All Forum Posts by: Mark Smith

In the rental property calculator where you could view the list of all of your reports, there used to be sort of a progress bar under each report that showed how far in the process you were; from analyzing the property all the way to closing.  Then you were also to view your personal portfolio, showing all of the properties you own.

I just closed on property #2 and wanted to add it...I mean come on, this is probably the only time I'll double my portfolio in one day!

Are these features gone?  I spent a bunch of time looking for it only to come up with nothing.  I thought it was a cool feature!

@Jeffrey Coleman, you cannot have two FHA mortgages at one time under normal circumstances. You can purchase one primary residence with an FHA mortgage, and if you would like to do it again you must refinance into a conventional mortgage before another FHA is available to you. One year only refers to how long you must occupy the residence yourself.

@Tom W., thank you for the insight.  My concern was that since the packaging my new thermostat was in stated 750mv on it, the thermostat would only work with a 750mv system and not a 24v system.  But from what Robert said above it sounds like I'm ok.

Hi @Jason R.. I think the cleanest way to do this might be to do the FHA first, then purchase other properties conventionally after. My thinking is that if you do the conventional(s) first, then you go and apply for FHA, they're going to ask why you're not living in one of the properties you already own since FHA mortgages are meant for first time home buyers and only for your primary residence. Of course this may be a simple explanation to your lender, but why not avoid whatever hassle you can? I believe you CAN get an FHA mortgage if you already have a conventional mortgage on another property that you are not living in, but there would probably be more red tape. FHA is really trying to crack down on people trying to abuse the system to grow their portfolio. I'm not saying that's what you'd be doing, I'm just making you aware of a potential headache it could cause you.

Also keep in mind that after you purchase a multifamily with an FHA you'll be considered an investor for your future purchases, and will probably need 20-25% down and 6 months of reserves (6 months worth of mortgage payments in the bank). I'm going through this right now, and found out two weeks before closing that I needed $7,900 in reserves that I was unaware of at the start of the mortgage process. Fun!

Good luck, it sounds like you're ready to go.  Be prepared to write a letter to your lender explaining why you're moving to the new place (closer to work, family, the new house is better for your family because...).  I'm sure they'll be asking.

@Robert Stark thanks for your help!  I thought I was most likely dealing with a 24v system.  I'll let you know if I run into anything else!

@Rod Hanks thank you!  It's my second house, but it'll the the first for me, my fiance, and her 5 year old son.  We're really excited!  We should be living mortgage free once we fill the other unit.

Hello all,

I'm closing on my second property tomorrow (woo!).  I got a head start on a few things, and I bought a couple of 7 day programmable thermostats; they are Honeywell RTH2510B thermostats.  The side of the box mentions some heating and cooling systems it is compatible with.  All I have is a boiler, there is no central AC or anything like that.  One of the items the box states is a 750mv heating system.  I don't know if my heating system is 750mv or 24v.  Should I be concerned that I might fry this new thermostat if it is setup for 750mv but I have a 24v system?  Or should I assume I probably have a 24v system, and that the box is simply stating that the thermostat will also work with low voltage 750mv systems?

Sorry if that was confusing!  Thank you for any advice.

@Dorothy Butala I contacted my lender about it and they let me know this was my attorney fee.

Hi All,

Just going through the closing cost details for property #2, and there is a line that says "Personal Rep (optional) $300"  Can anyone explain what this is and whether or not I should actually pay it?

Thank you!

Thank you @Michael Knaus and @Michael Gessner.  I trusted when the plumbing & heating company said it wasn't OB, so I didn't have a good feeling when the seller told me he believed it was OB.  I'll take a look at it and see what markings are on it.  The seller mentioned "ESR 1099" and "cross link" markings, but I think that would apply to just about any pex and certainly isn't definitive.

Hello all.  I recently had a local plumbing & heating company come inspect a boiler and water heaters while I have a house under contract.  The plumbing & heating company noted that the pex used on the boiler was not oxygen barrier pex, and needed to be swapped out.  The next day the seller contacted me, saying he checked out the pex and believes it IS oxygen barrier.  Can anyone tell me how I can tell the difference, if there is a way?