All Forum Posts by: Sheila Reyes

Hi BP Members! 

I just finished getting a MFR inspected and discovered some mold in the basement and utility room only. Before I make a decision on proceeding or not with the home, I would like a Mold Specialist to come with me next week to evaluate the severity of the mold, how it can be fixed and what the approximate cost would be. This would help me in my decision and/or negotiation of the purchase of this property. I need to find this person ASAP however as I would still like this to be done within my inspection timeframe.

The property is newly renovated and has been on the market for several months and we are concerned as there is already mold developing along the baseboards in the basement and drywall in the utility room (also basement level). I have inserted image examples below. The inspector does not believe there is any flooding as the hardwood floors are not cupping, but rather that it could be condensation or some level of leaking. He is not sure though as this is a newly renovated property.

Any advice or experience you may have would be very much appreciated!

Nicole W. Thank you! I am purchasing this 2-family home as my primary residence renting out 1 unit and plan to move out after a year or two and rent out the other unit.

Hi BP Members! I'm on the way to getting my first MFR (fingers crossed) and am currently starting attorney review. I was wondering how can I start running things like a business without an LLC? I understand that according to all mortgage documents, you are not allowed to switch title to an LLC. People have done the LLC thing but technically its not allowed. As my primary residence, I was told an LLC may be overkill too and that I should consider just getting a big umbrella insurance policy vs an LLC. I plan to get more properties in future and was wondering I don't get an LLC, can I run anything separately in my first MFR like an actual business? Can I still get business bank accounts, have expenses go towards my business, etc.? The seller also owns the property under an LLC? Can I acquire the LLC? Would the lender probably not allow that either?

Thank you everyone! It's all clear now and I'm moving forward with a Home Possible loan.

What about Fannie Mae's HomeReady program? I read about both and was told they were similar. Also, I'm checking with two lenders and the one I wanted to use told me they only have the HomeReady program with Fannie Mae (he didn't even know what Home Possible was :/ ). If I took Freddie Mac creditsmart homebuyers education course, can I use the certificate for Fannie Mae's HomeReady? I don't want to spend $75 if I don't need to do the course again... If Home Possible is the better option, I might go with the other lender. I liked the first lender because they provided a subsidy program that helped to cover closing costs.

Thank you @Chris Mason and Melvin List . I started to look more into this and see I would need to take a Homebuyer Education course. Have you ever done this? Is that something that I need to pay for? Can I do it online and not have to attend an in-person class?

Thank you, Bob! A Conventional 97 sounded like it would have been great if it could have been used for MFRs also.

Hi everyone! I am just beginning my real estate investing journey and wanted to know more about the Conventional 97 Loan. I read about the advantages of a Conventional 97 Loan vs an FHA, but I was wondering if I could use this loan on a multi-family property (2, 3, 4 units).

I read online that there were loan limits for 2-, 3-, and 4-unit homes but I understood that I could still use the Conventional 97 loan to put at least 3% down on the property. My lender said I could not use it on multi-families. Is that true? 

I would like to know if with a FICO score above 775 if I am better off with an FHA or a Conventional 97...?

I was curious to know if anyone in NYC here has tried this program for down payment assistance on an investment. If so, what are your thoughts on it? http://www1.nyc.gov/site/hpd/owners/homeowner-downpayment-assistance.page

Hi BP Members,

My name is Sheila and I am a new member to BP as well as new investor. My husband and I have not started yet and are eager to do so. We are interested in starting with a multifamily home and living in one of the units. We are also looking for a great REI broker to help us get started. Do any of you have any recommendations or advice to consider before we move forward? We would really appreciate it!