All Forum Posts by: William H.

Triplex or 4Plex. FHA loan. After ALL expenses are considered, need to pull $75 per door (while there's PMI involved, $100 per door not considering PMI).

A reminder:

There will be a meet and greet networking event for REIs in and around Tucson February 21 at 6pm at Oregano's on Orange Grove and Oracle. There will be NO sales pitches or presentations here, just an opportunity to meet others with the same interests. There is NO FEE to attend (although you get to buy your own food and drinks).

Please RSVP so we can make sure we grab enough room.

http://www.meetup.com/BP-REI-Tucson

If you can't or won't use Meetup, please RSVP here to let me know how many to expect.

Thank you and we look forward to seeing/meeting you there!

@Joe Splitrock Votes are just a way to recognize the value of contributions.  For myself, if I find I'm contributing regularly but none of my contributions are seen as valuable, I will rethink my contributions . . . am I giving worthless information, wasting peoples time, or am I simply not adequately explaining my point.  

Just my $0.02 of how it works.

@Lester Appel

Hello from Tucson.  I've been looking for small MF in Tucson for about three weeks now.  So far, everything I have seen falls short of what I need on the numbers.  I haven't looked at larger MF because they're outside my plan at the moment.

I'd be interested in hearing what you find.  Reach out when you get here, if you'd like, and I'll share any updates I might have at that time.

Cheers,

IF YOU LIKE THIS (OR ANY) POST, PLEASE VOTE.

@Benjamin Timmins Actually, it helps.  It's a reminder that there is a voting system.  As a noob, I didn't realize that until I read someone's post with the same tag at the bottom.  Since the, I have been more aware of the voting process.

If you don't like the post, or don't think it's vote worthy, don't vote.  If it really irritates you to see the reminder at the bottom of the post, feel free to ignore my posts.  You are even able to use the "Ignore User" option to ensure you won't see any of my posts going forward.

In honor of you, though, and in an attempt to avoid future confusion, I will modify that tag line as follows:

IF YOU LIKE THIS (OR ANY) POST, PLEASE VOTE.

Have a great Monday! =)

Just to clarify a few things.

DSL isn't "retro" or slow dial up internet.  DSL uses phone lines, yes, but DSL can often be faster than cable.  If you are the only one connected on cable, you'll get blazing speeds.  But cable is like a water pipe that is shared among everyone on the line.  The more people connected, the less water available for you.  When too many people are on cable, your speeds slow.  DSL is individual.  You get the full bandwidth all of the time.  Of course, if the cable has upgraded to fiber, then the "water line" is much larger and less likely to suffer from over saturation.

IF YOU LIKE THIS POST, PLEASE VOTE

@Christine Sykes I'm starting now, at age 53.  My primary goal is to reach my freedom number in 12 years.  Can't tell you yet how it's going to turn out, but I have faith in my own abilities buttressed by the knowledge base available here on BP.  Stick around and I'll post my progress over the years.  Better yet, post yours along the way and we can compare our successes and learn from each others mistakes (along with a few hundred thousand of our closest friends).  =)

Cheers!

If by "first time homebuyer system" you are referring to an FHA loan, I can tell you that my heavy research (I'm doing this myself right now) says this:

• The criteria is that you are buying the home as your primary residence.  If you are getting the loan you must live there for at least a year.  I don't know about a second borrower on the note, though.
• Having other property is not an issue (I have another home) as long as what you are purchasing will be your primary residence.  There is a distance requirement as well, but I don't remember what it is at the moment.
• A recent refi should only affect the process in that it hits your credit report, and thus your credit score.  Rules of the loan don't seem to care about this (as long as you qualify credit wise).

I'm new at this stuff and have been doing extensive research over the past few months, because I'm in the process of searching for that first multifamily to purchase using an FHA loan.

Two additional important points:

• FHA lending rules have some variation from state to state. I'm referring to what is in place for Arizona. You may need to check your own state's rules.
• In most (if not all) states, there are additional requirements for Tri and Quadplexes. See the post on FHA and multifamily homes linked below, and look for Logan A's input.
• https://www.biggerpockets.com/forums/12/topics/253...
  
• Logan also provides a spreadsheet to help make sure you meet the criteria.

Hope this little bit helps.

IF YOU LIKE THIS POST, PLEASE VOTE.

@Jason Russell "This means taking the monthly gross rents and multiplying them by 60 making sure that number is at or under the sales price."  I'm assuming you meant OVER the sales price? (or am I missing something here).

Cheers!

Welcome Dylan!  As a fellow noob in Tucson, I wish you all the best.

Check out the Networking Event's posts for Tucson if you want to network with others that share your interests.