All Forum Posts by: Max H.

Hi Everyone!

I apologize if this topic has been discussed previously as I would imagine others have had the same issues. I have current tenant who is unemployed due to Covid. He does AV project work for large companies. He has been a great tenant for the last 2 years and wants to renew the lease for a 3rd year. If we were in normal circumstances it would be a no brainer. My concern is that I am unsure he is going to be able to land another high five/low six figure job in the near future given the nature of what he does. 

I figured I wasn't the only landlord experiencing this dilemma. So would you renew the lease and hope unemployment benefits continue and he is eventually able to find a new job or do you try to find a new tenant? 

@Amia Jackson love your point about planned obsolescence! So true when you really think about it! 

All very good points. Thanks guys! 

I live in the Philadelphia area where the housing stock is pretty old. A lot of the homes are 100+ years old now. I'm 28 and thinking of buying a triplex that was built in 1910, I would ideally hold this property for the next 15-20 years. My concern is by the time I am ready to sell that the home will be almost 130 years old and the market for a home that old will be slim. 

The house has updated plumbing, electric, roof, windows, and all that but does anyone see an issue with a buy and hold strategy on older homes? 

Yes I've owned for about 2.5 years and it is now rented out 

Good Morning All! 

I wanted to see if my RE strategy is possible - I current own a townhouse that I rent out. I'm living with my fiance and her parents until we buy a property together. I am looking at a triplex that is in good condition in a good area but the issue is that I don't have enough cash for the down payment at 20% but would be able to swing it at 5%-10%. My first mortgage is not FHA.

So my question is, would I qualify for an FHA loan on the triplex if it is owner occupied?

Thanks for the info @Shaun Weekes! I should specificity that I'm looking to buy another foreclosure that I can fix up and either sell, rent, or possibly move into. 

I was hoping someone on BP could provide some guidance for me. 

I purchased a foreclosure 18 months ago that needed repairs. I did the repairs and am now living in the house. I noticed prices in the neighborhood starting to go down so I decided to do a HELOC. I closed on that last week and I want to put most of that money into a down payment on another house.

I'm trying to avoid putting 20% down but since the next house would be considered a second home I'm not sure this is possible. Help is greatly appreciated!!