All Forum Posts by: Josh Dane

Are there any multi-family homes you would purchase that you would consider moving into? If you occupy one of the units, it will automatically qualify for FHA (3.5% down). You will have to pay PMI though, you would have to run the numbers to see if it would work. Also depends on prices of MFH in your area.

Is investing in condos always a bad idea? For example, I have heard of people having lots of problems in condos with 100+ units, and very high HOA fees. But what about a condo in a 12 unit building? Is this still, generally, a bad idea?
Thanks in advance!

Thank you Don. Just wanted to make sure I wasn't missing something!

sorry, put in wrong subforum. Not sure how to delete..

I am new to this site and wanted to thank everyone for the help so far.
I am looking into purchasing a 3 flat or 4 unit home in Chicago. I would live in one unit and lease out the others (will qualify for FHA mortgage and put down 3.5%). However, I can't seem to find a place that follows the 2% rule (50 times gross monthly income = Purchase Price). Is this a bad investment then? I was hoping just to build equity (and hopefully some appreciation) in the home and sell in 5-10 years. I can't find any habitable multi-family homes in Chicago (at least the nicer neighborhoods) which follow the 2% rule. Am I missing something and should I not even consider this?
Thank you guys again.

I am looking to purchase a Fannie Mae Homepath property as an owner occupant. My question is whether or not I can ever lease this property out, and if so, how long must I live in it until I can lease it out?
Thanks guys,
Josh