- 5 years ago
- Wedding: September 2013 - B&B
I would SO appreciate any and all advice that any of you can give me! I think we are buying a triplex! When I say “I think” I mean the seller accepted our offer and we had been pre-approved for a mortgage loan and it passed inspection yesterday…. I guess the only things left are ACTUALLY getting the mortgage and just waiting for Fiance to get back from California to close!!
We want to buy this triplex as an investment. We are both 25, and Fiance has saved up a nice little sum over the years, and it is enough for a down payment and closing costs in the area where we live. For reference, you can get a nice decent home for $75k. This is a basement apartment, a first floor apartment, and then the second floor with a finished attic divided into two smaller rooms. Each floor has its own bathroom (well obviously lol.)
The inspection went through with flying colors! The inspector showed me a few small minor things to look out for (the roof is in good shape but it is getting up there in years so he showed me where to do little maintenence to make sure we’re taking care of it for many more!)
There are first floor tenants who seem like WONDERFUL people and we are keeping them! They have been there several years, keep a lovely clean place, and were actually nice to Fiance and I when we went through. I understand it has to be very scary to be a renter and know that your home is being sold and that anything could happen, so I kind of understand why we were met with attitude in the past. But this couple was so nice and we def want to keep them.
Everything is happening so fast, I could just use all the advice in the world!!! Fiance said in this next week he wants to “shop around” as best we can for other mortgages, but we can’t let them actually run our credit because if mine takes many more hits our first company, who HAS pre-approved us, might scare off. I don’t have bad credit, its average, but if it takes a couple credit check hits they wont like it. So I am not really sure how far we are going to get there. Or if its even too late to shop around! Closing is June 17th and I am meeting with this company on May 6th to fill out paperwork.
It’s also complicated because both Fiance and I recently started new jobs. They want to put only me on the mortgage because my new job is in the same field as before, FI’s is not. Fiance doesn’t particularly like that (although he has said if we must we must), and there’s also a little bit of confusion on my part about the bank statements and other things that they want to see. She said something about the money in our account from other accounts can’t come from my Fiance because he’s not family? So he has to take money out and I have to deposit it back in or something… ugh. I need to get that straightened out. Like, we have a joint account. How is it not MY money when it is in the joint account?
We want to join up with a local org that has landlords as members. Basically they meet once a month and they disucss and share landlord stuff lol. We need all the help we can get in that department! Any other landlords out there?
Anything else bees? I know I was just rambling but I would appreciate any one who reads this and responds! This is very exciting but its also the SCARIEST thing we have ever done!