All Forum Posts by: Sean Connolly

Thank you. I knew I could not have more than one FHA, but wasn't sure if there were other ways to get a loan with only 5,10,15% down. I know you can with a vacation home, but unsure if a duplex would fit under those terms.

Attn: Mortgage Lenders ( or anyone with similar experience)

These questions have probably been beaten to death on this forum, but I am looking for thoughts on specific situation. I have owned my 3 Family on an FHA Loan for 2 years now. I am currently looking at another Duplex in a nearby town that I am interested in moving to. I have heard that I can buy single family homes with 5% down, but would that be allowed with a duplex as well? Thank you in advance.

@Tim Lindstrom  They are on a month to month. I've even thought about giving them 3months and a cash incentive if they are able to leave earlier. Or even offer the 3BR to them, at a slightly discounted price. It doesn't help that I am a total sap and hate these situations!

I have been caught in a dilemma for months now. I have a 3 unit property. There is a 3BR SFH and a duplex with two 1BR apartments. I have been living in the 3BR since purchasing the house two years ago, slowly fixing it up. The time has come where I have completed what needed fixing. My plan is to move into one of the 1BRs when they become vacant, but neither plan on moving anytime soon. Both units have good tenants who I have had almost no problems with, but by moving into the 1BR, I can rent the 3BR out and would completely cover the mortgage, giving me more to save toward another property. (Not to mention I love that apartment and prefer it over the 3BR)

Would it be wise to remove a good tenant just to make more rental income? 

3BR Rent in my town averages $1400. 1BR Rent average is $800. They are paying $750 for a higher end apartment for the area.

Any input is greatly appreciated.

@Chip Chronister  I ran into the same situation on my 3-family. They required 6 months reserve in my account. Luckily I had a friend gift me the money (as a loan), which the lender had no problems with. From what I was told, they only need that money in the account upon closing. They will not be going into your bank account and checking to make sure its there, so if you have access to someone willing to lend for a short time, that should suffice. However, having a reserve is extremely important, because these vacancies or other things can happen. Check with your lender about the exact terms. It may be different in your state and would not want to get you into trouble. Good luck to you.

Though I would definitely go with a laminate, remember that it is alot easier to damage laminate over a stone. If it is a very small and straight counter, you can sometimes get cheap, leftover stone countertops. Stone would be much tougher to destroy, which also means you would be replacing it much less frequently.

@Victor Kao , does this tenant have a term lease agreement or is he a Tenant-at-will? I would absolutely bill him before he leaves. And if he does not intend on leaving, I would start the process for him. This could have ended up much worse than just a damaged floor. Also, I would double check the legality of all this with a lawyer from your state. Every state is different.

Congratulations @J. Martin . How long have you been investing in real estate to get to this point? Your story, I'm sure like many others, is my goal as well.

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that was my next step, but I was more trying to get opinions on the potential deal. Do I have enough room to play? I have never done s subdivision