All Forum Posts by: Allen Lopez

@John Moorhouse

Like Nike, just do it!!!!

@Everyone

Thank you guys!!

Ok so I know what you are thinking.....”this guy is about to get arrested” lol

Well no. So I am buying a property as my primary residence. I am getting a mortgage and I did state to the lender that I intend to live there.

I will live there. But it's a 3/2 SFH. To be honest it's a lot bigger than I need. I was thinking of renting out the the other two rooms to coworkers. Is this mortgage fraud?

I wouldn’t think so because I will still live there. But I wanted to check in before things move too far.

Thanks in advance BP

How do you make sure that your PM is working hard to get great tenants in your unit?

I bought a house about 2 months ago, and hired a PM that looked great. Here we are about 1month and half in, and still don’t have any tenants in. I know there are potential candidates. So I guess my question is how do you know he is putting effort into it?

Thanks BP

@Cassi Justiz

Sorry about that. Autocorrect. So my question is how does that work as far as liability and insurance? My agent is telling me that there aren’t any policies that cover sober homes and stuff like that.

What happens if a recovering addict relapses and dies of an overdose one day. Who gets sued? Risky?

@Cassi Justos who would be liable for issues? Say a re overnight addict dies there of OD? Can they sue me or would they sue the company?

@John Underwood So if it was a single family home, I would rent it for $1200/month. Reading online, they typically charge $500/person/month. If he gets 6 people in my property, that means he will get $3000/month. Does this mean that I should ask for more?

So I just purchased a house in Louisiana. my PM is offering me to rent out my house with a 5 year contract to a sober living home he manages. Rent numbers look great. Specially a 5 year contract. I no absolutely nothing, about sober living homes. Recommended doing it? any warnings? experiences? So the lease would be with him. At which point, he would stop being my PM and just be the lease holder. The house would have anywhere between 5-7 people. With inspection in the morning, for cleaning, and curfews to prevent people from going in and out. That’s what he tells me. Supposed to be just like a normal contract with just 5-7 people in the house but the lease would be just to him. He is a professional realtor so I would assume the money would be secured. My fear is that 5 years is a long time! If I have to evict them, how does that work? With him being on the lease and they living in the house?

Oh one last thing i forgot to mentioned, the reserves will be coming from my 401k. I have around 50k there so that should not be an issue.

Hello BP, I have a headache from trying to figure this out. So last year mid summer I sold one of my town homes, it was fully paid off so I ended up getting some cash around 95k. The money sat in my bank for a while (I was looking for a good investment opportunity). In the December, I signed a contract for new construction of what would be my primary residence. I was going to give 20% down and the rest would be going towards an investment. So I would need $30k for closing with a closing date of mid July.

In late March, I found an amazing opportunity that I couldn't passed up a SFH for 105k with 30k in equity. One of my close friends (best man at my wedding) have me $30k as a gift. And another close friend gave me 6k. I use that money and some of the money I had to buy the property cash.

No the bank is telling me that I do not qualify for the loan.even though I still have 35k in my bank account. We still have to months for closing (meaning that with income from work and rentals, I will have an additional 16k in my account before closing.

My credit score is 786. I have 3 properties worth 330k,96k, and 136k(I just bought). I have another mortgage on a house that is a rental property worth 350k, but have a loan of $220k left on it. A car with payments of $630/month. And a credit card bill of 8k.

My debt to income ration is like 0.2 (monthly expenses are around $2500/month, and income is around $11,000/month.

Long story short, all I see that could be a problem is the gift, but this being for my primary residence and the fact that I used it to buy an investment property should not be an issue. Additionally, more than half of the money needed for closing is not coming from the gift.

Lastly, before anyone ask, it is really a gift, not trying to fraud or anything. This is my best friend. When I started investing, I helped him invest $5k and that turned into over $75k in a couple of year. He works for An airline company the source of the money can be verified.

Any thoughts? Help? Am I wrong in believe that there shouldn’t be a problem?