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Updated almost 9 years ago on . Most recent reply

User Stats

11
Posts
2
Votes
Jon Jonhson
  • Investor
  • brunswick, ME
2
Votes |
11
Posts

Business goals and how to achieve. Does this plan work???

Jon Jonhson
  • Investor
  • brunswick, ME
Posted

Hi everyone!

First, thanks for taking the time to help a noob. 

Goals:

Year One

Buy duplex with FHA loan

Buy single family home with low money down

Year two

Buy multi family 3-4 unit with 20% down

Help GF buy multi family with FHA loan

Hi so i have completed my first year goals I own a duplex (live in one side) rent the other side out for morgage.  I own a single family home that I got with 5% down and got under market value.  It needs about 5k in work.  I am renting it out for twice the morgage.  Morgage+ taxes+ insurance =850 rent =1700 month.

My gf will not be approved for a large enough loan next year to buy a multi unit FHA. I would lke to help her. Here is my plan.

-She opens a bank account and I have the tennants split the rent into two checks for 850 each. 

-I hire her on as my "property manager" for 850 a month.

-Her income goes up by 10200 a year.  I pay the extra taxes on this amount.

Does this plan sound like somthing that will work to accomplish the goal of getting her to buy a FHA multi unit? Is this legal?

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