All Forum Posts by: Tramaine Robinson

Thinking about buying another duplex (currently house hacking a triplex) what are the typical down payment requirements for solely investment properties? Any 10% down payment programs? Any advice would be much appreciated!

@Lucas Carl thanks for the advice. And yes I will be living in one of the units.

Hello all, I just recently got an accepted offer on my first triplex and here are the numbers

Purchase price: $172k with about 9k down so a loan for

163k 3.875% interest

Payment including taxes ins etc: $1,315

Rents of other 2 units units: $1,375

This is an older home built in 1905 that needs some updating of the current units. However, they also have long term tenants whose rents are way below market. It’s a 2-2-1 (I’d live in the 1 bedroom unit) the 2 two bedrooms rents for $775 & $600 (market rent is closer to $850) so I know I can get the other unit up to about $750. This isn’t the best condition property however, they have long term tenants who seem to like it and it works for them. Also I dont think I’m looking to do to much to the property. It’s cash flowing the tenants seem to like it and I think if anything my initial goal would to be to save deep reserves for when things go wrong being that it is a older home. Is this a bad idea? I’m only asking because usually from reading these forums most are always redoing things to the properties where I’m more of the mindset of if the tenants like it I love it and don’t fix what’s not broken. With that being said as mentioned before I’d still build deep reserves (about 6-12 months worth of mortgage payments) however I’m looking at this property from a cash flow perspective. Also upon move out I know I would be able to rent the 1 bedroom out to around $650 (market rent is closer to $750) . Thoughts?

@Kevin Gregg wow that sounds nice! How long have you had these properties? I’m only asking because the price seems more than reasonable based off of what’s listed now. Beyond making sure my credit and debt to income ratio is fine, is there anything I should read upon while saving a down payment?

@Kevin Gregg I will be putting a ring on it within the next year or two. Also, ideally I’d want to get one in Waukesha, but with the price point and what you get for rent I’m

Not sure if it’s all the way worth it so it might be the West Allis area to be honest. From your experience, how do

You like Waukesha area as far as owning units goes?

Hello all, long story short I’m an Accountant in the Waukesha Wisconsin area and between me and my girlfriend we make about $90k a year. I’m pretty frugal and plan to have saved $10-$20k by the time our lease is up. I’ve been listening to the BiggerPockets podcast for a while and I now have hopes of owning and managing units myself. My question is for a first time home buyer, if we wanted to buy a multi unit property and live in one of the units is it still 3.5% down if it’s more than 2 units? I’ve heard before that for multi that it’s 3.5% if you plan on living in one of the units but 10% if you didn’t, I just wanted to make sure that applied to all multi family properties. Also, how deep into my savings goal should I wait before meeting with a realtor? Should I try to obtain the first property in my name solely just so she could get approved for loans later? How does that work. Sorry if this statement sounds all over the place I just have so many questions. Any feedback is greatly appreciated!