All Forum Posts by: Kyle Spinale

@Account Closed

No, it's not that. I wouldn't have a huge problem living next to them, I just wanted to get different perspectives on what people do.

I want them to know who I am and I want to be helpful. But I don't necessarily want them to  know where I live. Privacy would be nice but if it made more sense to live amongst the tenants then I would. 

What do you think about owning a triplex or quad while living in an apartment? I would not want to live in the property with my tenants because I would not want them knowing I'm the landlord. One tenants rent could pay the mortgage and another could pay my own rent. Does this seem like a bad decision? Why or why not?

@Preston Schmidt

Sorry if those were bad questions. I understand that with real estate many scenarios are on a case by case basis; so I was just looking for ball park estimates. 

Thank you very much.

@Preston Schmidt

Thank you for listing the pros and cons. It was very helpful.

Do you typically see new investors taking out FHA loans? Or are there experienced investors also using them?

Also, how much would you estimate that the mortgage insurance raises your monthly payment? Or how much does it add on to your APR? I'm not sure if that's how it works or not but I thought I would ask.

@Zach F.

Congratulations acquiring your property! It sounds like it went well for you, so far. 

If you don't mind me asking, did you have any cash reserves going into this property? If so, if you don't mind, how much did you have?

Also, did the property need to be fixed up or was it ready to go? 

Thank you for sharing your experience.

@Kevin Spring

Could you please elaborate on how it was more involved? Would you say that going through the process was worth the hassle? I do have a relationship with some bankers at my local bank; hopefully that can help. 

@Brent Coombs @Jerry Padilla

Thank you guys!

@Shawn Crawley and @Jerry Padilla 

Thank you both. I appreciate all of the help!

@Jerry Padilla

I did not know that you only needed 3% for a conventional loan. Can you put 3% down as a first-time home buyer if you're buying a duplex or triplex and plan on living in one of the units? Also, with such a low down payment, would the APR be fixed or adjustable? Thank you for the input.

That all makes sense. Thank you, Brent, for clarifying.