All Forum Posts by: Wells Lange

What do you have?

What Charlie Fitzgerald said--it depends on the price of the first home and the price of the second home. Example: if $417,000 is the limit in your area and your first house was $117,000, then you could buy up to a $300,000 for the second one

I use erentpayment.com and have had a good experience

Highly recommend you take it in person and not online

It says to qualify you need at least 3 properties.

The $1,735 is the seller paying your upfront mortgage insurance premium (UFMIP).

My wife and I are considering buying a house that has an 840sqft 1 bed 1 bath apartment in the basement. Does anyone have experience with doing this? How would the utilities work? Primarily electricity and cable/internet? I could see having all those utilities included be an issue because then they wouldn't care about running the heat/AC and I can't even imagine letting them hookup to our cable tv? But I don't think the city would meter utilities separately because it's zoned for single family. And what if we wanted an alarm system? Would we include the basement?? Any input would be much appreciated!!

No!!!!!!!!!!!!

If they are on the same lease you have to terminate it with no penalty

You're living in it and will break even? I would analyze the property based on renting all 4 units cause you will eventually move, and while you live there you are essentially living for free--which means your actual cash flow is what you're saving from not having a housing payment each month.