All Forum Posts by: Nelson Taylor

If the house is legally a two-family, it’s dry difficult on the East Side to get a property up-zoned to a three.  Not to mention it’s illegal.  And while there’s no zoning police, it is a safety issue (egress) and if there was a fire or somesuch catastrophic fire, no matter where in the property, my understanding is that insurance would find every reason not to payout—and if fire resulted in death, not protect or cover you. So, not worth it in my opinion.  Best option is to finish rooms in the basement, add them to the first floor for a larger unit, and figure out the egress issue.  I live and work on the East Side if I can be of help. 

Hello all! I have a question about the owner occupancy clause of an FHA-backed loan. I am looking to use an FHA loan to finance the purchase of a great Triplex that I found in Rhode Island. I currently live and work in NY. I would be moving into one of the units (currently vacant) and renting out the remaining two. I have a job that enables me to work remote, so I will not be seeking employment in Rhode Island. My significant other and most of my friends live in NY. I would change my mailing address and my drivers license to the unit in Rhode Island, as well as car insurance.I would also change my address to the unit tax-wise/employment.I also would be paying utilities on the unit and would set up internet, etc for myself. Also I would under no circumstances rent out that unit or anything of the sort (like seeking profit for short term rentals or AirBnB). Its just that I probably would not be spending 7 days a week in Rhode Island.

Am I violating owner occupancy clause if I am only there 3-4 days of the week, and spend the rest of my time in NY?

My job enables remote work, but occasionally it requires me to be present in office and it is more convenient to stay at my significant other's place when that happens. The reason I am moving to Rhode Island in the first place as well is because my partner and I really enjoy it here and she is most likely going to move in with me there sometime in the future, either when I can work remotely 100% or if I find a suitable job in Rhode Island.

 Any thoughts or advice? 

I had a verbal agreement through a hard money investor to buy an 8 unit property in Providence Rhode Island from a wholesaler for 360,000.  The hard investor wanted to sell to me because I can get a bank loan and refinance the hard money loan making the hard money lender the 2 points. 

The wholesaler got the deal under the agreement for 320,000. The wholesaler then backdoors the deal and then tries to sell to someone else for 425,000. 

 Yes we work on everything together.  We have alternating skill sets so it works out well, we each tackle what we are good at and meet in the middle and discuss before making something "live" or a process.  We are just starting out so we are still figuring it all out, but we are having a blast and work really well together!  Since we are just getting started we discuss everything and stratogize together what we want for the long term so we can build a scale-able business.  

Hello BP! 

I wanted to know if anyone could help advise on opportunities to purchase a second investment property without 20% down. Is this doable? Are their loans out there that would require less than 20% down? I purchased my first property early last year and have owned it for over a year now, cash flows nicely, and I am looking to purchase another. 

I also wanted to know if anyone has had success with contacting owners of multifamily houses that aren't currently for sale but asking them if they are looking to sell now and in the future? 

Any help or guidance is appreciated. I am located in the Rhode Island area as well.

Thanks in advance!

Tom