Duplex Financing Question - Posted by Mel B

Real Estate Investing Duplexes
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Posted by Ben Carmona on March 27, 2007 at 13:50:45:

Hi Mel,

Many of my clients own multiple investment properties. This has never stopped me from being able to get them a loan.

Some of the key factors to determine if this is possible would be the following info on both of you.

credit scores
employment history
income
monthly payments of liabilities on credit report
how much in liquid assets (checking/savings/401k)

what price range are you looking in?
how much total do you have to put down?

Can help you a little more with better details.

Ben Carmona

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Duplex Financing Question - Posted by Mel B

Posted by Mel B on March 27, 2007 at 10:50:09:

My friend and I would like to purchase a duplex in ohio so that we can live in one side and rent the other side rent free. my friend has a good job and decent credit and lives w/his parents currently. I live in an apartment and my lease ends next month. I already own one $74,000 rental property a single family 3bdr 2 bath that I am renting w/a positive cash flow, but on the loan it shows as a owner occupied property. What is the best way for us to go about financing so that I can obtain my 2nd investment property and he can reap the benefits of it being his first. Will it be difficult for me to get on this loan since I already have one property under my belt.

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Re: Duplex Financing Question - Posted by Frank Chin

Posted by Frank Chin on March 28, 2007 at 04:39:54:

Mel:

I’ve lived in houses where I owner occupied, gotten OO loans, then bought another, moved out of the 1st, and into the second. No problem there.

In fact, conventional mortgages have addendums where the owner occupant states they’ll live there for anywhere from 6 months to 18 months, and as long as you stay that period, no limit as to the number of OO loans that you can get.

Frank Chin