All Forum Posts by: Mathew A.

If I were to buy an owner-occupied four plex that has tenants in all four units, which unit do I have to/can I move into? What about the current leases? What is the correct course of action? (If it matters, the property is located in Florida.)

I just spoke with someone at amerisave.com about financing a four plex with an FHA loan, but it didn't go so well. I did the personalized search to get my interest rate quote inputting a bunch of info including "primary residence" and "4 unit property." When the guy at amerisave called me, he said my loan would be an "owner-occupied investment property" because I'm collecting rent. Although I haven't heard that term before, I didn't have a problem with it until he changed my search criteria from "primary residence" to "investment property." Unsurprisingly, what came up is a higher interest rate and a necessary 25% down payment. I tried explaining that the property would be a primary residence for me (despite collecting rent from the other units), but he said it's not.

Has anyone heard of the term "owner-occupied investment property," and are other lenders calling four plexes (that are primary residences) investment properties?

Thank you.

My property manager said, "I need a W9 from you to complete your 1099 correctly. I am required to send you a 1099 that states your rental income."

Is this standard practice, and do I still need to get a W-9 from her?

I'm also interested in knowing which property management software is good...

Now that the Lakers are out, I don't really care who wins, but I have to say that this year has been pretty exciting. None of the eight best teams last year are in the top four this year—that's unbelievable!

It's human nature; people want what they can't have. Once he had the deal at $4000, he wasn't happy. Now that it'll cost him $4500, the original deal looks so much better. Funny stuff.

I voted No, but I haven't attended one yet. I'm pretty young and I've grown up in a very advertisement-everywhere environment, so I've become pretty desensitized to a lot of advertising and sales pitches. Having said that, I can see how the selling can grow tiring and investors eventually stop going. There must be really high turnover for these REIA, huh?

Yes, you're right, it can be negotiated. But using the typical, standard proration procedures with a 360-day year and 30-day months, what does the buyer's responsibility come out to be?

I have a new question:

Assume the seller has paid the taxes for the whole year, Jan. 1 to Dec. 31. The closing date is Dec. 30. Using a 360-day year, how much in taxes does the buyer have to reimburse the seller?