All Forum Posts by: Tom Klein

@Logan Hassinger

Ya not sure about how desirable the area is.  I wouldn't call it super desirable but it is in an area where it's mostly homeowners, it's 5-10 minutes to a local university and it's close to major highway

Will have to look into deferred maintenance more closely.  I'm planning to use the separate gas meters as part of my price negotiations.  As for financing,  I thought I've read that I can get conventional mortgage on up to a 4 unit property.   If not I'll do a commercial loan I suppose

I'm wondering if this sounds like a good deal for a first property

fourplex C property in a C neighborhood 

Asking price : $89,900

(4) 3bed and 1 bath units rented at $600/month

Landlord pays water sewage and gas.  $5k/yr

Taxes are $2300/yr.   insurance is $1330/yr

Gas is not separated hence the owner paying it

I'd be putting 20% down, 30 yr mortgage  4%

I think I can raise all rents to $650 to cover more of the gas expenses

All tenants have been there over 1 year

thanks but how do I know when the owner occupant only period is over?

even if I buy with cash, these guidelines still apply?

I'm looking at a Fannie Mae property and my realtor told me this:

That house is a Fannie May product. You would have to occupy the property for a minimum of 1 year. Would only be able to sell for 125% of your purchase price, like we discussed earlier today. It would be financable if you wish to do so. You could also rent it as well under Fannie Mae.

Is this the guidelines for every Fannie Mae property, the 125% means if I buy for $45k, I could only sell for $56k. Sounds rediclous.

I've been a carpenter for 10 yrs and I'm ready to quit and start my own business. I plan on flipping houses in the Pittsburgh area. I've run the numbers on properties and even being conservative, the results look great. I'm only 27, married no kids, $100k in retirement savings, very smart when it comes to finances. I figure if there is a time to try this the time is now. Im just having a hard time executing my plan, I'm excited but very nervous at the same time even when I know I can do this. How can I get over this? I'm thinking I'm just going to have to buy a house, tell my boss I'm done, and get the house done ASAP and listed for sale.