All Forum Posts by: Michael Acheampong

@Mark Faustrum how long to live in if it’s conventional?

I’m in the process of purchasing a fully occupied duplex.

2 beds 2 bath on both units.

FHA loan with 3.5% down with intent of moving in after one of the tenants lease ends.

If I change my mind and want to keep it as a rental when the lease ends, can I get in trouble for that since u need a lot more down payment for rental properties.

@Wayne Brooks its an VA loan so I'm assuming it's assumable and I plan on living in the house.

Why would there be a new purchase price if I’m taking over his existing loan and just paying him the equity.

For ex. He’s got $150k remaining on his mortgage and he sells me the house for $170k which is how much he bought it, but I don’t have the $20k for him in cash st closing.

How does he get the $20k so I can go on and assume the loan.

Thank u for taking your time to answer my question, newbie here.

@Frederick Wenger I’m all confused now.

I’m in the process of possibly purchasing my brothers duplex. The goal is to apply for a mortgage at the same bank he applied for his mortgage and take over his mortgage.

First, I don’t even know if that’s possible.

Also if I purchase the duplex, how can he get his equity in the home if my down payment isn’t enough for his equity.

My goal is to do this to save me some interest since I believe he’s paid off a good chunk of it.

Is it a good idea to take over his mortgage or just start over.

Are there any special fees I have to pay for this process?

Is it worth it?

Thank you!

I’m in the process of possibly purchasing my brothers duplex. The goal is to apply for a mortgage at the same bank he applied for his mortgage and take over his mortgage.

First, I don’t even know if that’s possible.

Also if I purchase the duplex, how can he get his equity in the home if my down payment isn’t enough for his equity.

My goal is to do this to save me some interest since I believe he’s paid off a good chunk of it.

Is it a good idea to take over his mortgage or just start over.

Are there any special fees I have to pay for this process?

Is it worth it?

Thank you!

@Frank Patalano down payment isn’t ready. Looking to purchase a duplex, live on half and rent the other but down payment of 15% isn’t ready.

Anyway around it?

What do you guys think of condos.

I really want to get purchase one to live in it and rent the other rooms. 3 bed 2 bath.

It's in an awesome place but my only thing is the HOA FEES.

I’ve done research, but I want your view.

Is it easy to rent in case I move out at some point, are HOA FEES even with it?

Thanks

@Bryan S. With a roommate and a neighbor living next door, I’ll pay the same amount of money even if I was renting.

My goal is to save up all the money from my job towards school and the 20k I have right now towards a house.

I guess a better way to put this question is that, “does my plan make sense”?

I’m currently a Registered nurse and in the next three years I plan on going to medical school.

I have saved up $20k and have then been thinking about getting a duplex instead of renting.

I can put down $10k and save the rest for anything that comes up like vacancies, repairs etc

When I go to Med school my goal is to rent it out, if I go out of state or still live in it if I go to the med school near me.

It’s in a great place and can easily rent.

I don’t have any plans of paying it off early, I’m going to take a 15 year or 30 year mortgage and pay it off that way, so I don’t direct all my income into paying the house off early.

At the same time, my other self is telling me to save up all my money for medical school and less loans.

What do u guys think, should I buy the house or not.