All Forum Posts by: Justin Lovern

Hi there, are there any plans to do more of these? I'd like to attend. Was the last one organized using meetup.com?

Thanks!

Unfortunately I can't sublet it. 

It was also recommended to me today by a mortgage loan officer NOT to use FHA, in which case I would need 15% down for a multi-family, which I don't have. He advised against FHA because you are stuck with the mortgage insurance for the life of the loan (unless you refinance, which would incur closing costs).

Any creative ideas to get over the 15% down obstacle?

And thanks for responding to my post!

How does this logic look for breaking a lease early to buy a Duplex with the intent of renting out one side:

6 months left on the lease; $1500 to break it; $1200/mo for rent+util

Mortgage on Duplex = $1400; rent 1 side for $900; Mortgage-rent+util($200/mo) = $700/mo out-of-pocket. 

I would save $500/mo ($1200-$700), which would pay for the lease-break in 3 months.

Suppose it takes as along as 2 months and $2,000 to repair/improve the unit and find a renter - that's an 11-mo break-even point (because I paid the full mortgage 2 months), which is 11 months of building equity as well.

OR - should I just not break the lease and wait 6 months? Basically what I am trying to figure out how to do here is determine if I can create value in 6 months greater than $1500, in which case I should break the lease.

I suppose it depends on how good of a deal I find, huh. - Just curious what other's thoughts are.

Thank you!

Hello,

I plan to be a first time home buyer in about 9-10 months when my rental lease terminates. I'd like to buy a duplex with my wife and rent out one side in the southwest Portland or Beaverton area.

Thanks and best!

Justin