All Forum Posts by: Robert-Lee Pass

If Fannie Mae is insuring the loan (is this part correct so far?) at 5% down Owner occupied Duplex Conventional. Does that not mean you no longer need the PMI anymore?

I will personally be using a VA loan product so I don't have to factor that in, but some properties the VA wont approve as far as building quality by the appraiser. So I'm curious about this "New Change"

Hello everyone , My name is Rob , I live and will be investing in Colorado Springs (Possibly Pueblo) I'm new to investing in real-estate but pretty well versed on investing in equities. I'm 36 years old , I served 2 Combat tours in Iraq under Operation Iraqi Freedom as well as Operation New Dawn, I'm currently medically retired at a rate of 100% with the VA. I have an absolutely amazing wife named Lauren who has given me 2 Perfect children ages 2 (Girl turns 2 in December) and 4, the boy turned 4 this past June.

     We are in a very unique and fortunate position to both be home during the day , we home-school our oldest (this is just the first year trying that) and the wife works overnight as a caregiver . this gives her the time at home with us on a daily basis. We recently purchased our first home in Fountain Colorado that we will apparently be "House Hacking"(didn't know that's what it was when we did it)

My current vision for our investing journey seems to be pointing me to the small multifamily space when i read what the numbers are telling me. We do have low six figures cash on hand ready to invest , our credit is awesome, our DTI is currently only 31 and we are using the VA product allowing for that remaining entitlement benefit for the down payment help. So overall All systems are go and all lights are green.

     My Goal is Overall a long term appreciation play with some Cash Flow thrown in there to cover the Cap ex and daily repairs etc. When the 30 year term is up we will have the tap-able equity in the property along with the rents as 100% cash-flow after 60 years old if we don't pay it down faster

     Anyways, I'm just trying to put myself out there let everyone know who I am, what I'm about and what I'm trying to do.

As of today and what I'm doing to get to that next step, i have an active PropStream account, I'm finding properties that are listed and not listed on the MLS Using the comps to figure a sellers "List Price" on a theoretical property and then running that through the calculators. In doing this Ive noticed with the cost of homes in this county, the current rates, and locations i want to be at the math just doesn't pencil out for a single family . Even a 4-Plex wasn't penciling because the purchase price was so high. This is the reason I'm interested in going a little south to pueblo, where i can buy a new build duplex that saves on the Cap Ex , as well as commands that top tier rent. The price per square foot, the building size as well as the lot sizes are are bigger down there for a lower purchase price. I haven't run the Neighborhood scout report yet to see what is drawing the people to live there or where they work etc.

I am also looking to talk about the new 5% down Multifamily Owner Occupied Situation with Fanny Mae insuring it at 5% now? Am I hearing this right? that changes the game on initial purchase price for sure.

Thank you for your time,

- Rob