Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Aaron Arnold

Aaron Arnold has started 3 posts and replied 25 times.

Post: Owner Occupied Duplex homesteaded

Aaron ArnoldPosted
  • Investor
  • Phoenix, AZ
  • Posts 25
  • Votes 15

As a mortgage underwriter with a focus on Texas property , I can tell you that Texas homestead exemption does offer significant protection for homeowners, including those owning an owner-occupied homesteaded duplex. The key points to remember are:

Homestead Protection: Texas law protects the primary residence from forced sale by most creditors, extending this protection to duplexes if one unit is owner-occupied.

Rental Income: Generating rental income from part of your homestead does not disqualify it from exemption. The protection generally covers the entire property as long as you reside in one of the units.

Exceptions: There are exceptions to this protection, including liens for property taxes, mortgages for the property's purchase, home equity loans, and liens for work done on the property.

Given the complexity of these matters, it's advisable to consult with a legal expert in Texas real estate or bankruptcy law for guidance specific to your situation, especially to navigate any nuances and ensure your property remains protected

Post: Eager to Learn: Seeking Real Estate Mentor in Phoenix

Aaron ArnoldPosted
  • Investor
  • Phoenix, AZ
  • Posts 25
  • Votes 15

Hello BiggerPockets Community,

My name is Aaron, and I'm currently embarking on a journey to deepen my understanding and expertise in the real estate field. Living in Phoenix and working as a mortgage underwriter at Chase has given me a unique perspective on the financial aspects of real estate transactions. In 2021, I took a significant step by purchasing a duplex, aiming to dive headfirst into property management and investment.

The journey hasn't been without its challenges. The pandemic, coupled with my inexperience, extended the period it took to secure a tenant for the property. Before the tenants moved in, I undertook a small remodel to ensure the property met my standards and would provide a comfortable living space for its occupants. I'm currently in the process of remodeling my side of the duplex, with plans to complete it within the next couple of weeks.

Once this project is wrapped up, my immediate goal is to pay off the debt accumulated through this venture. I'm keenly aware of the importance of financial prudence and plan to ensure my next property purchase is conducted with a solid foundation and minimal financial strain.

I'm reaching out to this incredible community in search of a mentor who can guide me through the complexities of real estate investment and property management. I understand the value of hands-on experience and am willing to work for free at a property management company, or in a similar capacity, to gain the knowledge and skills I need to succeed. My goal is not only to expand my portfolio but to become proficient in managing and maximizing the potential of each investment.

To any seasoned investor or property manager willing to share their wisdom and insights, I offer my earnest dedication, willingness to learn, and hands-on support in your projects. I believe that with the right guidance, I can overcome the learning curve and contribute meaningfully to our mutual success.

If you're interested in mentoring an enthusiastic learner or could use an extra pair of hands in your operations, please feel free to reach out. I'm looking forward to connecting and growing with the support of this community.

Thank you for considering my request. I'm excited about the opportunity to learn from the best and make my mark in the Phoenix real estate market.

Post: Looking to House hack

Aaron ArnoldPosted
  • Investor
  • Phoenix, AZ
  • Posts 25
  • Votes 15

Hello, 

I am looking to purchase my 1st property and I guess I just wanted to run it by others before I pull the trigger. I am trying to house hack the property so what I have been looking for is an 2 bed 2 bath or more house with a separate guest house our unit. I got approved for an FHA at $294K. I live in the phoenix area and I am thinking about making on offer on this property - 4913 W Grandview Rd Glendale, AZ 85306. They are asking $269,900 but I would offer 235K and negotiate up to $250k. From what I have found properties in this area usually rent for about $1400.  I have about 25K saved up and make about 60K a year. I plan on living in the additional unit until I am able to purchase another property and start the process all over. I would appreciate any suggestions or insight. I am sure I am overlooking many factors so I would really appreciate any help you guys can offer.

Link to potential property 

https://www.redfin.com/AZ/Glendale/4913-W-Grandview-Rd-85306/home/27875265

Post: Home equity lines of credit

Aaron ArnoldPosted
  • Investor
  • Phoenix, AZ
  • Posts 25
  • Votes 15

The bank would be none the wiser if you were to move and keep the property as a rental. As long as the payment was made you should not have an issue. Typically freezing of lines only occur if the value of the homes in the area were to drop for one reason or another. Also banks usual say they will only do a HELOC on your primary residence, but they make exceptions all the time. I would not mention to the bank that you are planing on moving because they will factor the expense of the property you plan on moving into, and that may throw off your Debt to income Ratio.

Post: House Hacking 1st time buyer

Aaron ArnoldPosted
  • Investor
  • Phoenix, AZ
  • Posts 25
  • Votes 15

I am planing on house hacking my 1st property at the start of the new year. I will have about 10k and probably take another 10k from my 401k. I live in Phx area and plan on purchasing a property at least an hour within the downtown area, perhaps Tempe as ASU is there. My initial goal is cover my portion of the mtg with rents and see how it goes from there. Any advise would be greatly appreciated? Also is there anything I should avoid or be aware of? Thank you in advance.