All Forum Posts by: Darian Richardson

@Brian Garlington Thanks for the input, have you dealt with this same situation before? Of having a FHA already out on a property and wanting to finance another deal by using the Chase Dream Maker loan, or the Fannie Mae Homeready loan? If so that would be an excellent strategy to finance multiple properties with a low down payment!

I'm obligated to have the duplex as my primary resident for 12 months, although from my understanding the only way to verify that would be the mail continuing to be mailed to that address. 

On my search I was planning to utilize the 203K loan as well but I would suggest only dealing with a broker and agent that handled that specific type of loan before. Due to the many hands in the pot to finalize everything, what I learned was that there is a need of at least 3 different licensed  contractors, realtors, attorneys, brokers, etc. Also something to think about, the repair cost will be tacked onto the loan, which will have to be paid throughout the course of the loan whether it be 15 years or 30 years. How major is the repairs and would you be willing to repair the unit for yourself while househacking?

In regards to the terms, I received a 30 year fixed mortgage with a 4.4% interest rate, at the time I got approved I was at solid 690- 700 credit score but my credit has grown since then.

The home warranty is about $960-$1,100 annually which averages to about $83-$85 monthly, and covers just about everything in BOTH UNITS, the sweet part is my realtor fought for it to be paid at the closing by the seller, so I ended up getting the first year essentially for free. From ceilings fans, dishwashers, HVAC units, electrical outlets, and basically everything under the roof, I highly recommend it.

I hope this was helpful,

@Charles Kennedy

@Filipe Pereira Thank you so much, I will look into that.

Also on a side note from your other posts about potential heavy expensed utilities such as HVAC units, water heaters, dishwashers, etc., although having cash on reserve for repairs is crucial,  I would suggest purchasing a home warranty for your properties, to have a little piece of mind.  I have American Home Shield, and when my tenants HVAC unit went out, I only had to pay a service fee of $75 for the whole unit to be replaced. The warranty  was negotiated at closing, and I am contracted with them for a year, but will definitely will be contracted with them on all my future investments, it relieve a lot of repairs and expenses as an investor.

Good Luck, and enjoy being financially free!

@Filipe Pereira This is awesome to hear, as a 24 year old my self with a duplex under my belt, I aspire for my next deal to be a quad plex and bringing another cash flow stream.

One question I do have, do you mind explaining how you financed the second deal, did the bank or where ever you loaned from give you difficulty because you already had a loan out?

Evening Fellow Investor,

I recently closed on my first deal in April 2017 on a duplex in Lawrenceville, Ga that I am currently househacking. I used a FHA loan with a 3.5% down payment, from my understanding I can only have one FHA loan until the other is paid off. My question would be what suggestions are there for financing my second deal? I know there are conventional loans the require 20% down, but are there any other loans that require a lower down payment such as 5%-10%. A 20% down payment would be a bit to steep for me, especially if the next deal I am planning to do would be a 4 unit or up in the Atlanta area where the prices range from 300k to 500k. If anyone has any suggestions or links that I can research for alternate financing strategies please let me know.

Thanks a lot Greg, this information was very helpful.

Good Evening Fellow Investors,

I am in need of suggestions on a website to create a rental lease or any type of software, or where can I learn to make my own under my conditions.? I am currently house hacking my duplex in Lawrenceville, Ga, and my tenants current lease ends Oct 31st. I have read through their current contract and it states that I must let them know if the rent will be increasing (which it will be)  60 days before their lease ends. Does that mean I have to have the new lease prepared as well prior to the 60 days before Oct 31st? 

Any suggestions or recommendations would be greatly appreciated.

@Charlie Chew Thank you, I will now use this as a resource.

@Joseph Cuomo After viewing the home internally, I realized that it was not exactly what it looked like in the pictures, so the search continues. Thank you guys big time for answering all of questions, but I have one more.

I am trying to move to an upcoming area in the Atlanta area. Do you have any suggestions, techniques or process to finding such an area?

@Anish Patel

I just posted the more accurate numbers above, any new insight with the current numbers? I have driven by the property and only viewed the exterior. Tomorrow, I am planning to view the inside of the property, through the pictures the place looks very nice and updated. I will see for myself tomorrow in person.