(Closed) I Think We Are Buying A House… A TRIPLEX

• Sunnyday278
• 5 years ago

• Wedding: September 2013 - B&B

Hi Bees!

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!

• Sunnyday278
• 5 years ago

• Wedding: September 2013 - B&B

@auggiefrog:  yes we will be occupying one of the units! I need to go back and double check our mortgage papers to see if there is a specific amount of time they require us to live there too! I know someone who had to live there 3 years before they could rent out all units and move elsewhere.

@crayfish:  yeah this is exactly what worries me! We got a tentative pre-approval for both of us AND just for me because they said it would be a possibility. Now they are saying the underwriters say it has to just be me… and all of a sudden this money thing. I am calling them back tomorrow to clarify. I mean, you’re right, its really too late now to make it all “my” money. I guess it just confuses me how they won’t think its “my” money when its in a bank account I have complete access to! lol

@lovekiss:  I guess I chose “flying colors” because I was half expecting some major issue to come up! Haha. I was there with him when he did the inspection and he seemed very thorough. It was just a general home inspection but he checked out a couple old stains to make sure they weren’t from recent wanter, checked every outlet, was looking into corners with flashlights, showed me things along the way, etc. In my mind, flying colors means no repairs need done NOW or before we buy the home. There are a few things we need to look into taking care of soon. And yes for the reserve… they already said we needed 3 months mortgage in the bank after all our closing costs and we have that, and we plan on pretty much “paying” the mortgage to our bank account every single month for a long time to save a bunch of the money. Thank you for the advice about the tenants and the mortgage!!! I really truly appreciate it. I am thinking its kind of late to shop around too. We have a pretty good rate and the company we are working with seems pretty good, they have been willing to talk to me at any time and they are so prompt. My Fiance is just disappointed that he wont be on the mortgage. Frankly, I kind of think it would be the same story everywhere we go with his job being so new.

@LittleSu:  I am not sure this will work for me since they said it had to be by “family” and since we don’t get married until September, he’s not family 🙁 I am calling them tomorrow to find out exactly what the deal is. I will ask her about every big deposit and his paychecks and everything to find out what they say.