All Forum Posts by: Mattaniah Yip

@John Hickey that is amazing!  I have a duplex that I bought a few years ago.  I bought it for 600k.  But now worth 980k. 

The neighbourhood is changing a lot.  Lots of new families, cafes, galleries etc opening up now.  But my corner still has some signs of derelicts.  The building on the corner is an SRO.  So there are just a bunch of middle aged men drinking from sun up to sun down.  They are nice enough and really don't bother anyone.   But I know if they left, our property value will be higher.  

Ammonia and cayenne?  Fingers go in their eyes?!?! I am literally laughing out loud!  

I know many of said this before, but damn this thread is amazing.  It reads like a novel.  @John Hickey you are a hero!  I am considering properties Upstate and would love to come to your meetups.  You are so damn inspiring!

Culver City

@Joel Owens Thanks for your input. However, we are doing FHA because as far as I know there aren't any other programs that offer a low down payment for a multifamily, while still owning another property.

I just discovered Home Possible via Freddie Mac thanks to @Christian Bachelder.  However, it seems you cannot own another property unless certain stipulations which we do not meet.

If there is one please advise. My credit score is in the high 700's. Having a marginal credit score is not the only reason someone may opt for FHA.

My goal was once the new property is to reach enough equity, I would refinance out of it into a conventional.  This is the same thing I did with my current property.

If you know of any 5% conventional programs for multi family please advise.

Thanks everyone again for all of your input and advise.  

I bought my current duplex three years ago.

@Stu Wann no I did not go with a direct lender with in house underwriter.  DMin you now.

Thanks everyone for all of your input.  I really appreciate everyone's thoughts and advice.    My current duplex is a conventional.  @Stephanie Cederdahl, I will DM you the the explanation we sent underwriter.

Thanks again!

@Tony Hightower I 100% agree with you.  Sad thing, it happened one week before closing.  Trying to find alternatives.

It is financed with a lot of equity.