Profile picture for robertuva

robertuva's Advice

Contributions are sorted newest to oldest.

  • 7 Contributions
  • 0 Best Answers
  • 0 Helpful

robertuva wrote:

Rental income question regarding an owner occupied fourplex (and future properties)
Last August I purchased a fourplex using a FHA loan that I currently live in.  I am looking at investing in additional properties and have the income to do so; however, the literature online regarding rental income and how you can use that to offset your PITI is a bit confusing so I was hoping some of you all could help me with some questions:1. Some literature states that you must own a property for two years before you can use rental income and some state that you need at least 25-30% equity in your property in addition to the two years.  So is it just two years history or the equity or both?  Also, regarding the two years I have seen some reference landlord and some property.  Does that mean that after I show two years of rental history in one property I can immediately use the rental income of a second investment property using leases or is there a two year period per property?2. I'm confused about how a bank would look at my rental income.  Some literature states that they use 75% of the signed leases whereas some state that they would use my past two years history to determine that.  3. I'm also a bit worried with regard to how a bank would look at the past two years history if they do indeed use that instead of the 75% method because I have been putting money into my current property to help increase rents, rehabilitate , etc.  It will appear that I have ongoing expenses that are high when the reality is that these are simply me making them nicer to increase rents.  Because of some of this rehab as well I have had months where I don't have renters (after they leave I fix it up which takes a little while), but I actually live in an area (Victoria Park) that is very easy to rent so I shouldn't have gaps like that going forward.Thank you so much for your help on this.Bobby
June 17 2011
(0)
What is the minimum downpayment for me for a MF (3+ units), duplex, and second home (duplex)?
I currently have a owner-occupied fourplex using a FHA loan.  I am looking to purchase some additional property, both in my area which would become owner-occupied (I will have lived in my fourplex for over a year) and outside of my area as a vacation/second home.What would my minimum downpayment be for the following scenarios:IN MY AREA:1. MF (3+ units)2. Duplex3. Single FamilySECOND HOME:1. MF (3+ units)2. Duplex3. Single FamilyThe one that is particularly hard to find information on is whether a duplex is viewed as a single family or as a MF when coming up with the downpayment (looked at as an investor loan or not).Thanks for your help.  
April 13 2011
(0)
What is the lowest downpayment on a MF if I have had a fourplex with FHA for more than 1 yr?
I am looking at the following:DuplexTriplexFourplexWhat is the lowest downpayment I could get on each of those types (they would be owner-occupied).  I have had the owner-occupied fourplex for more than a year.  I am trying to get something bigger - the owner-occupied fourplex I am in now is too small per unit for my current lifestyle, but I want to have a multi-family still to help pay the bills.  
April 04 2011
(0)
What is the minimum down payment on a multi-family investment property in Broward County (Florida)?
I've heard as low as 10% (Homepath only), with some saying 20% and 25%.  I would like to know if there are lenders out there that require less than 20%.
April 02 2011
(0)

What is the minimum down payment on a multi-family investment property in Broward County (Florida)?

Answer
Checking back in to see if anyone out there had this answer.
April 02 2011
(0)
What is the minimum down payment on a multi-family investment property in Broward County (Florida)?
I've heard as low as 10% (Homepath only), with some saying 20% and 25%.  I would like to know if there are lenders out there that require less than 20%.
March 13 2011
(0)
Condo Fees
What are the condo fees for this property? What is the max they can go up per year?
June 10 2007
(0)