All Forum Posts by: Michael Morris

those numbers are correct but you have to subtract for utilities. I was in property management for a little in the west end, Portland, south end area. Usually about $690-725 for a 2 bed and $800-850 for a 3bd. I have my own duplex in west end and I personally get $724 for my 2/1 and get $863 for my 3/1

There is a great triplex that became available but it is zoned C-2 commercial. It is next to a bunch of residential zoned houses with one barbershop across the street and a gas station 2 blocks down. My question: Is it worth it/feasible to change the zoning of a building? I don't even know where to begin. And advice is greatly appreciated

@Andrew Acuna thanks for the advice. Makes sense for an FHA to only put 3.5% down. Seems like the way to go would be a conventional with 5% (or around that %, ill have to see what kind of loan I can get) and save myself the PMI, Thanks!

@Dan Mackin Sorry, I didn't mean putting more than 3.5% down would earn me more money I was thinking would it be better to put higher % down to have higher initial equity instead of have it in my savings. This would be my second purchase but the other is purely investment not owner occupied so I'm not sure if that would affect my qualifications for the above mentioned loans. I will look into those loans. Thanks for the help!

Hi,

I am looking to move into an owner occupied duplex with an FHA loan. I know you can put only 3.5% down but my first question question is if I have enough saved up for 25-30% down will I have to put a higher amount down? Second, If I can only put 3.5% down should I? Ideally what I am looking to do is put 10-15% down, ill still have more than enough for repairs/updates, plus enough leftover for saving for a downpayment after a year of owner occupancy. My thinking is why put only 3.5% down and have all that extra money sitting in my savings account earning a measly return for a year when I can put 10-15%, make repairs/improvements, and have enough leftover that after my savings/earnings of a year of owner occupied I will easily have enough for another purchase. I'm I missing something/not seeing the benefits? Is it better to do the 3.5% down and have the extra capital sitting in savings for a year?

Hope this all makes sense. I'm new to this and am trying to put it all together. All and any advice is much appreciated!

Thanks!

I've been looking at investment properties to rent out. I was wondering if anyone had some sort of checklist or form they used of what to make sure to look at when in the unit. I seem to always kick myself for not looking at something in the unit such as age of HVAC/water heater, exhaust fans in bathrooms, windows operating properly, foundation cracks around doors/windows, what rooms have carpet/hardwood, etc. Any help is much appreciated!

I have had people tell me to stay away from slab construction houses and not to sure why. I am looking at buying another rental and stayed away from slab construction but have noticed the ones i liked but stayed away from sold fairly quickly. Just wanted to know what the disadvantages were to slab construction?

I have researched the area and it is a neighborhood I want to invest in. The neighborhood is turning around and there are multiple flips going on around it with in a 4 black radius. From your input it seems that the reason may be the owner is unwavering in his asking price. Hasn't lowered the price the entire time it has been listed. 

I have one duplex and am focused on low income housing and ready to buy another property. Now, when looking at new properties that I'm interested in buying the ones I come across and go look at always seem to get bought up right away. I don't have the capital to make such quick buys. I think this is a good sign I know what is and isn't a good deal. What I'm concerned about is seeing houses that have been listed for awhile. I have seen a few houses I like and the numbers seem to add up but I'm always thinking there has to be something wrong with it, bad area, etc. Should I always stay away from listings that have been up for a long time?

Thanks for all the input/advice. I think the best solution will be to not renew their lease and set occupancy limits from now on. I cannot move them to the lower unit because first floor is a 2bd and upstairs is a 3bd.  Thanks again!