All Forum Posts by: Nathan F.

I've looked at the a piggyback loan, unfortunately would have to be 80/5/15, which I don't think I'll find.

I will definitely look into single premium MI when talking to the banks, you're right I should avoid any interest rate hikes as those will stay with the life of the loan.

Thanks, for the info.

I'll be meeting my landlord later today to see if we can come to agreement on price. I'd like to be at $280,000. I plan on meeting with banks (big, small, credit union, local) later in the week once I have the purchase priced narrowed down. Just curious if anyone had experience with this.

The numbers are both units rented out, I plan to owner occupy a few years, but eventually, hold and rent both units over a longer period of time. So, I look at the all units rented out to make my decision, then back out my unit to figure out what is will cost me to live in the unit.

I've been looking for an Owner Occupy multifamily property for about 6 months now. Everything in my town that has been for sale has been either in shady neighborhoods or overvalued houses that need lots of work (which I wouldn't mind, if the price justified the work needed).

I have been renting a nice duplex in a upscale neighborhood, only duplex in the entire subdivision. Very quiet, no traffic, and I know all the neighbors. My landlord is an realtor and have had him looking for properties for me. Few months ago I asked if he would sell the duplex to me, at the time the answer was no, it didn't make sense to him. Yesterday he called and said he'd like to sell. We are very close on price, so I think we can get a deal.

He has currently offered about 3% less than market value (which would be the buyer agents commission on the MLS) , I was initially thinking about 6% less than the market price. Because when I run all the numbers under 100% financing I get $100 Cashflow per door ($200/Month) if both rented, but in reality, I'll be living in one of the units for awhile.

I was thinking FHA financing, until the PMI comes into play and just beats all the cash flow out of the deal. With FHA Financing (assuming renting both units for the numbers) I get a $28 Cashflow per door ($56 total)

I have cash to get to 5% down, I don't mind paying upfront PMI or slightly higher rate. Has anyone found loans like this, 5% Down, no PMI?

If I can get rid of FHA monthly PMI, My Cashflow gets up to $185 a door or $370 per month. Now that makes a lot of sense to go ahead with the deal.

Would love to meet some fellow BP members, it'll be tough for me to make it, but may be a possibility. If I can can make it, I'll let you know as far as getting a space and all that stuff.

All, Thanks for the welcomes.

@Brandon Turner, You're right all the cool kids moved west, I spent 7 years up in Alaska before moving back "south." Also, had to laugh at your Vikings vs Packers comment on the last podcast.

A Minnesota BP Meetup in the cities would be fun and give me an excuse to go to the state fair as well. I'll put my keyword alerts up.

Hello to all, want to introduce myself, I'm Nathan and live in Northern Minnesota. I'm new to real estate investing. I've been looking for my first investment for a few months now. I really love this site, all the great articles, podcasts, and great treasure of info you can find in the forums.

I'm looking to buy a multi-family, buy and hold. Looking to owner occupy first one. It has been difficult to find something that matches my criteria, so thinking of fixing up a distressed single family and turn into rental. We'll see what happens.

I might get a hard time for this on this site, but I am a project manager and estimator for a heavy highway company (dirty word: Contractor). I manage $10 to $15M of projects every year. I have been involved in contracting world for 18 years now. Although I run highway, bridge, and city utility projects, I think some of that should carry into real estate investing and dealing with residential contractors and bids.

Anyways, I love the all the info on the site, especially all the podcasts, keep them coming.

Thanks for reading and looking forward to meeting other investors and networking.