All Forum Posts by: James Lanier

Their leases are month to month. I close in the beginning of the month so in March it will be adjustable.

Hello everyone,

I am closing on a three family unit next week. The first floor is 3 bedrooms with washer and dryer in the unit (1,000 rent). The second floor is 3 bedrooms slightly smaller without washer and dryer (850 rent) . I plan on occupying the third floor. I did research for the 2 units and they are extremely below market value (3 bedroom in my area median is 1,350). Now while I don't plan on charging 1,350. I do plan on charging 1,150 for the first unit and 950 for the second unit. I am looking for suggestion on how to make this change after closing on the property.

Thanks,

James  

Alright so my best plan will not work. I will give more information to my current situation and hopefully other strategies can be discovered. I am currently in the last phases of closing on a 3 family unit out in Burriville, RI in which I will owner occupy and learn the mechanics of property management. Within the next year and a half I would like to purchase another multifamily or commercial property (apartment complex). I know I cannot save 20-25% in a year and half to achieve this goal so I need another way to get it done. If all else I will refinance and FHA again, but I want alternatives.

Thank you,

James Lanier

Thank you for the reply, 

Would they also finance the whole project without 20-25% down? Is their any lenders who do not need that amount for an investment property?

Hi everyone, 

This is my first post. I am starting my real estate ambitions in Rhode Island. I was considering strategies for finding my second rental property without refinancing out of my FHA. My best idea so far is to buy a property not as expensive between 40k and 60k and fix it up using financial credit. Are there other options? Are there type of lenders who will fund a project such as this after the purchase is completed?