All Forum Posts by: Account Closed

If you can afford to be charitable, then do the investigating to be sure she's on hospice, collect as much as you can and let her stay. But don't let her stay if it's going to cause more and more stress. Let her stay and feel good about it and feel good about what you're doing. If it's real and your not being scammed, then your making a great impact on someone's life. If I wasn't in the position though to be a bleeding heart, I'd be there with my 3 day rent demand and a hearty apology lol ...

Having the money can be its own detriment as I've overpaid for rehab and I think "no big deal." I'd keep saving but go the FHA route and get into a local duplex/fourplex and keep as much of your cash as possible. Try pretending you don't have it.

I've gone through something similar here in NY. Code enforcement came to my house, they saw separate electric, separate hearing zones, separate septic systems and said "ok, we will GRANDFATHER you in as a 2-unit building." I didn't have the sq footage either and they wanted to help me. I got very lucky.

I'm confused.     If I buy a house with cash for 50K and then refi.         If the appraisal comes in at 80K, will a bank lend potentially 80% of the 80K or on the 50K?

@John Place, I am in the exact same situation in the Kingston area, owner occupying my triplex.   Maybe we've all been listening to too much Brandon on the podcast haha

Jared, I just bought a multifamily in the Kingston area.   I chose to do some rehab.   I think that the taxes are a little high, there's alot of C & D areas where you could probably meet the 2% rule.  And theres great areas as well where you could probably meet the 1% rule.   The numbers still work better than the alternative (Long Island or NYC).    If you do ever come up this way and would like to meet up just send me a message.   Good luck! 

20-25% down plus the lender might want to see a few years of Landlording experience as well as additional cash reserves.    I'm not ready for this type of property yet but I can't wait!     Good luck!

I just bought a triplex near Kingston NY (lake katrine) and I'll be looking for a PM soon as well.

Chris you have great questions here... Did you get an answer or any further info on this? -Nicholas Schwab

Wow tiara, I didn't know you could get a VA loan for an amount that low. Military.com has some good specific info on the VA loan. I just recently learned that you could potentially have 2 loans out at the same time. The max is approx 417K, but I thought the minimum was 144K for some reason