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Updated almost 9 years ago, 02/23/2016
Business goals and how to achieve. Does this plan work???
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?