All Forum Posts by: Julio Contreras

@Danny N.

Sorry I haven't been too clear on my scenerio. This is going to be for a house that I will live on more than 5 years. Ideally a house that I will rise my family in. So it will not be a property to cash flow or use as an investment. 

By upfront, I am meaning to put it on the mortgage, meaning amortize the PMI.

I have noticed that some traditional loans you can put down as low as 5%, some will allow for the PMI to be amortize. I am just wondering if anyone has done it.

for FHA it will not be ideal since PMI is on for the life of the loan, but traditional you are able to ask to be removed after equitiy is at 78%.

Correct me if I am wrong, I am no expert and seeking to see what BP think about this or if anyone has done this before.

@Danny N.

I meant by paying the entire PMI not just the year. Sorry for the confusion.

Hello BP members!!!

Anyone know more about Single Pay Mortgage Insurance? I have read that you can pay all your PMI Upfront so you dont have to pay it monthly, thus making your total monthly mortgage payment smaller.

I am looking to buy a house to fix up and hold but dont have 20% down. Here in Los Angeles, 4 percent is around 12 grand depending on the price of the house. What I dont like is the PMI that is added each month. I reather add that to the mortgage and want to know if this is possible and how to go about it.

BP members, any ideas or has anyone done this before?

Congratulations Jordan!!! Really inspired to make my first investment soon!!! Thanks for the good read!

@susan manek really good advice!!! I did this mistake! I purchased a nice car a few years back and now I regret it. Never again would I buy a new car. Save money and let money work for you!!!

@Jon Huber I can't make it this month but I will be there next month. 

Hi @Audrey Truesdale.

I will connect wit you shortly. I am from Los Angeles, California and looking at duplex,triplex and fourplex to buy and hold in Charlotte NC. I might be relocating in the next year and would like to buy a property that I can rent one side and live in the other. I know that it is never to early to contact people and make everything as smooth as possible. 

thank you @Mark B.

 I will take all of this to consideration. 

@Leonard L.

 Thank you for your advice! Its a tricky situation and probably a lot of bidders will go for it. I think what I will do is. I will base the cap rate on the duplex alone without the unpermitted studio. If the sellers goes for it I will take, if not, I will walk away. 

Have you seen any deals of duplex around Newport?

Thank you @Scott Behrens I will check with the city and find out what they say about investing in their city. I will also check the Certificate of Occupancy.

@David G. Do you know if the city gets involve quite often? What triggers for the city to get involved?

Sorry for my ignorance, this is my first time buying a house.

Hello BP peeps!

I have a dilemma. I found a duplex in Los Angeles California that has an unpermitted studio. I noticed that the seller and agent has put the studio's income as part of the NOI. I am wondering if this is fair or even legal (I am assuming it is illegal). I like the property and I don't mind the unpermitted studio since I can live in it while I rent the duplex.

Has anyone bought any umpermitted unit before? How much of a risk is it to buy a multi-family with umpermitted studio or room?

I am planning to buy a duplex, live in one and rent the other but if I can get a duplex with a studio for the same price, I am willing to take some risk. :-)

Any suggestions or negotiation advice would be helpful.