All Forum Posts by: Walter Correia

Henry Montgomery III Welcome to bigger pockets, this is a great place to get started. I started off with a house hack. My wife and I got an FHA loan with 3.5 down on a 3 family. We live in one and rented two units. We started this Because we wanted the passive income and want this to be our retirement and to help our family grow.

My wife and I are currently under contract and we are looking for some advice on how to close on this deal. The property that we are looking at asking price is 224,900 single family home with 6 br, 2bathrooms and 2,600sqft in town of Clinton, mass. We offered 228,900 and seller pays closing cost. After home inspection the inspector found knob and tube wiring and open ground throughout the house. Though we ran into this it's still a good deal, however, VA will not approve the purchase unless it's fixed. Our goal is to have the seller pay closing cost plus fix the electrical system. I want this to be a win win for us and the seller but I don't know what's a good offer moving forward. Any thoughts?

Michael Le Steve Olson thank you for the response. That makes me understand why my owner occupied multiplex got appraised the way it did.

I'm not sure if this is a stupid question but here it goes: Do owner occupied multi family homes appraise lower than non owner occupied? The reason why I thought about this is because owner is not paying rent so I'm not sure if not having that addition income affects the appraisal. Thanks in advance.

Tyler Turpin thank you, I had no idea banks put expenses into you D/I ratio.

Christopher Phillips that's with all loans. Credit card bills, home loans including insurance. I did not add bills since banks don't see it as liabilities

I'm currently looking to purchase a second home. It's a good deal and my wife and I are looking at a debt to income ratio of 44%. My question is, will we be able to get another home loan if our debt to income ration is at 44%. Were not sure if this number is high.

Christopher Phillips thank you! This opens things in A better prospective. I'll check with the town and see what they say. There are other multi families in the same st. The area is also zoned as commercial area.

I found a 1 family home at a discounted price in a decent neighborhood. The home was once a two family but the owners converted it to a one family and are selling it as a 1 family. After seeing the house I noticed that no walls were moved. However there were some door ways made to make it mor efficient as a 1 family. My wife and I put in a offer and it was accepted. The reason why we pursued this home is to converted back to a 2 family. What should We do before we sign a purchase agreement? What is the process of converting this property back to a 2 family? Thank you in advance!

I found a 1 family home at a discounted price in a decent neighborhood. The home was once a two family but the owners converted it to a one family and are selling it as a 1 family. After seeing the house I noticed that no walls were moved. However there were some door ways made to make it mor efficient as a 1 family. My wife and I put in a offer and it was accepted. The reason why we pursued this home is to converted back to a 2 family. What should We do before we sign a purchase agreement? Why is the process of converting this property back to a 2 family? Thank you in advance!