All Forum Posts by: Benjamin Greene

Update: we closed on both of our properties and ended up with a little equity for each of them as well. Our loan officer notified us that we wouldn't have to worry about the lease if we went FHA, which I dont know why this wasn't suggested earlier instead of putting us through all of this. The only difference between the original loan and fha is a little less down payment and now we have PMI. The numbers still work with the increase so we ended up going with it and the deal got done.

Thanks everyone for all the suggestions and help! I appreciate it.

@Lynnette E. I'm sorry but everything you said is based off assumptions.

1. Even though you can prepay the remaining payments and keep the car you are still in the lease obligation. You have to turn in the car and pay the lease termination fee. I called the leasing company and confirmed this.

2. Maybe she had other motives to have a co-signer. It certainly is possible for her Financial situation to change in 2-3 years. Which it has for the both of us. Hard work pays off.

3. We've never shared a permanent residence in our long term relationship. We have a plan that in 2021 we will buy one together. Everybody is different.

@Joey Morea thanks I'm going to the dealership monday to see what we can do. Thanks for the advice.

@Bill Crow it expires in may. If we turn in the car now it will be about $2300 to release her from the obligation. This can happen but its unexpected and she will be without a car until we close. This might seem like a small sacrifice to us investors but she is riding my plan and dream. I'm trying to be fair without pushing too far. I've even offered my car up for that time. I'm willing to sacrifice and be uncomfortable for a while. I guess this is the life I'm getting into. Unexpected costs and risks for rewards.

@Bob Jordan thank you for the suggestion sir. The officer says my GF's DTI is too high due to her car lease. I'm going to ask by exactly how much is she over. Also her dad is tied up in a couple investments himself so we are on our own.

Also guys both properties are two unit multifamilies. With similar layouts.

@Jay Hinrichs we are not married but have been together for 10 years. So in a way we are. I know that opened up a slew of other questions lol but it's the truth. After year 1 we will buy the property we both will live in.

@Paul Beets it's a two family. It wont cashflow the first year she is in it. She will break even give or take. I'll be managing it also.

@Bernie Neyer thank you. I appreciate the information. I didnt think about that last option.

@Michael Noto thank you michael that's exactly what we are trying to do. It's a messed up situation but I'm not willing to give up.