All Forum Posts by: Mia P.

@Nnabuenyi, that's what I was thinking.  I don't think the seller is wanting to pay for/allot for a commission.  So it'd be nice for us to pay less to just get a lawyer (that we'd need to hire for transferring leases anyway).  Am I correct in thinking that title companies have their own lawyers that we could hire to do double-duty for us?

Hi all!

My husband and I are newbies, but we're going to view a duplex this week that we found on craigslist.  I've been in extensive contact with the seller and the property manager, but now we're beginning to get overwhelmed thinking about ALL THE DETAILS before we put in an offer or close.  

First, we don't have a realtor since we've found this property ourselves.  BUT do you think a realtor is needed just to make sure we file all the right paperwork?  Can we just submit an offer with a contract we write up ourselves?  

Once the offer is accepted, is there anything else that a realtor would provide that would save us headache?  Like finding a title company, figuring out transferring the leases, or working with the mortgage company, etc?  

Thanks!

Mia

Hi All,

No, this wouldn't be owner occupied, and we currently only own our home. But this duplex is probably the only traditional mortgage we'll be able to get with our debt-to-income ratio (that puts it right around 43%). So, for future investments, would getting an LLC help with that? In other words, would lenders still look at our income? Or would they simply look at what the property is generating in rent?

Is it standard procedure for banks to require 25% down for a mortgage on a duplex?  Or could I find a conventional lender who doesn't?