All Forum Posts by: Brian Adzadi

@Sean Cassidy

1) Was the 90% LTV on the conventional you closed on for your primary residence? I know 10% DP on an investment property is next to impossible nowadays with conventional.

2) I think as long as you occupy one of the units of the multi-family you attained then you are eligible for the FHA loan, but now you have to figure out what to do with your previous property, rent it out or sell it.

@John S Lewis, that is weird, its kind of like a paradox. How can the inspector come and give it a clear certificate of occupancy  when they can't even come in to inspect it? If PA and NJ landlord laws are about the same, you need the Certificate of Occupancy to be able to rent (I know its required in PA). Have the realtor talk to the seller's agent and clarify what your intentions are and need of the tenant to comply so as to be able to close on the property.

I have not had any personal experiences with a bartender but I do have this 2 cents to give: Don't judge a person on their career or job choice. I have known professionals; nurses, doctors, lawyers who live in absolute squalor and people on section 8 and welfare whose place you can eat off their floor and never cause any raucous. Just do your due diligence, especially police records to determine if they may be a problem. I had a few potential tenants who looked good on paper but once their police records came, it showed a different story. I use mysmartmove.com from Transunion and  it gave a wealth of information on each tenant.

@Theo Y., Are you really asking that? A new medical school means medical students who will start seeking housing and guess who will be knocking at your door? You can turn the property into student housing and rent the place out by the room. Medical students tend to be very studious and pretty clean in the process. Thus, your property is going to see a large increase in value. The greater advantage you will have is the ease of access from your property to the school, the type of neighborhood it is in and aesthetics of the place inside and outside.  

Did you put in number of days or weeks a visitor can stay at the place and the repercussions if the guest violates that stay? What about late fee charges and grace periods before the late charge kicks in? Why is pets only specific to cats, shouldn't it be in general, (what if she gets a dog or a python)?

@Matthew Paul LOL, LOL, LOL, LOL. You are hilarious, but yea Jose, don't mess with the US government. Figure out a way to work it out with your daughter and her grandparents but don't do anything which will lead you seeing your daughter through metal bars. Besides, dude, its only a year they require to live there. You will be AMAZED at how fast a year passes.

How about you put the onus on the owner? Put in a stipulation that before closing, the owner must have the tenants vacate the property. I prefer it this way because, personally, it reduces headaches. What if the tenants don't agree with the suggested increase in rent? What if they become upset and decide that now they don't want to pay you period? To me, whatever you can do where you are not the bad guy, do it.

I am not a an expert in this arena but you may have a fight on your hands. Luckily, you are not in a liberal state like NY or CA where the owners can claim squatters rights. However, you will have to have lawyers, judges and the town sheriff involved to finally get them out if they resist. You will want to be as delicate with the situation as possible as well because they can wreck havoc on your property prior to leaving and you don't want that.

Hey Jonathan,

You should very easily get an FHA loan, as long as you are house hacking. Its even better for you because the first house was NOT FHA, so you never tapped into the program yet. So you are good to go. You ideally want to house-hack with an FHA loan only because you are taking advantage of the low down payment. You can house hack still with conventional but that makes no sense because the minimum down payment is 20%.

I had considered Philadelphia at one point but became a little discouraged because of those same sentiments. I looked in my hometown and I soon realized there is a strong rental market here. The Allentown, Bethlehem and Easton, Pennsylvania rental market is quite competitive but affordable. You can get MF for less than 100K. You can get SF for less than 50K. Because of the Neighborhood Improvement Zone or NIZ in Allentown there is economic development going on in the downtown area. The Sands Bethlehem Casino is bringing major revenue to the Lehigh County where some residents property tax have actually lowered. The I-78 connects the 3 towns and brings easy access to New Jersey and NYC.