All Forum Posts by: David Wiser

@Kevin Trumbull with 100k in equity you could split the profits from your house go 5% down on a 4 plex and live there and then do 20% down on another 4 plex finance it as a investment property and then in a year put 5% down for a owner occupied single family home... and move into it...

Make a good offer.... (More Earnest Money, Quick Closing date, have proof of funds or a pre-approval)

Do you own a home right now? If not first buy a 4plex as a owner occupied conventional, then buy a duplex owner occupied conventional then buy a single family.. that way you dont have to put the 20% down for investment properties...  You will obviously have to move into each on but it will allow you to put little down in the beginning. 

@Dave Pate When you say the will want you to have decent income are they going to be looking at DTI Ratios the same as they do for residential? Is 70k-90k decent?

What are major qualifications to purchase an apartment complex?

How much down, how much personal income do I need, how much in reserves?

We make enough to make our payments  and the rental incomes cover most of it anyway but if our rentals didn't rent we coudn't cover all the mortgage payments very long.

Investement #1 that we live in we have owned for 3 years and lived in half so that income doesn't reflect what it will bring in and investment #2 we bought Jan of 2014 (last year) so its only on one tax return so that cant use our highest ROI property... Plus we would need to have more reserves and a bigger down payment then we have if we did go conventionally...

We are putting 0% down on this 3rd place... with a interest at 5.5% and a purchase of $268,000 which is a fair deal but in the past I've bought rehab homes and remodeled them and kept them that's how we have so much cash flow on them. This one we are buying at Market Value so we are so dependent on market  that it is scary if the market drops... You know? 

Yea our DTI is too high according to the bank. Also I have self employment income and 2013 income wasn't high because that was my first year as a realtor and 2014 was 70k but because they take the average I would have to wait until next year to qualify conventionally

I have 1 duplex that we rent both units out and have about $300 in cash-flow until we pay of a loan we got for the down payment from my father in law. We should have that paid off in 3 1/2 years. After that we will cash-flow about $800 a month... ($65,000 in equity)

The second duplex we live in half of it and so we break even. If we move out we will cashflow $900. ($100,00 in equity)

We are looking at buying a house but because of the rentals we can't qualify conventionally for this 3rd home but we are doing a seller finance with little down so we have a higher interest rate and not as good of deal on the property. ($1,700 dollar payment) 

DO I DO IT? If the market drops here in SLC it'll hurt bad on this deal because we don't have wiggle room...