All Forum Posts by: John Gach

@Brent Coombs good news is I spoke with my girlfriend and she would be ok with refinancing our mortgage in only her name. I still need to figure out which type of loan would less picky with the home inspection, like I said the 3rd zone needs a ton of restoration and I'm not sure if it's even liveable. I would also want to do all the work myself rather than doing a 203k loan. I'm real handy and would like to slowly repair things.

I do Heating and air conditioning. I haven't actually invested in a MFH yet but I'm thinking of heading in that direction since I can do a lot of the work and maintenance myself.

@Mike Cumbie hey Mike. So me and my girlfriend bought the house together 3 years ago and I'm pretty confident it's an FHA loan. has to be, we didn't put much down. The realtor I'm talking to keeps talking about the 203k loan but I agree with you, I'm not going to want to have to take out the additional loan money and have to pay a contractor to do the repairs. The property currently has 2 tenants in what sounds like 1 bedroom apartments but yet the place is zone commercial I guess for the large 3rd zone which needs major work. So basically I need to see if the seller can get the home zoned residential. I'd also need to refinance my home to get off the loan and the I could do a FHA loan on the property with 3% down but it would be owner occupied. Now conventional loan I think would have to be 10% down and still owner occupied? I need to figure out which way would work and which type of loan they wouldn't be as worried about the condition of the 3rd zone. Any more ideas? I really appreciate the help from everyone so far. thank you everyone

@Brent Coombs if I refinanced out of my current one I would have to pay closing costs again right? Or could I just deed the house to my girlfriend who bought it with me 3 years ago, would that allow me to do a FHA loan OO for the house with very minimal down?

I also forgot to mention the home is set as a commercial property currently but I did hear that I could possible get the seller to redone it as residential. My current loan me and my girlfriend have on our regular home is an FHA

I'm actually concerned with the fact I don't have cash reserves for 6 months of rent/mortgage for my current home and this potential triplex. I also don't have additional money to cover closing costs either. The house isn't expensive it's 75k but I didn't really plan for this. Also I don't know if the house will be able to pass a home inspection because the 3rd unit has failing lack in plastor. the 3rd unit is supposedly not live able currently. I would try to fix what's required to live in it, plumbing etc. My main plan was to buy the place intending for the 2 rental incomes to pay for itself while I slowly work on the 3rd unit, I wasn't really planning to take out more money to renovate the 3rd but to slowly do it myself. Does this even sound possible still? Thx for the replies

Originally posted by @Chris Mason:

Hi @John Gach,

There are some steps in between where you are at, and where you want to go, but yes you could do that. Yes, you'd have to owner occupy for a year.

Will your girlfriend qualify for a refinance of your current home by herself? I ask, because...

And, of course, you'd need to really trust your girlfriend, because you will basically need to give the home to her first so that you can check the above box.

I see, I could just deed the house over to her instead of refinancing I heard, but I'm not sure she would be comfortable knowing I could just stop paying her the half of the payments since my name would be off the loan?

Thanks for the info, so I will need to think of another way possibly. 

So my girlfriend and I have a mortgage on a home we bought 3 years ago that we both occupy. Could I purchase a multiple family home with 5% down using the Freddie mac loan, and occupying the property? Do I have to occupy the property for longer than 1 year or just 1 year like an FHA loan?

Thx

Originally posted by @Eric James:

Well, to get an owner occupy loan you generally only have to commit to living there for a year. If you aren't married or have kids yet, there will probably never be a better time for you to do this. I would seriously consider it. I would think there would be a way for you to go this route even if co-owning another place with a GF, as long as you actually live in the triplex you purchase.

 I definitely would live in there, although I would have to live in the 3rd apartment which needs the major restorations, so I'm not sure if it would pass a home inspection.  Not sure if maybe I could do conventional instead or what.

Do I really need 6months of cash reserve or only the down payment to get approved for something like this?  I should have really good credit.

Hi, I'm a current home owner thinking about purchasing a multiple family home.  I do heating and air conditioning so I'm very handy and can handle maintaining and repairing my future properties.

I mainly joined to try to figure a way to some how get a loan on a multiple family home that currently has 2 tenants, but has a large 3rd potential apartment that needs major restoration.  Its an older home that I really love the architecture, and feel since the home already has some tenants it should break even and pay for itself while I work on the 3rd section that needs major restoration.

Main problem I have is this was a spur of the moment type thing, I don't really have much money to put down, but I do have my 401k that I could possibly borrow from.  From what I understand I would need 25% down to get approved for a loan for this property and have 6 months of reserve money for it and my current house in case I lost the rental income.

If I did owner occupied, I would actually have to live there, which I'm not too thrilled about but I could make it work, but apparently the lenders won't believe me because I have my current house(co-owned with my GF), so I wouldn't be able to convince the lenders I would actually move to the new house, so I would need to sell my house, or possibly deed it over to my girlfriend.

Well, that's the info that I'm after, I will now search the forum to see if I can find some of the answers.

Thanks!