All Forum Posts by: Zach Wain

Yes Sir.  Duplexes are a piece of cake.  3-4 units are tough sledding right now

I will join the others, if possible I would avoid this scenario.  Too many things can go wrong down the road.  Selling, rehabing, basic maintenance, bills.  What if a divorce happens.  So many things can happen.

But, if you decide this is perfect for you all parties, all 4 of you can be on 1 loan together.  It is actually pretty easy.  All of your income, debts, and credit scores are factored into 1 file.  The loan process is not all that different.  

But ownership is very different!

@Armando Carrera - I think shopping lenders is important, but its tough for a consumer to shop rates.  Most lenders do not mention the amount of discount points/lender fees they are charging for the rates they quote.  Basically, a lot of lenders quote low rates with really high closing costs to lure in buyers.

What I think is best, get a referral or two and speak to the loan officer.  Get a feel for who you like and who will treat you the best.  Rate/fees are important.  Also a lender that cares about your goals and suggests new products and ideas so that you meet your goals.  20% is not always needed.  Maybe that is perfect for your scenario, or maybe its better to only put down 10% so you can do a home renovation.

Everyone's scenario is different, find a loan officer that meets all of your needs

If you are on title together, then you are both equal owners of the home.  When one of you wants to sell or even refinance, the other must sign off.  I did the same thing before I got married, but it worked out  :)  

If you think its not going to work out, I would recommend selling together and moving on.

From the mortgage perspective, I love this strategy!  Best rates and lowest downpayment options are for primary homes, then after 1 year you have met your occupancy requirements.  

If you own your primary home, have you considered converting your primary home into a rental and buying a new primary? Depending on your sales price and County, FHA loans only require 3.5% downpayment and conventional loans 5% down... Converting your primary home is the cheapest way to add real estate as primary purchases require much less downpayment

@Austin Barry - I love the approach of buying 1 new primary home each year and putting down 3%-5%.  Mortgage occupancy rules only require you to live in the home for 1 year, after that you can convert it to a rental property.  Buying as a primary home means less money down (3%-5% down vs 15%-25% down for a rental) and better interest rates.  Best of both worlds.

Downsides - you need to move a lot.  This is a great way to get started.  Get to a few homes and then re evaluate your approach and goals.

"Also some people tell me to "time the market" and to wait a little to start, while others tell me to just get in the game while I can. What do you all think?"

Most experts struggle to "time the market".  Most of the successful investors use more a dollar cost average approach.  Consistently add to your RE portfolio over time and in the end it will work out.

For a first time buyer, (IMO) its more about affordability then it is timing the market.  Find a home you like, one that will be a good rental in the future, and if its affordable (via house hacking) press forward.  Save up some more money, and do it again, and again.  Slow and steady/consistent wins the race!

Hi Xavier, My company is licensed in FL, feel free to reach anytime for info.