All Forum Posts by: Alec Hilliard

 Perfect! 

I had a meeting with RE Attorney and he said the same thing as well. No reason to disclose if she's not a part of the deal on the buyer or seller side. :) 

@Brad Hammond for sure. I feel like they are making it a way bigger deal than it really is and that’s what’s confusing me.

We are in TX by the way.

@Brad Hammond

Absolutely! For example, if we flip the property and then my wife a list of that… She would totally have to disclose that she is married to the seller.

But the broker is telling her that when I make offers on off market properties I need to disclose that “I am married to a real estate agent and that it is a fair offer” 😂

Does that make any sense to you? 

@Jonathan Styer

This is exactly my point. It seems a little over the top to me. Me and my business partner aren't doing anything shady. My wife is not even a part of the LLC that we invest with. I don't see any reason to disclose that my wife is a real estate agent because she does not have any interest in the business.

Hey there! 

My wife is currently studying to get her RE license. Her brokerage is telling her she shouldn't get her license since I (her husband), invest in real estate due to liabilities and law suits???

Is this true? 

I've seen so many husband/wife combos. 

Would I have to disclose anything to potential sellers since I'm not an agent? 

Any help on this? 

 PMd

Hey guys, I'm in a predicament. 

Here's the story:

We bought a house to fix n flip in August 2020 with a HML.

We fell in love with the property/location, etc. We want to purchase it for ourselves.

Lenders said we could do a refinance into our personal names, everything was dandy and good to go.

We were going to use an FHA loan due to a BK about 24+ months ago.

Got "pre-approved" verbally at the mortgage office with a 2.75% rate for 30 years.

Today, they basically said because I'm 1099, self-employed person, they won't be able to do the loan after digging in a little more.

They said due to COVID, they aren't looking at bank statements anymore as well. 

So, for the moment I'm stuck in a HML with no foreseeable way out of it.

My options are:

1) try to get a co-signer for the mortgage. 

2) sell the property :( 

Is there anyone out there doing long term loans based on bank statements? 

The loan would be 240k and ARV is 290-310k.

Or what other options could I look at? 

Thank you, guys!

I am under two years of discharge from chap 7.

We have 5 properties. We have had to use hard money lenders, but they don’t care about BK as long as you have a good deal on your hands :)

@Jeff Copeland awesome! I will look into this! Thank you for your helpful advice!!