All Forum Posts by: Mary Baccellieri

hey @Eugene Sims !

Any luck finding a property management company in The Bronx for your single family? I am looking for one for my small multifamily. Any recommendations would be greatly appreciated! Thanks!

Hey @Ceasar Rosas,

I have a small multi family here in The Bronx that I am currently house hacking but I would like to move out of the property soon. Do you have any property management companies for small multi families that you recommend?

Thanks!

I love listening to the podcasts and have made a few forum posts previously but, like others have mentioned, my goal is also to increase my time spent here answering posts and connecting with others. I am using BP to connect with real estate agents to begin building my team.

Best of luck to you :)

Hey @Zack Karp ! Thank you so much for your response. I didn't know I had the option to do the FHA Streamline as an investment property. I did it as my primary residence so I guess that means I will have to wait just a couple more months until I can find my next house hack :)

Hey everyone,

I purchased my multi-unit property in June 2019 using an FHA loan and then did a streamline refinance in July 2020. I know FHA loans require that you occupy the property for at least one year but does that timeline reset if you do an FHA streamline refinance (i.e I can't move until July 2021)? Or is it only from when you originally acquired the loan? I have tried looking online everywhere and can't seem to get an answer.

@George Patrick

Oh I misunderstood! I thought you meant your private lender finances you up to 70% of what your expected ARV of the property will be after completion. Oops :) yes! I think I'm going to refi out of the FHA i have now on my fourplex into a conventional loan and reuse FHA on a duplex or triplex. After speaking with others, it seems conventional mortgages with little money down for multi families are not possible. I'm all about using bank leverage for the time being to at least acquire some doors in the meantime until I feel comfortable to try out a BRRRR.

@Mohammad Nur

Thank you so much! How about this as an option: refinance my current FHA on my fourplex into a conventional mortgage and then can I use the FHA mortgage again to buy a duplex or triplex if I plan on living in it?

Also ! I just did an FHA streamline re-fi - i didn't end up paying closing costs due to some incentives thankfully. Are you aware of a possible waiting period before I can refi into the conventional? I would like to take advantage of the low interest rates while also opening myself up to more possibilities to reuse FHA if i can.

@Wayne Brooks

Hey Wayne- thanks! I tried looking it up with general Google searches but with no turn up. I will check out the Fannie Mae site directly.

@John Warren

Hey John - thanks for that info!! I didn't realize the rules have changed recently and it's unfortunate ! I think my best option in this case would then be to refinance out of my FHA and use it again like you mentioned.

Is anyone aware of the requirements for most lenders for 95 conventional mortgages (5% down payment)? I know not all lenders are equal and have different rules but just wanted to get a general idea.

I have an FHA mortgage on a fourplex (currently live in it also) but now I'm looking to buy a duplex or triplex to live in (while keeping my fourplex and renting out the apartment I live in now). I spoke with one lender so far and they told me I would have to put at least 10% down.

***[I want to be able to get a 95 loan without having to refinance my current mortgage into a conventional- not enough equity in the house to get rid of PMI so I would rather wait it out]