Apartments for Low Income

Questions and Answers

Your Questions About Duplex Plans

May 3, 2013

Daniel asks…

80/20 ARM Loan HIGH RATES on a duplex 20yr old investor Am I screwed? Plz Help!!?

I am 20 years old from washington, I managed to get a loan and buy a duplex w/$0 down 80/20 Arm loan 80@7.5% 115,000 and 20@11.5 32,000 Yes rates are very high but w/ 0 down and no assets I had to take what I was given. I will be paying interest for the first 2 years and I have no extra money to pay extra on top of my minimum payment. I am losing $. I rent out both units@$1125 + $115 water +75 add to mortgage payment so I’m losing $190 a month, I cannot raise rent it’s already up there. I cannot refi for atleast 2 years. I bought the duplex for 147,000 (including closing costs). It’s been appraised at only 148,000 so I bought it at top dollar. Lol I am 20 come on =).I’m curious should I just sell in 2 years and walk out? Since rates are going up I cannot afford paying my bills plus property additional bills.Both tenants are planning to stay for atleast 2 years.I plan to expand after I take care of this prob.Provide me w/ some thoughts on what you think + what future holds for me. THX!!
Please be judgemental on this, you can judge me all you want either I am screwed or there is a future for me? I mean I pay all my bills (I’m currently paying rent) + add some money to hold up the duplex. It’s working good so far, I cannot raise rent keep that in mind so I cannot make them pay water, sewer, garbage. I got this as my primary residence I am just lying and “supposably” living there. So yes it is my PRIMARY RESIDENCE. Even if I decided to move in rent would be 600 vs 450 I pay now and it’s very comfortable and my landlord has not raised rent for YEARS and does not want to, so I am holding on to this and plan to live here. I just want some opinions for what is waiting for me in the future disaster? or wealth? I want to expand as well I know rates are going up and since it’s adjustable it’s probably going to go up in 2 years. My credit is wonderful and going up so I HOPE i get a fixed in 2 years and expand from there. THanx for your feedback in advance!

Administrator answers:

Why do you keep asking same question?

You are not cash flow positive, but you said you only lose $190 a month. That is going to fine.

Good luck!

Steven asks…

Random question about apartment complex laws, codes, etc. Is it legal to live in it by yourself?

For example, if I wanted to buy a duplex and knock out a few walls, making it my own, could I do that? Heck with that, how about a whole apartment building, 6-12 apartments or whatever? Or more?

Not that I’m planning any of this . . . just curious.

Administrator answers:

As long as you get building permits you can do what you want. Knocking out walls is tricky, because you have to prove the structure will still be sound when you are done.

Helen asks…

I own 6 cats and I’m planning to have a baby. Is this safe?

My husband and I live in a duplex house (about 1800 sqft) with 6 cats. We keep the house clean and the all the cats are very sweet and calm and they do go outside sometimes into our fenced in backyard. We’re planning on having a baby soon and I’ve been worried about how safety. Is it safe for the baby during the pregnancy and after the baby arrives?

Administrator answers:

I was a little concerned when I was pregnant. I kept hearing horror stories that the cats would steal my baby’s soul, suffocate her, scratch her eyes, etc…

I have 3 cats and they sometimes go outside (fenced backyard) for a few hours per day at most.

Other than the cat litter you should avoid (what are hubby’s for if not to do the cat litter? Lol), a screen door for the baby’s room is an awesome idea to keep them out of the crib, toys and diapers.

My cats love my daughter. They usually run away when she’s around, or wait for us to say «it’s ok» and they come closer and rub their head on her feet. They hate when baby cries and will hide.

You might just have to keep in mind that IF EVER one of your cats doesn’t react well or seems like a threat to your baby, you might have to give it away. It might take a while for your cat to accept the baby (some are jealous) and they might be in your way when you are walking around with your baby because they want attention too – and with baby, you might not be able to pay as much attention to kittehs as before, even if you want to.

As long as you don’t add a kitten to the family – they are not the best with babies since they are not gentle enough to handle the kitten, and the kitten might scratch back, whereas an older cat will walk away.

You’ll probably be fine with your 6 cats and a baby.

Richard asks…

Am I wrong for not letting my parents move in our duplex?

Okay so me and my fiance of four years and a son together got pre-approved to get our first home which is a duplex. My parents are not in a good situation right now, because three years ago they lost their house and are renting a house right now. My parents always helped me out when ever I need help. My brother is about to loose his house too and my parents plan to move in with them to help them get on they’re feet. Well when I told my parents I was getting a duplex, my mom wanted to move in the upstairs, but my fiance and I didn’t agree because we felt we needed our own privacy and felt kinda akward living with them. Plus my bro sells that green and my fiance didn’t like the fact that his friends would always come over. I really want to help my parents, but I feel this is our first home and I wouldn’t want my parents living in top of us. Now they think that we don’t want to help them and they took it the wrong way. What advice can you give me?

Administrator answers:

I think that if your parents were there for you ,then the right thing to do is be there for them.And for your brother don’t rent to him just your parents.
And just cause your parents would be in the same building doesn’t mean that you’d have them over everyday.
And with you having a child at home your mom could watch your child for you .

Paul asks…

Can you have a daycare in an apartment, duplex, or a condo?

My husband and I are “shopping around” for housing because we plan to move out by June of this year. I want to open a daycare, and I have an assistant who is willing to come help me. Can you only open a daycare in a house? Or can you have one in an apartment, duplex, or condo as well? We’re in Cali if that makes a difference. That way I know how to narrow my search down.

Please someone with experience! Thanks a bunch.

The daycare would be for mostly toddlers and babies under 24mos…but maybe some other school age kids under say 10.

The housing would be at least a 2bed with an area to play outside as well as in. Possibly a 3bed. Advice/help please!

County is Solano.

Is there a website with all the regulations and req.’s???

Administrator answers:

If the landlord will allow you to you can.

Powered by Yahoo! Answers

Related posts:

  1. Your Questions About Duplex Plans
  2. Your Questions About Duplex Home Plans
  3. Your Questions About Duplex Plans
  4. Your Questions About Duplex House Plans
  5. Your Questions About Duplex House Plans