All Forum Posts by: Jimmy Kiefer

I have a purchase agreement on a property and am two weeks from closing and now the title search just revealed the seller has a right of first refusal in place with another party that they forgot about. Do I have any recourse against the seller if the third party wishes to execute their right to purchase the property? Thanks!

@Liam Goble this is a really cool, informative post, thanks for sharing!

Thanks for the feedback Bryan and Alexander! I think I am going to borrow my down payment against another property and pay it off asap. Bryan, you made some good points regarding additional expenses. I self-mange and have yet to experience any vacancies but still shouldn't overlook these expenses. 

I am looking at purchasing an up and down duplex with a zero money down and am wondering if I will be able to find a lender that will provide a 30 year fixed mortgage. How realistic are my chances of getting this type of financing? Here are the details of my situation:

1) Currently own one property that will be paid off early 2017 but until then I will not have any cash.

2) Here is the analysis on the property I am looking at purchasing. Mortgage is calculated at 5% interest.

Purchase	Down	Loan	Mort	Rent	Tax	Ins	Util	Ni/mo	Ni/yr
$110,000	$0	$110,000	-$594	$1,100	-$124	-$60		$322	$3,866
$110,000	$0	$110,000	-$594	$1,300	-$124	-$60		$522	$6,266
$110,000	$0	$110,000	-$594	$1,400	-$124	-$60		$622	$7,466

I think you make a great point Wayne. Thanks for the input both of you!

It is a duplex, but the residential zone that it is in doesn't allow for multifamily rentals. It can only be treated as a single family rental licensed for 2 people or a family to live in the entire property.

I am looking to place a bid on foreclosed property currently listed at $110,000. The property is a duplex with a 4 bed room lower unit and a 1 bed upper unit. The entire property can be licensed for 2-unrelated people or a family.

My original intention with this property was to rent out the lower unit to a family or 2 people and live in the upper unit. This way I could essentially cover my living costs. However, I have been informed by the city that if I live in this property I can only have one licensed renter. Essentially, the property is designed for a family to live in the lower unit and rent out the upper.

Is this licensing issue a deal breaker or could I rent out the property to a family and include in the lease that the upper unit is not included and I just live there anyway?

Let me know if you have any questions and would you think! Thanks!!

Thanks Upen and Stuart!! A 30 year mortgage is where I am leaning I'm only 24 so I have time on my side. I appreciate the feedback more than you know!!

I just bought my first property and will be taking out a loan for $115,200. I am torn between a 15 year mortgage at a lower rate and a 30 year mortgage. A 15 year mortgage costs $60,000 less in interest but reduces my monthly cash flows by $200. A 30 year mortgage would allow me to faster prepare for my next purchase but will cost much more in the long run. I appreciate any input!!

Thanks for the reply Charles, I just got almost that same response from a conversation I just had with my brother. I think my next plan of action is to find a good inspector. I appreciate your help!!