All Forum Posts by: Sean Durham

I subscribe to a "don't talk about it, be about it" as a guiding principle - and sometimes likely to my own detriment. BP has really been the only media where I've discussed investing. 

Reading this article from Derek Sivers a few years ago completely changed my philosophy on sharing projects - https://sivers.org/zipit

RE: Haters - I try to use any external resistance/friction as guideposts, pointing us more clearly down the path we're on. 

Congrats to Josh and Brandon - that's a big get. 

TF was great in this episode - great insight as usual, and it was great to hear him discuss RE for a change. 

@Chris Mason and @Jeff Dulla - thanks both for the context and clarification. Exactly what I was looking for, thank you!

Hoping to find some clarity on this, I looked through several other topics but didn't see this specific question answered (Apologies if I've missed something.)

Is there a clear way to calculate PMI with an FHA loan on a property? I'm getting mixed messages between what our lender is giving us, usmortgagecalculator.com and several other resources. Do we have any leverage to negotiate this?

Is there a set rate/scale that lenders use based on LTV? Wondering if there's any advantage to shopping around, if lenders have different scales...

If it makes a difference, this is for a duplex we will be househacking / owner-occupy. 

As always, thanks for your wisdom. 

@Daniel F. Harb Definitely - the duplex is 460k - two separate houses, a 1/1 and 2/1 in a really solid rental area (Downtown.)  There are likely better deals to be had off-market or requiring rehab, but I'm happy with the numbers. 

There have been solid deals popping up this year, many have been triplex or 4-plex - those have different FHA qualifications related to the rents they bring in, so definitely run your numbers.

Let me know how the search goes!

We're under contract with a duplex to temporarily house-hack in downtown Riverside. It's not the cheapest but seems to be one of the few places in broader Southern California where' it's possible to buy and hold. 

There's a ton of development happening (look up riversidefoodlab.com) and more happening downtown. There are several good colleges and quite a few industry centers for employers. I'm bullish on the area. 

@Wes S. Thank you! That's good feedback. We drove the property today and it looks like a solid neighborhood, save the huge cemetery across the street. My thinking is that for renters - all other selling (renting?) points will outweigh the "view." 

It's walkable to shopping and dining, transportation etc - dealing with the "quiet neighbors" is probably less of an issue... 

Looking at a duplex to househack here in SoCal, planning to use FHA loan and re-fi out of it (and move out) when possible. That said, the property is directly across from a cemetery.

Has anyone had any issues getting tenants or needing to price rents below market comps with a property near a cemetery? I realize selling a house near one might be an issue, but wondering if it'll have as much of an impact with prospective tenants. 

Any advice is appreciated! I tried searching the forums, but didn't find much specifically about tenants. 

Thanks!

I agree with Dan Krupa completely. And also, thanks for the encouragement to post more - I totally admit to being mostly a lurker. BP is one of the best sources of life-impacting information out there.

What @Mark Krier says. 

Run the numbers, run the numbers, run the numbers then make a move. As long as you have enough savings to be protected in case you just break even or lose a manageable amount of capital, you're good. 

If you profit - GREAT! If you lose a bit, you just paid for some invaluable education. 

Bottom line - budget for a potential loss of X amount (whatever you're comfortable with) and just make a move. Better to pay for an education than stay on the sidelines. 

Best of luck and definitely let us know how it goes!