All Forum Posts by: Lewis Sutton

Thanks to all for the responses. I understand that for conventional mortgages you can put 15% down on a duplex if it will be a primary residence. I have not seen any non-FHA programs that will allow a purchaser to put down less than 15% on a multi-unit. If anyone knows of any programs please feel free to send me a message directly.

I purchased a two-unit complex earlier this year with a FHA loan. I am interested in purchasing a second duplex or triplex early next year and would be willing to live in it as a primary residence. I am having a hard time finding low down payment conventional mortgage options. Any body have experience purchasing multi-units with low downpayment conventional loans? Any ideas/suggestions would be appreciated. I would be willing to purchase in low income areas if there are any programs available.

Thanks!

I am looking into getting a GACO silicone roof applied to my property. 

Hello, 

Anybody have any recommendations for reasonably priced roofing contractors in Chicago?

Thanks

@Kevin Nichols thanks for the reply. The property was originally a single family and was converted into a two unit. I have space for three meters but there was only meter installed. I called the electric company to get the electricity put in my name and get meters installed in the two missing sockets ( one meter for building and the other for the tenant unit). I was informed that on the electric company’s end it was still showing as having only one meter and that the previous work was unpermitted and that in order to get electricity going separately for the tenants unit I needed to pull a permit and pass an inspection. 

Seller represented that electric was separate. 

Hello, 

I just recently closed on a two unit. I found out that the electrical work previously done to the property was done without permits. I now need to pull permits to have the electricity company come out to inspect the electric work and only then will they install electric meters. This is an unexpected expense. Any suggestions on steps I can take to recover for this unexpected expense? Any way to go after seller for this? This is my first purchase so I am new to this whole process. 

Thanks

Thanks, all. Great replies from everyone!

Hello fellow deep pocket colleagues,

I found a multi-unit I like a lot in Chicago for a pretty good price. However, seller does not guarantee the legality of one of the apartment units. Has anyone been able to obtain an FHA loan for a property in this situation?

Hotpads is a good one.