All Forum Posts by: Zack Pirulli

Hey Everyone,

I bought a 2 family rental with and FHA loan about 1.5 years ago. During that time I've completed a significant amount of work to the home (converted attic to extra living space adding about 900 sqft, an added bedroom, added bath, new roof, and various other things). Home values in my area have also increased significantly in recent months. My loan was recently sold to another bank and they have been contacting me about about an FHA Streamline. The guy I spoke to said my rate would lower to about 2.5% saving me around $200/month. I would still carry the PMI which is also about $200/month but I know the FHA Streamline is a fairly quick and cheap process (no income verification, appraisal, etc.). My main question is would I be better off trying to refinance to a conventional loan? I believe with the increase in home values in my area and the work I've completed on the house I would be able to reach the number needed for 20% equity. But I know there is a chance I don't hit the number needed for 20% equity. If I dropped the PMI I would also save about $200/month but closing costs would be much higher and its a more in depth process than the FHA Streamline.

Would I be better off locking in the 2.5% rate, saving $200/ month, the refinancing once I get to 20% equity and drop the PMI and save another $200/month?

I also have to consider the future and when I continue to purchase more properties the higher equity in the property will look better. Any input is much appreciated!

@Derreck Wells 

Thank you for the info! I purchased the property with the Section 8 tenant already in place. And I do have signed copies from the previous owner and the current tenants of the Lead Paint Acknowledgment form that CT requires. Would it be a good idea to contact Section 8 and find out if the building was deleaded or would that just open a can of worms? Also, how reliable would you say the lead tests from Home Depot are?

Thank you, William! If I could ask you one more question. If you buy a property in an LLC, does the debt get reflected under the owner of the LLC's name? Or strictly under the LLC?

Thank you, Bjorn!

Hey All,

I am in talks with a friend of mine to partner up on a deal. We will be splitting the cost of the down payment 50/50 but only her name will be on the mortgage (most of my income is commision making qualifying difficult). But both of our names will be on the deed. Since my name is not on the mortgage, will it still show up as debt for me when I go to get approved for the next house? Or will it not show up because I am only on the deed?

Thanks!

Hey everyone,

The beginning of this year a Section 8 tenant of mine adopted her new born nephew. She texted me recently to let me know he had tested positive for lead. The doctor told her he will be tested again and the test could come back negative. But she has asked me to test the house for lead. What are my next steps from here and how should I go about this? Thanks in advance.

Hey Everyone,

6 months ago my father and I purchased our first 3 family rental property in CT using a conventional loan putting 20% down. All has been going well and ever since I have dove head first into REI.

We have been looking to purchase our second property most likely with an FHA or 203k loan because after putting down the 20% for the first property we don't have the cash to put 20% down. My father owns his own business and I work for the business as of December 2018. The lender is telling us that I need to wait 6 months before getting pre qualified because he needs about 6 months worth of income to qualify me. He said even with my father as a co-signer it will still be 6 months. Is this true? Would it be easier for my father to get qualified for the FHA or 203k loan (he has owned the business for 16 years)?

Any input or advice on the situation would be greatly appreciated. Thank you in advance!

-Zack