All Forum Posts by: Diana Muresan

Making sure I understand your post, you bought a duplex with an FHA loan and you a wondering if you can purchase again with an FHA loan? You cannot have 2 fha loans, there are a few options, you can purchase a fourplex on Freddie with 5% downpayment owner occupied as long as your income is not above your county median, the other option is to refinance your current FHA loan into a conventional, perhaps value went up and you can get rid of the mortgage ins, then you can purchase the fourplex with an FHA loan

@Justin Gutierrez it really depends on his employment. If he is self employees then he can purchase owner occupied if he claims he moves there. Only W2 employees need to show new job. Hal’s of the owner occupied MF I close , I sense borrowers don’t move in. As long as they provenis owner occupied there is nothing banks do after the cla

@Robert Biggerstaff I currently have a 203k FHA in my pipeline, a SFR being rehabbed as a triplex. I only know the finance part, I am not familiar with the other logistics

@Account Closed I didn't really understand your post in regards to your departure residence. As far as the MF, I would try to get the 1st one OO (owner occupied) and move from there, some buyers try to buy them all OO and they repeat this process every year or so, some will have the funds and move to investment properties with 25% down. PM me if you need further assistance

PM me

@Romulus Olariu FredieMac has 30 y amortization but your loan amount is too small. That's the "gray area" of MF with loans below $1,000.000, the products are not great. However when you go above the 1 million mark, Freddie has a great program for 5-75 units, $1-7.5% million loan, 80% LTV, non-recourse

@Chris Turek could you walk us thru the numbers just so we can see if is even worth keeping this duplex with such high mortgage. What are the rents, and what is the tax, ins and mortgage and what do you expect your mortgage will be lets say at 70% LTV cash out on a regular refi.

@Noah McBride do you currently own other MF or single units? I didn't see all the numbers to figure out if this is a good deal, and I am just the banker behind the computer, cap rates are kind of relative from my experience, its really up to you where you will be able to keep that cap rate as it is easy to manipulate it when people present an investment.... if you don't currently own MF,I would start with the residential 2-4 units, I am not even getting into the finance aspect, before you go any further, making sure you have the $1.5-$1.6 million net worth equal to the loan

I would zone to MF so you don't have 4 financed properties but one, 10 financed properties is the max allowed on the conventional market, you will get there pretty fast with single units and after that only commercial loans are available, even for a small condo...

@Rodrigo Cisneros If you already have 6 SFR, you are getting close to max allowed on conventional market. You are capped a 10 financed properties but that's when subject property is OO (owner occupied) no INV, when subject purchase is INV limit is even less. So I would get financing on as many MF you can as you can always get small SFR on the non-agency (aka subprime). Although, the area you live in will dictate if MF are even a possibility. I close most of the MF in metropolitan areas