All Forum Posts by: Zach Adams

 Matt - I'm originally from there and bought my first house years ago and kept it.  I picked up another rental from a property manager.  I'll probably keep buying in ATL here and there cause I'm so comfortable with the city.

Thanks

As of today I am under contract on a duplex here in San Diego County to be owner occupied! Super stoked. Been looking for quite some time and my agent has been great. I approached this deal as a hybrid investor/homeowner. My goal was to find a place that's close to where I live now, reduce my current living expenses (renting on coast) by 30-40% and have a property that in 4-5 years will cash-flow when I move out. So far, it's looking that way. The duplex is 6-7 miles from where I live and meets these requirements. Gonna use FHA and eventually refi out the MIP when I can get 20% of loan paid.

I have 2 houses in Atlanta that are under property management so this will be my first landlording experience and looking forward to it. Met the mortgage broker at the local REIA and he's been really good so far. My agent understands I'm an REI and speaks to me in GRMs, CAPs, and cashflows. Like I said, I feel like I've been patient. This is a crazy market here.

I'll keep everyone posted as things progress.  As always, thanks for the inspiration BP!

Zach

 Thanks Shaun.  I don't have the down.  Going with 3.5%

Thanks Dan. I checked this before and FHA made more sense for my scenario, but I will definitely check conventional before I sign.

Z

Hoping to get under contract on a duplex as an owner-occupied property in next couple of days. I'm using FHA so I can put 3.5% down. I thought then when I eventually have 20% of the loan payed, the MIP would be cancelled. My broker said it's a new FHA requirement that the MIP is there for the life of the loan and I'd need to refinance to get rid of it. Not a showstopper as this is probably 8-10 years down the road for a 20% position, but it is a surpise. Any thoughts?