All Forum Posts by: Filipe Pereira

What do you guys think are some concerns with older buildings? Assuming its structurally safe, and not "leaking" asbestos out of the corners, what should I be concerned with? I am not concerned about it appreciating as much as I am concerned with it depreciating. I am more interested in buy and hold, but either way I am still going to have to sell it eventually. 

@Jason A. I was told by the person who prequalified me that lenders generally like to see 25% over the typical 20%. I haven't quite done my homework here yet though. The property was built in the mid to late 1800s, and was renovated within the last 5 years. 

Thanks. I hadn't gotten to that next level of detail yet, but I guess after I go look at it I will need to look into the insurance closer. 200 came from the fella that pre qualified me. 

To my knowledge, the neighborhood is fine, and considerably better than some that I have looked at in the past. I know it has had a lot of work done to at least one of the units, and has 2 new water heaters, a partial new driveway, etc. I'll have to see how the other unit looks. My biggest concern is the age of the structure.  

yeah, all very typical. Don't settle till you find one you like.

I say offer full asking, and have them pay the closing...but I'm new, so take that as you will!

All good info. Nice job folks!

Gotcha. I am tied in with @Rick Santasiere. So I'm covered there. :) I've been meeting with agents for the last few months, some suck, some are ehh. 

Yes, I would need to live there, but if they say "OK, you must live here 6 months" why would I live there any longer, when I can move out and rent the property for $1000/mo free and clear?The property is in overall great shape. I wasn't sure if this was set by the state or the lender. Thanks. 

@Michael Noto fair enough. 

I had no idea what to expect for insurance, so I kinda "winged it". 

I am trying to avoid PMI and hopefully get a better rate through a Conventional loan, so I plan to put down 25%. Does that change anything about the 1 year you mentioned?

What are some of the unknowns, besides location? Thanks!

maybe @Michael Noto can shed some light?

@Brent Coombs I'd be living at home, with my parents. I will need to verify this, but to my knowledge, most owner occupied mortgages are considered fulfilled after 1 year (meaning you have to live there at least one year). I think Connecticut is even less. I will have to verify. I of course wouldn't be renting out both units until the period of time has been met, so I don't foresee any issues there. I think the property will still be cash flow positive even only on one rent.