All Forum Posts by: Robert Barnes

@Anthony Wick Good question

@Johnny Rhee Thank you so much.

Should I be concerned about purchasing a single-family home that may have un-permitted bedrooms and a bathroom added to it?  Also how can I find out if these additions have been built with a permit?

I have a package of single family house cashed out in the commercial loan department with my credit union. 

@Brie Schmidt Thank you.  I hope to but 3.5% down on a duplex in August and I've heard that your only allowed so many mortgages. When I apply in August that will technically be my second loan. However I do have a few cash out refi's.

Will a cash out refi count towards the limit of FHA loans I can get?. I have one FHA loan and 3 cash out refi commercial loans. After my 12 months is up I am looking to apply for another owner occupancy FHA loan. Thank you

@John Knisely

@John Knisely The 710 include principal, interest, taxes, insurance and PMI. My reserve is $4,500 cash. Realistically the most I think I can get is 650 a side. Seller paid closing cost I will be financing about 108,080k. Down payment 3920. What I'm afraid of is purchasing without much Equity. Should that be a concern? Also I will refinance out of the PMI if I can ever get the equity there.

Need help buying a duplex for 112k. Planning to house hack. Bank appraisal came back at 115K. Buying unit with 3.5% down FHA loan. The empty unit is move-in ready no repairs needed. Unit with tenant need 1100 dollars worth of repairs. Long-term tenant pay $610 a month. Mortgage will be $710 a month. ARV maybe 120k. Also unit could use a privacy fence replacement estimation price will be 3K. Is this a good deal?

Would like to talk with wholesalers in Columbia South Carolina.