All Forum Posts by: Ryan Newport

I thought I read in one of the BP books that if someone owns a multi-family and lives in one of the units that they can file for a 25% reduction in property taxes. Though I’m having trouble sourcing this now and can’t find anything about what I remember reading.

Can’ anyone provide any insight? I thought it was referred to as a homestead tax exemption in the book. It’s been a while now though. Could this be state by state? Orrrr?

Appreciate any feedback here. Thanks!

@Samuel Whelan Thanks for the reply. I think getting a conventional loan would be great, given that I've been told a few times over now from different sources how competitive the market is, and having every little thing on my side helps. I unfortunately just don't have the capital to go much more than 5% down. The MPI isn't so frightening to me because at least that eventually goes away, while the FHA will carry an insurance premium for the life of the loan, right?

I've been swamped with crazy 11/12 hour work days this whole past week, but I'm looking at getting pre-qual/pre-approved over next few days. @Evan Polaski like you suggested, I arranged a number of calls for Sunday and Monday for me to ask questions from sources and learn and compile more information. I'll update here and come back with more questions probably, lol. Thanks all 

Hey guys, I got a few different questions and curiosities here, so I'm just going to lay them out and hope for as much insight as possible.

I have low capital right now, especially in my Connecticut market, this isn't the mid-west for me. But I can't stand to wait any longer to get into the investing game, so I've put my foot down and decided to contact some agents (whom I've found through BP) and find a multi-family around me that I can house-hack. Live in one unit and hopefully eliminate my expenses from renting out the other unit, or at least make my contribution of the monthly payments go towards principal, which is a huge win over my current $1600 rental payments I'm making right now going straight down the toilet. This will be my first home purchase.

My questions are regarding loan advantage and possibility for my circumstance and goals, specifically between FHA and Conventional (but please give me all things to consider when responding).

I have been thinking this whole time that my options were going to be limited to an FHA due to my unfortunate lack of capital. But in speaking with an investor friendly agent in my area, he told me its possible to obtain conventional with 5% down. First off, in terms of requirements and where to look for this 5% down conventional loan, what are we talking? I believe I've read that my rate would likely be much higher, though I do understand that the rate isn't the only thing affecting my monthly payment, as going with an FHA comes with other fees that often get rolled into the loan anyway to increase the payments.

In regards to FHA, with the closing costs and mortgage insurance that is charged, if/when a borrower is able to roll those costs into the loan, does this allow for a larger interest deduction come tax season? Just want to be aware for best possible considerations.

-- Lastly, does anyone have any insight on how lenders are currently treating individuals who have been out of work and have lower reported income due to covid? I was out of work for a while, but since have obtained new full-time employment and have been full time for 8 months, with no intentions on both employee/employer side of employment ending any time soon).And I guess, do these guidelines differ between FHA and conventional? -- The side note to this, is that if needed, I MAY be able to get a family figure to co-sign on something, and I'm also interested in hearing from others on the benefits that provides, if any really.

I know I've dropped a lot to talk about, and am looking forward to responses in all directions.

Thanks,

Ryan Newport.