All Forum Posts by: Steven J. Umaña

please let me know of any private lenders!

I would recommend living in your first duplex and getting FHA financing with a first time home buyer credit if possible. I did that and my total cash invested should be recouped in 4 years once I move out in March. Only have to live there for a year. If you factor in a closing cost credit/tax prorations, you'll have to come up with barely any cash to close. I'm recommendeding this not as a lawyer who works as a title agency, but as an investor. This is not legal advice.

If you do this, you can preserve your cash for the hefty 25% down for the next one. Or even buy the second duplex while you are still living in the first. 

I'm a real estate attorney and investor who also works at a title agency, and would love any contacts for private lenders in Columbus, Ohio. 

Thanks All! Happy Investing!

My measurement is Gross Monthly Rent x 100 = Purchase Price. I feel as if that's a better measurement for 2-4 families than Cap Rate. I'm an attorney at a title agency in Columbus but not offering legal or title advise. 

You can have 2 FHA loans at one time only if you are increasing family size and need more space on your second purchase. There is also a loophole for moving closer to work. Otherwise, you can't get another FHA loan after your first.

I'm an attorney at Star Title Agency LLC inWesterville. We do sophisticated commercial and residential closings. Quality work always.

Thanks Bill. Can't seem to find anyone who doesn't require a 15% minimum down payment for an owner occupied duplex. Not enough equity in my first duplex to refinance out of the FHA loan. I'm also not eligible for the second FHA loophole (buying a bigger place) because my current unit I live in has two rooms and two occupants.

I've called a few credit union to see if they could be an option, but I'm stuck! 

is there anyway to get a 5% conventional loan on a duplex if you already have an FHA loan? Anything. Any tips on structuring it differently. Goal is to come up as little cash as possible.

Thanks 

Steve