All Forum Posts by: Silvia Camponelli

Can someone send me info about lenders who do this Family Opportunity Mortgage? I would really appreciate it. 

Hi all, hope everyone is staying safe out there.  I've read through Freddie/Fannie guidelines below and can't make heads or tails of it...

We used to rent an apartment in NYC until March 1.  Lease expired.  We left NYC because of virus. We moved temporarily to our "second home" in Florida.  I am still working remotely for our office in NYC.  So:

1) we have no "primary residence" per se.  Just temporarily living in our "second home"

2) we would like to purchase another "second home" in Texas. Parents may or may not live in this "second home". We don't know yet.  

3) we would like to purchase a true "primary residence" in NYC when virus stuff improves

Questions:

A) What type of loan application would the "second home" in Texas be for?  It is NOT a for-profit rental.  We are not trying to game the system here and get a second-home rate and then rent it out.  My parents would like to live in it when we are not there and that's fine with us. I've read the conditions and it seems that "if lender identifies rental income from the property, the loan IS eligible for delivery as a second home as long as the income is NOT used for qualifying purposes..."  See guidelines below.  

B) Would having two "vacation homes" hurt us in applying for a primary residence when we do move back to NYC? Would rates go up? More deposit? We want true primary residence to be within 30min of NYC. 

Thanks for all help!

https://selling-guide.fanniema...

@Ryan Deasy  you clearly know more about CT than i do! what are your specific worries w/ crime: 

prop damage

tenant quality

turnover/eviction

hurt house prices

etc

how else can high-crime impact you as an owner? i'm just  brainstorming hah

@Sam Shah  thanks sam!  good luck and stay in touch

@Minna Reid Hi Minna, any concerns over New Haven crime?  I read it had v high crime rate...not sure how that would impact me as an investor yet though (I'm wavering between self-managing and using a PM). thank you

@Sam Shah hi sam, what is PM charging in terms of gross rent pctg?  10%?  also, any views on crime rate in Hartford?  Thanks

@Ryan Deasy cool points Ryan.  Do you worry about crime rates in Bridgeport/New Haven?  I know stats can be fudged haha but 4 of top 25 most dangerous small cities in America are in CT.  Thanks for your views!!

thank you!  yes, also embarrassed about typo of two LLs in modeling.  ugh long day and was writing on mobile site

Great question! Yes, I looked at commercial props...to a newbie at least, in areas I want to invest in...cap rate of commercial < cap rate of MF homes.  I'm not convinced that much retail will survive Amazon-induced apocalypse, r u? 

oh great info alan!!! excellent