All Forum Posts by: Gerard Charles

I have the same questions about the funding for flipping. They definitely required a credit score of 780 or better.

So it is not for everyone.

I agree! I'll reduce the price today.

Thanks

@Ellis thank you!  I will consider calling you once I am settle, I know there are some realtors who can sign and that would be my priority. 

@Elizabeth I tried, but because I am starting on probationary status , I will have to wait a year. Perhaps that's the only bank "First Security Bank" with that rule, and DHI Mortgage said they don't unimproved property loans.  I will go today to Wells Fargo and see if I qualify for a lower interest rate.  

@ Bill, I agree with you, and the duplex is 4.25 % interest the fourplex lots 8%. I will go today to Wells Fargo and see.

Thank you guys that helps me put pieces togethers.

Gerard 

I purchased 4 plex lot with the intend of building 4 units when I am done paying it off.

The fourplex lot monthly payment is : 473. 95 

monthly grass maint. $30.00

yearly property taxes  $1581.58

My duplex is 639.00

rental is $700. each

property manager 10 % 

insurance (included) 

maintenance (tenants) 

Cashflow is about $550 a month

Hello, 

 I just am starting out. I own a duplex in Brownsville, TX., and a fourplex lot. 

I am relocating to Austin, TX in a couple of weeks for a new job.

My duplex was completed in Nov. of 2013, I am renting one and living rent free. It was appraised for 130 K in Nov. 2013.  The balance is 96K .

A months later, I purchased a 4 plex lot for 62K with 10 down and 8 percent interest for 20 years owner finance(I regretted it . it was too fast) I have it up for sale for 65 K now.  (the interest is eating me up) lol! But having second thoughts , since Elon Musk is contemplating in building a Spaceport nearby. 

Since I am relocating, I will renting my premise where I m currently residing. That will covers the 4 plex lots. (I hired a property manager).

I will be living in a 400 sq. ft apt for 595.00 in Austin. as opposed to my current 1,160 sq. ft duplex haha. 

I want to buy a duplex in Austin in the near future. 

Where  I get confused is , should I wait to purchase a duplex now, or pay off the 4 plex lot.

I missed the opportunity to finance for 4.75 % interest 9 (lot) with credit union last April due to relocating and not qualify now since my contract will be probationary status the first year at a new location.

I have 6 K now and perhaps use equity line of credit from my duplex. ( I have a secured of 4 K for the current duplex property)

The only debt I have is discover 6 K zero interest till next year . ha! and duplex mort. & lot payments. Any advise will greatly appreciate.

Thanks

Thank you!

Hello! when I built my duplex last Nov. 2013, I installed an extra water meter. It cost me over 5 K and wonder if can be tax deductible?

yes, It will be treated as an investment property in which makes the interest rate higher. I am a teacher and am only there for work. Once my duplex is completed, I will spend the long summer there. Maybe that can convince the lender that I am there 50% of the time.

I will try to get another lender before completion the duplex to be consider as primary resident.

Gerard Charles:

I am currently building my duplex in Brownsville, TX. I applied with Academy Mortgage Corporation. I got approved. I intend to live in one and rent the other, but since I live 60 miles away, I don't qualify to be consider as a primary resident due to the fact that I told them that I was going live there but doesn't mean I will stop renting where I work. Are all the mortgage co. the same? I intend to live there on weekends. My family lives there and I can afford it.