All Forum Posts by: Jeffrey Xenakis

Hi everyone,

I had a tenant tell me yesterday that she would not be able to pay her rent because she got sick and is now on disability. She said she contacted ERAP to try and get assistance. She also paid late last month and I doubt I'll see anything this month. 

I've heard ERAP is a mess to go through and I would rather evict than to go through that. Does anyone have any experience with ERAP and evictions?

I know once she applies, it would put a stay on the eviction case. So if I were to receive any money from ERAP, say for any back rent she owed, would I be able to evict if she continued to not pay her rent going forward based on those grounds? 

Her lease is also up this August and I know ERAP says you can't evict for lease expiration and holdover tenancy for 12 months if you receive funds. But can I evict based on the grounds that she hasn't paid rent? 

Any info would be appreciated. 

Thanks,

JX

Hey Chris, I'm strictly stating to the banks that it would be owner occupied and that it would be a 2-4 unit property. A few have even told me that if it was a full investment property, than I would need 25% down, but since I plan it live in it, I would only need 15%. 15% still seems high when I thought I could get an FHA for 3.5%.

I have the 25% down to purchase one property but I was hoping to stretch my cash saved by only putting 10% down on 2 different properties and hopefully get a better ROI.

Thanks for the reply Ashley. I’m calling around to a bunch of local banks so hopefully I find one. Keep me posted if you find a bank in your area. Thanks.

Good Evening All!

I am starting to look for my first 2-4 unit multi family and I will be living in one of the units. Can someone recommend a bank to work with for financing in the upstate New York area. Mid Hudson Valley to be more specific. A few of the local banks I spoke with told me that even if I were to get an owner occupied mortgage, I would still need at least 15% down. From what I’ve read on BP, I was under the assumption that I could put even less than 10% down if it was going to be owner occupied. So I’m hoping someone here can point me in the right direction to a bank where I would only need 10% down.

Thanks,

Jeff X

Hi Dan, Thanks for the reply. I am planning on partnering up because I live in NY where the home and rental property prices tend to be on the higher end. We're in the market for a 4 family, and the typical prices are about $500k in the areas we're looking. My partner would be the one living in one of the units so he would help me out by getting a house hacking mortgage since it would technically be owner occupied and we wouldn't need to put 25% down. The thought of the LLC was because we want to protect ourselves as best we can. Though I guess we can keep the rental property in our own names and then I can raise my umbrella insurance up to $2-$3m to be safe.

Hi All,

I am just starting out and looking to get some insight. My plan is to cash out refi my current home to take about $80k out to purchase a rental property with a good friend/partner. We will be looking to purchase a 4 family home and my partner will occupy one of the units. My question is, will we be able to qualify for a owner occupied mortgage if only one of us is planning on living there but we will both be on the mortgage and deed? Also would we be able to create an LLC and get an owner occupied mortgage in the name of the LLC instead? Please let me know if there will be any other issues that I am not thinking of as well with this plan.

Thanks,

JX