All Forum Posts by: Walter Correia

I found a 2 family home at a discounted price in a decent neighborhood. My concern is that the house across form this one is a complete disaster. Half of the top floor burned in the passed, looks like they never fixed it. There are multiple cars in the front yard and it looks like thy have been parked there for years. And there's a trailer in the yard. Overall the yard is hoarder. Should I stay away from this house given our neighbor across makes the neighborhood unpleasant? All of the other houses on the street are in decent shape.

Gregory Johnson star calling banks and see what your options are and what you need to qualify. You can start with your local bank to get an idea.

Eric Hernandez what's most important is that you have several months in mortgage money and bills in severe after closing. I'm sure what FHA will ask you to have in reserve but for your first investment property you want to make you have a safety net. Do what you are comfortable with.

Charlie MacPherson Thank you! I looked more in dept on the apartments you gave me. I think I should be able to rent one of my units(2/1 approx 1,100sqft) for at least $1,100 given the condition, location, and oil, hot water, and trash included. I think my other unit 2/1 920sqft for at least $1,250 . It is newly renovated, new kitchen with marble tops and appliances and flooring and fresh paint. This also includes oil, hot water and trash.

Does anyone know what the rental market is like in Lancaster, Mass? Once my wife and I find find a home and move out we will need to put our unit up for rent. It's a 2BR 1bath approx 920 sqft.

I think you took the right steps to this matter. You are helping them solve their problem with less fuss. Any seller in their situation would love that. I believe that you should also let them know that by seller financing they are paying less tax compared to selling the house and receiving full payments. Present them as many benefits for them as possible and present it in writing.

Junior Boyer . Talk to the loan officer your are going to work with. They will have a better answer for you given they will know more about your finances. My wife and I were able to apply for another mortgage 10 months after our first purchase. I think banks want to see if you can make payments. Again check with the loan officer you'll be working with.

Are you guys buying a single family or a multi family? Most important thing to consider is debt to income ratio. The banks will look at what you making versus what you are paying.

Hi guys I am new to this and I will have lots of questions and hope someone could help.

Here is my current situation:

My girlfriend and I currently own a 3 family home. We have had this home for a year and did almost $20,000 of renovations. We live in one unit and rent out two units. We are planning on buying a two family home using my VA loan and keep the multifamily for cash flow. We would need to have money in reverse so we can make the purchase and after doing some calculations it would take us several months to save up. We don't want to wait that long . We are hoping to purchase in the next 2-3months.

What would be our best option in our case? Should we get a home equiy line of credit/home equity/cash oit refinance to fund the purchase  for the next house?