All Forum Posts by: Alex Nelson

Hi BP!

I'm currently under contract for a duplex in the DFW area. The duplex currently has one tenant with a lease until the end of June and the other is on a Month to Month. I'm using a primary residence loan, so I am going to have to remove the month to month tenant, however I want to make sure I do this correctly so that I do not get into any legal trouble.

My questions are things like "does the 30 day move out notice still apply to month-to-month tenants?" and "Should i get an Estoppel Agreement for something as small as a duplex." Obviously I'll listen to any advice that fellow BP members may have, however I'd like to consult a good real estate lawyer (as well as have one handy on my team for future endeavors) and was wondering if anyone has any recommendations for a good RE Lawyer in this area. Someone who is knowledgeable and helpful but isn't going to take advantage of me with their price.

Thanks in advance for any input!

-Alex

@Diana Muresan

Technically it's not a problem with the loan, it's a problem with the purchase. The seller of my property has an IRS lien against him so we have to get this property released from the lien so that I can purchase it. Unfortunately I can't do that until the IRS is opened back up, so until then we're stuck twiddling our thumbs hoping the government opens back up soon.

@Ariel K.

@Eric Veronica

This is a conventional 15% down owner occupied loan.

@Diana Muresan

This is a conventional loan, it most likely is a first time home buyers loan as this is my first purchase. I have locked in the rate until after closing already (although I'm currently discussing extending this date since my closing is being pushed back due to government shutdown). There are no origination charges or points, there are no discount points, and because I locked in my loan in December, they had a promotion to give $1,000 towards closing. I was told that these rates are because of my income, my situation, the location of the property, and maybe some other things. The lender didn't tell me all of what it took, she just told me that i checked all the required boxes to qualify.

@Jay Hinrichs

This loan that I got has an APR of 4.759%. I really haven't paid much attention to APR while shopping around. What would be a "competitive" APR rate?

I also never thought about those issues with lenders, however for this property, I used a redfin agent and redfin mortgage and everything has gone mostly smoothly so far. Only issue i had was that the lender didn't realize i was purchasing both halves of the duplex at first and offered me a 3% conventional. 

The biggest problem with this whole thing right now is Donald Trump. The owner has a tax lien against him and I can't get the title released by the IRS because the government is shut down.

@Kevin Romines

Absolutely, I have this rate in writing and have actually locked in the rate with my lender already. I'm currently stuck in limbo with a tax lien on the property and the IRS being shut down, so I'm shopping around to see if any one else could match the rate I've already locked in. 

I'm curious by what you mean when you say "can they perform" and "can they get you from point A to point B". obviously I want them to get to close with me, but any mortgage company will do that. What is there other than the rate that would make you chose one lender over the other? Once I move onto the next property, I can always shop around again to see who has the best rates for the next place. It seems to me that the lowest rate would get me where i want to go the fastest considering they aren't charging any extra points or fees to get that rate.

I appreciate your input!

@Scott D Burrows

I actually got this rate through Redfin Mortgage. I tried to shop around with the smaller/local lenders but no one has been able to come close to the Redfin rate. I've heard people say not to go with the big companies for mortgages but with a rate like this and no extra points or fee's, I don't know why I'd go elsewhere. Most of the other lenders I've talked to offer in the low 5's.

Hi Guys,

I just got under contract for my first duplex and am exploring my loan options. I've decided to go with a 15% down conventional loan. I'm shopping for rates and one lender has offered me a 4.5% interest loan. I was planning to go with this since it's a very low rate but i wanted to shop around to make sure that this is the best that i can find. 

My questions is, should I disclose to other lenders that I already found a 4.5% loan? Would this make the lenders more likely to compete and offer lower interest rates or does this come across as offensive to other lenders?

Any advice is appreciated!

What part of Grand Prairie? I'd be interested for more info

I'm currently looking for a duplex, triplex, or quad in the Dallas/North Dallas Area. Planning to use an FHA to do a live in remodel. I'm going to use BRRRR method that we all know and love.

I'd like to stay in the 200-300k range. 2-3BR units. Anywhere from Dallas up towards Plano/The Colony and as west to Irving/Arlington.

If you have anything for sale, or if you commonly get this kind of property, please message me!

I'm looking to get my first duplex to house hack and I've come across a delima in my strategy. I'm planning to use the FHA 203k loan to finance the purchase as well as the repairs. The problem is that on this loan I would have to complete my repairs within 6 months of purchasing the property. One of the properties that i am interested in has tenants which are under contract for another 9 months. Obviously this would make it difficult to renovate the other unit of the duplex if it's inhabited and with the 6 month timeline being eaten up due to the 9 month contract, I'm not sure how it's possible to do the renovations on the loan.

Has anyone had experience with this? Does this mean that my deal isn't possible to do as I've planned it? Is there any way around it?

Any advice is appreciated!