All Forum Posts by: Nicole Wood

Awesome work!!!

Thank you! I will contact my lender tomorrow and ask about it!

I found a home for 170k that is a triplex. It also has a single family home on the property so technically there are four units. However, does it make a difference if the single family is not attached to the triplex? I am trying to figure out if conventional or FHA would work for that property or if a commercial loan would be needed? I plan to call a lender and ask Monday but figured I would reach out here just to see if anyone knows.

Thank you!

Oh, we did. See my update above. We are in a 2 bedroom with 5 kids. The second room is very large fits all of their beds. However, my 1.5 year old will need to transition out of my bed soon and we will need the space. Plus, we have been here almost two years and I want to keep the real estate moving. 

I was just calculating my debt to income ratio and after my car is paid off in March I shouldn't have any issues with DTI anymore. thank goodness. The last debt I have will be paid off around June as well so...I should be able to purchase and move to the next place relatively soon.

It is the monthly payment. I could definitely pay it. Problem is I have a single family rental, my current home which is a duplex (we will get an extra $650 when we move out and rent our apartment) they cannot count future rent. So, when I apply for a loan it will also take into account the new house payment without any rent. I make 67,000 a year and my husband makes 31,000 plus our rentals. The first house is on a USDA loan and the second that we currently live in is FHA. I did contact one lender about getting a 2nd FHA loan which is typically not allowed, however we had a baby and acquired a 5 year old since we moved here. One of the rules is if you expand your family you can get another FHA loan for more living space...

Just an update. We did buy a duplex and have 5 kids in a 2 bedroom. The kid's room is very large it fits 3 twin size beds and one toddler size plus two cube organizers and 3 dressers, 2 night stands and 2 tvs. My youngest sleeps with me still but we are looking to move onto a 3 bedroom apartment next. There is an awesome deal in my area- unsure I can make it happen before it gets sold- it is 170,000 for a triplex and a single family on the same lot-out of town, has 3 acres with it too. It's my dream place. My DTI ratio has improved with debt payoff and increasing my income but it just still isn't where it needs to be to purchase a house at that price. We live in New York so unfortunately taxes are high and make payments high.

I've found craigslist is a great place to look for owner financed deals. Also, people who have signs out for sale by owner are sometimes willing to do owner financing.

I have heard 75% is the norm however I have heard 80% at some banks too.

I bought a single family for 5,685. Needed a lot of work. I underestimated my ability to get it flipped and rented it out for $450 a month for a year (that barely covered taxes) then ended up selling it a year after buying it for 10,000. So all in all not too bad. It was at a tax auction. I would do it again but flip it right this time...

The guy who flipped it is making 1200 per month in rent and its appraised for 120,000. 

Probably not in California. There are many markets you could get into with that kind of money to start.