All Forum Posts by: Todd Fithian

@Nicole Collins thanks so much for the details!  That's actually (once again) exactly what we were looking to do as well, live in half and rent the other.  I've been pretty clear with the lenders of our intentions and have gotten approved for single family, but it seems as though they just either don't want to bother with our 5% down for a multi or aren't looking deep enough into the options.  Either way your info helps us a ton because I wasn't beginning to believe it wasn't possible.  Maybe I'll give your guy a call and see what our options are.  We are looking in the downtown area as well and my wife works at UCR so it will be a massive help purchasing in the area.  Thanks again for the response! You just fired me back up lol

@Nicole Collins sorry typed that on my phone and had a couple autocorrects lol

@Nicole Collins oh really?  That's actually great to hear because I've had a bit of trouble with lenders telling me that we aren't able to put so little down on a multifamily.  SO far we've heard 15% from one and 25% from another.  You're scenario is actually exactly what we are looking to get into, and in riverside.  Do you mind sharing who you got the loan through and Arnold what rate?  If not I understand, but it's sure would make my day! Thanks for sharing 

@Nicole Collins Thats awesome Nicole!  If you dont mind me asking, how much did you put down on that property?  also, how did you go about finding that property?  Thanks for any help

@Aaron K.@Bryant Brislin I agree about Moreno Valley being much more of a single family home city.  I grew up there and its pretty surprising the lack of multi in the city.  Good rule of thumb for Moreno valley (but not law) is north of the freeway is good (but not perfect), south of the freeway is rough (but not all).  Sorry to be so broad, but Moreno valley is pretty rough still in my opinion.  This is just an example, I work construction and we are digging up the streets in one of the bigger intersections of Moreno valley off Perris Blvd and Elder ave.  We have jobs all over southern California, some are in some of the worst spots you can imagine I.E: Watts, Compton, Huntington Park, and many more.. and we have never had a job site been robbed more times than the Moreno valley job.  By far the harshest jobsite we've had in regards to robberies.  Sad because I grew up there and its really slipped throughout the years. 

Great thread.  Me and my fiance are ready to pull the trigger on a property in Riverside as we speak, but it seems that unless youre finding off market deals, the numbers just dont work.  Any tips?

Hey Jake, I definitely agree with Caleb Heimsoth on the cost to update. Even minor updates will surprise you on how quickly $5k will blow through. Just my input.

I agree with both the others to go for multi. We did it on a shoe string budget, were worried like crazy, and made it work. Is it luxury and amazing to be in a multifamily that's probably not the nicest and have your tenants next door? No not really, BUT it sure was nice only paying about $150 out of pocket each month for ALL expenses said and done because our tenants next door covered it all.

Aaron Hunt thanks for the info! I planned on shopping around credit unions, but if that's a good place to start then I'll give them a call. I wish mine wasn't an FHA so I could shed the PMI without a refi but at the time it was the only option. I appreciate the comment!

Chris Mason your analysis makes total sense. In a way I had a gut feeling that's what the issues I'd have were, you're just way better at explaining it! So thanks for that. We actually aren't looking for a large HELOC, we really just want something to put us over the top with our savings that we already have so that might actually work. I'll check into a credit union for a HELOC but like you said I'll stay away fro a refi now that I know itd be a bad idea. Thanks again!