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All Forum Posts by: Tim OConnor

Tim OConnor has started 5 posts and replied 10 times.

I'm dying to hear the final numbers on this!

Post: Build Multi-Family House Instead of Buy?

Tim OConnorPosted
  • Madison, WI
  • Posts 13
  • Votes 5

Hi All,

I am in the Charlotte, NC market and looking to invest in a 4 unit multi-family house. I'm curious if anyone has BUILT a 4-plex (or similar) instead of buying one? The plan would be for me to owner-occupy one of the units and rent the rest. Thanks for the feedback!

Hi everyone,

I have found a 4 unit apartment complex that is in a desirable neighborhood and passes th 50% and 2% rule. My question: Can I finance this using FHA (3.5% DP) and get a 30 year fixed interest rate? I know this is plausible with 4 unit multi family houses, but does it apply to 4 unit apartment complexes? I appreciate the help!

Post: Starting w/duplex

Tim OConnorPosted
  • Madison, WI
  • Posts 13
  • Votes 5

@Mark S. 

Yes, of course, to owner-occupied. Quad appeals because I am essentially getting an income producing property, but having the benefit of residential underwriting (i.e. getting long-term fixed money at a ridiculously low rate). FHA is the quickest way to achieve it, but there are no free lunches, I guess. Are there any 5% DP options for a quad that are less costly? I usually only see FHA or 20% down....

Post: Starting w/duplex

Tim OConnorPosted
  • Madison, WI
  • Posts 13
  • Votes 5

@marks - Is PMI for life of the loan a new amendment to FHA loans? Does this apply for multi-family such as quads? That would make FHA a lot less appealing.....

@jmartin Thanks!  This might be a foolish question, but I don't see how I can search specifically for 2-4 units and get alerts. The I am searching multi-family, but the majority of those are duplex (which doesn't interest me).

Post: Is Housing Over Priced Right Now?

Tim OConnorPosted
  • Madison, WI
  • Posts 13
  • Votes 5

I would love to hear from all of you on this. When specifically talking about the Charlotte/NC area, are Quads over priced, under priced, or average? Quads to me are a unique beast because they almost produce enough income to be a commercial property, but not quite. What do you think?

Hi everyone!

I am 24 (never owned any home or RE), debt free, working as a commercial credit analyst at a bank (think very large, complex Comm. RE deals - so I thoroughly understand the accounting/lending/analysis side of Comm. RE), solid income, and eager to start my RE journey by buying an owner occupied quad with an FHA loan so that I get the long term fixed money through residential underwriting guidelines. Will have roughly $15,000 in reserves after purchase. Looking to grow slowly, never leveraging myself. New to the game, so there's much to learn! :)

Questions: Given my profile stated above, what risks do you see for me? What unexpected pitfalls did you encounter/mistakes you made when you started? What were some of the best decisions you made? What do you know now as a seasoned investor that you wish you would have known from the start?

Oops, didn't see that this forum was directed towards commercial properties!

All,

I'm new to the game, so be gentle :)

What are your go to sites to find properties? It's been a challenge specifically finding quads. Do you subscribe to Loopnet/others like it, search bank websites, etc.? Would love any feedback!