All Forum Posts by: Andrew Coulton

Thanks Jay. Appreciate the information and will use this!

 It was reported to offset my income on my W2. 

 Of course thanks for the message. Will reach out to you directly with details. 

Agreed, good learning as need to fully understand the pros and cons!

Hi all,

In 2022 we completed a large cost seg study on our rental portfolio. We qualified for real estate professional status since my wife doesn't have a W2 and is hands on with our rentals. A very attractive tax savings option BUT does have a downside!

My company recently relocated us from Dallas to Chicago so we are trying to close on a primary residence house here however since our 2022 tax return shows a basically no income from the accelerated depreciation we don't qualify for conventional freddy mac fannie may loans.

I have started working with a mortgage broker on non-qm loans who will be OK with 10% down. Whilst she is providing options the interests rates (high 8s to 10) and broker fee 2.25% are high and require much larger amounts to close.  

Are there any lenders out there willing to work with us directly? Or does anyone has any other solutions for our situation?

Thanks for your help!

Hello, 

My fiance's mother is self employed where her income has reduced by more than 50% due to Covid regulations in our state. The loan went into forbearance in April and now the bank has offered 3 options:

1. Short sale 

2. Deed-In-Lieu Program

3. Home retention

Checked some comps and her house is worth between 250K - maybe 270K. She has a principle balance of 78K

She would prefer to stay in her home, the retention program details are below:

 What do people think of the offer she is receiving from the bank in regards to the modification plan?

Any feedback would be greatly appreciated!

Thank you Craig! Appreciate the insight. 

Hi all,

I put an offer in on a 1968 Duplex in North Texas. Plenty of upside and potential for rents to go up with rehabs required on both sides. Offer was accepted and I went under contract. Idea here is FHA loan, live in one side, the other side is already rented for another 11 months. "Live in" rehab and refinance out of FHA after 18 - 24 months.

The inspection report came back with multiple major issues:

- Roof: instead of removing the older shingles before placing the new ones old they went ahead and place the new shingles on top of the old ones, meaning insurance won't cover me, being the older layer is more than 15 years old. Total cost to repair 20 - 30K. Seller won't fix the roof or provide credit. 

- Aluminum wiring through both units. 30K to completely redo the wiring or 10K for switches to have covered with Copper. 

- Termites (seller will pay for treatment)

- Foundation issues. Decided not to get structure engineer in due to roof deal breaker. Some rooms the floor was leaning over. 

Is this normal for older houses to have so many major issues? 

I've decided to walk away from the deal but interested in how other people would have approached this situation? 

Any feedback would be great. 

Thanks, Andrew

@Ryan Blake thank you Sir!

Hello all, does anyone have any recommendations for a quality property manager for single family? Property is close to down town Dallas.

Thanks for your help!!