr fixed loan) and that has been the highlight of my 20's so far! Fixing everything ,leaning from my mistakes, and trying to build a second income ! I am just glad that I learned so early on what real estate has to offer!

I am an introvert, but love meeting new people and building people up helping them anyway possible, even if I get nothing in return.. I just want to add as much value to everything I possibly can. whenever someone says they need this or that I am the first one to try and help.

I hope to gain form being on BP, Knowledge from seasoned investors and a new network of people who are self driven and motivated to make deals!  

I hope to add as much value as everyone else using BP!

Thank you,

Kyle M. Plainfield, IL

Yeah, just trying to figure out the best way to finance this deal . I appreciate your feed back.  If I could move unit to unit I would but the ole lady can't do it lol.