All Forum Posts by: Medriand Arnold

@Jonathan W.

So I went through my closing documents. I made sure to re-read too. I did not see anything mentioned about any of the usual things that you would see with multifamily units. Leases, rents, deposits, etc. The way it looks it seems that the documentation doesn't include anything about tenants.

Hello BP family,

I closed on a duplex at the end of December. The home is fully occupied and the tenants were made aware that the home was being sold. One of the tenants has already paid for December, but the other one hasn't. I spoke with him and he is wondering if he pays the old landlord or me now. I am curious to know myself. I know if it was before the closing it was rightfully his, but there is some gray area on this one.

Hello BP Family, I have a question in regards to possibly setting up a HELOC. So I bought a home for 105k, and ARV is looking to be thr 150-160k range. I want to cash in on the equity with getting a HELOC, but the lender I have keeps saying those are generally used for home improvements. I want to know if I do decide to purchase another property to rent witht the HELOC, would I need to disclose this to my lender first?? Thank you, Medriand A

@Richard Sherman

I plan on living in one of the sides for the duration of the year that you have to let mature for the FHA loan, this also gives me an empty vessel so I am able to make my repairs without working around someone. I am looking at the comps in my area and renovated duplexs that house 2/1s are going for the 140k range.

@Nathan Churchill

I have never thought of that spin on it, that would free up a lot of capital and also build my businesses credit! Sounds like a plan!

@Joseph Back

I am already in the thick of the project and hopeful wishing led me to believe that I wouldn't need to get the 203k loan, I am going through with the regular FHA loan as of now and using credit to make the repairs.

@Richard Sherman The home would make enough from one side to pay the PITI but not much else, the renovations would need to happen fairly soon, but not right now. I am able to put about 1k a month into the property to fix what I can once I close.

Hello BP Family, I am looking to acquire my first property. It is a duplex that will rent $700-750 per side. I have in under contract for 105k and comps show upwards of 140k for duplexes. The home does need some repairs and I can see it being about 25-30k in repairs. I have enough for closing cost and the down payment. I am just worrisome about home renovation costs. I can't switch to 203k loan as the seller does not want to wait that long. Any suggestions?

It was supposed to say "Hello"

Hell BP family 

Just a quick update. I had my home inspection and spoke with the home inspector. He informed me that the ductless system works amazing and he owns one hisself. Stated that becsuse it does not do much for ciculation to try and put it in the center of the home. Stated that 90% of the ductless systems he sees are with Mitsubishi.

@Byron Scott

I am going through the same thing right now. What they are telling me is that I don't need anything to cool for an FHA loan, but you will need a system that is hardwired/mounted to the home that can heat it. We are working now on possibly getting baseboard heaters or multi-zone mini splits.

Also, for the labeling of the home, check the zoning of the property. It may have been converted without zoning approving it and may be issues later on if you go through with it.

Best of luck,

Medriand A.

@Maurice D.

I have looked into getting ductless mini splits, each duplex is about 700-800 sq ft. Would the 18,000BTU mini split really heat and cool the entire dwelling just like a regural hvac system would?