All Forum Posts by: Samuel Liapis

Sounds like extortion to me....

Here's the situation.

Seller asked for conventional loan only.

We bid 196k in a conventional loan. 

Turns out we have to use FHA.

Can the seller say he will accept an FHA loan now but only for 210k?

Please help or tag a lawyer that can!

And decreasing DTI is good?

Any advice on this thread?

Any help @Eric James

Well i am investing with my mom and my sister. I financed the first through an FHA loan and my mom is financing the 2nd through a conventional loan. Chicago can bw beautiful!

Ok so the PITI says $1,853. And I collect $2900 a month in rent. So is that a good or bad thing? The mortgage payment is $1741 a month.

Man you sound like you have a LOT going on haha. I have a 9 mo. too. We are in the process of buying our second multi family. But to be honest I am no where near retirement or being able to spend more time with my little one. It will take a lot more than 2 properties =/.

I hope everything works out for you though! Keep pushing!

Hahaha thanks everyone for the replies! Nice one @Russell Brazil luckily we found something in a much better neighborhood and the numbers look great!

Hello again guys!

So we are purchasing the second property and it has ridiculously low taxes compared to other properties around it. This is because it has a senior citizen exempt and freeze on it. My real estate agent told me that we should put the property in a trust within the first year and put a senior citizen in the trust at .01% profit of the interest? If that was said right. That way we keep the discount. With that in mind I should do that with my other property as well.

Then there's the option of the LLC of course. What I am really looking for is come books or something on which to choose or go. What the tax difference is when filing taxes. Side by side comparisons?

If you have any info please let me know. Or if you know a good book about this please put up suggestions.