All Forum Posts by: Trevor Neale

Kilz paint, ozone machines, filter/duct cleaning (depending on severity) and sometimes even changing out the carpet if there is any. Good luck & happy investing! 

Hi Trevor, 

The only way to use FHA again is to either Refi out of your current FHA to use it for your next 3 or 4 plex. One thing to keep in mind when when using rental income from your current FHA triplex you have to follow the 100 mile rule which means you have to live 100 miles from the FHA property. Theres other ways around this too.

@Albert Bui @Matthew Kwan

Ozone machines do a really good job with odors. I would highly recommend getting one @Trevor Neale

I have seen 15% down investment loans for MFH. Just gotta call as many lenders as you can. Some have different programs and could be worthwhile to spend the time and dial.

There are some great non-QM options that could help you with a cash-out though you can acquire these loans with or without a broker. The rate will typically be higher than a mortgage through a bank or credit union but will be targeted more toward investment properties. BP lists some great options for these lenders in the Build Your Team tab.

Hello @Trevor Neale,

Conventional loans used to allow 5% down payment on owner occupied property with up to four units. Lending guidelines changed a few years ago and that is no longer an option. 25% down would be required today.

If you have enough equity in your current triplex to refinance to a conventional loan, then you may be able to take out an FHA loan on the new three or four unit so you can do a 3.5% down payment. As far as I know, you can only have one FHA loan at a time.

If refinancing is not an option for you, then you may have to look at private, lending options, and “non-QM” loans. These come with higher interest rates and you will need a broker who can offer you those loan options. You won’t get them at a typical bank or credit union.

Cheers,

Melissa 

@Trevor Neale in addition to everything else that's been said, buy an Ozone machine. They're great. You can get them on amazon under $100.

 I normally have to kiltz and paint ceilings after smokers leave. Also, I paint walls where necessary and that usually brings the place back to normal.