All Forum Posts by: Jason Bigelow

Thanks a lot for all the reply's. My bank misinformed me when I first went in saying I could get 5% down on a conventional loan for a multifamily. I'm going to go with the FHA loan and perhaps just refinance to conventional in the future if it makes sense.

What's the lowest down payment on a conventional loan when purchasing a quadplex that you will be living in? I'm a beginning investor and my bank is saying I'll need a 25% down payment but I was under the impression that I'd be able to put less down since I'm living in the property. What is the typical % down?

I'm beginning to look at homes for my first investment property and have a few questions..

I've liked 2 of the properties that I've looked at so far.. one is a duplex that could produce about ~1300ish in rental income and costs 120k and the other is a quadplex that could bring in 2300 and costs 154k(rental estimates are if all the units were rented.. I'm planning on living in one of the units.). The quadplex obviously looks like a much better property to invest in but if anything happened to the tenants I'd be very strapped for cash and it's at the VERY upper limit of my budget.

I feel like I'm just throwing away my money renting right now and want to get started ASAP but don't want to purchase a property that will set me back(duplex that can't produce enough income) or buy an expensive quadplex that could potentially bankrupt me if something happens. Would any seasoned investors care to offer me some advice? Thanks!

I live in Michigan and my landlord has just threatened to evict me for having my girlfriend overnight too often. She stays overnight about 10-15 times a month but there is nothing in the lease referring to guests. The lease does mention "Premises shall not be occupied by greater number of persons than the number specified in the rental application without the written permission of the landlord." She has her own apartment that she lives in and I stay there occasionally as well. She is not here while I am not here. He said that I can pay an extra $30 a month if I wanted her to visit that often but I don't feel like it is right for him to charge me extra. Are there rules about how many nights a guest can stay in a month? Am I in the wrong here? If I am evicted, am I out my security deposit most likely?