All Forum Posts by: Bryan Johnson

Yeah so FHA says that before they do a loan the house has to meet that criteria. It just so happens you had 40k worth of repairs that included none of those. I'm in AZ so we don't deal with old architecture that often. Regardless, the work has to be done in order for you to get an FHA loan. If you were happy with the initial bid, I don't see a need to check again as the chances the contractor fleeces AND the consultant missed it are slim to none.

I might recommend looking into a FNMA Homestyle in the future, usually a bit more favorable to investors.

Types of FHA Repairs That Must be Completed Prior to Closing an FHA Loan

Peeling paint in homes built before 1978.
Unpainted downspouts and broken rain gutters.
Rotting out-building in need of demolition.
Exterior doors that do not properly close and open.
Exposed wiring and uncovered junction boxes.
Major plumbing issues and leaks.
Inoperable HVAC systems.
Leaky or defective roofs, roofs with a life expectancy of less than 3 years, composition over shake.
Active and visible pest infestation.
Rotting window sills, eaves, and support columns on a porch.
Missing appliances that usually are sold with a home such as a stove.
Bedrooms without minimize-sized windows or bedroom windows with bars that do not release.
Foundation or structural defects.
Wet basements.
Evidence of standing water in the crawl space.
Inoperable kitchen appliances.
Empty swimming pools, pools without a working pump and pools with mosquito fish.
Ripped screens.
No pressure relief valve on water heater.
Leaning / broken fence.  

I'm assuming the 26k all related to the above?  

If you have a consultant involved, I wouldn't worry too much. If something odd happens, absolutely ask. But you had to review the bid (which broke out materials/labors) before you accepted it. Research cost then. 203ks are hard enough for contractors, especially if they don't do it often. 

(I'm assuming this is a dog?)

In the same way that your personal rent is not applied for personal damage, pet rent is not applied for pet damage. 

When you moved out you should've taken photos/video as proof of the condition of the apartment. Compare that with what they're claiming are damages. If you didn't take photos - you live and you learn. 

If you had any form of carpeting and lived there with a pet for 2 years, I'm assuming that $500.00 will not even cover the carpeting that will be replaced/cleaned. As Jeff said - ask for an itemized bill to see where that $500.00 is going.

I'm curious in what areas you're finding they do apply pet rent towards damages. 

@Steve Santacroce 

Yes I completely agree with that statement!  

@Steve Santacroce 

Under the Federal Fair Housing Act, age is not protected. Thank you for providing more region specific legislation! I should've worded my initial statement better. 

But students aren't an age class. I can be a 48 year old student or an 18 year old student. 

To my knowledge, it is perfectly legal for you to discriminate against students as they are not a protected class. Age is not a protected class under Federal Fair Housing Act. 

Keep your qualification standards stringent and consistent. Chances are most students can't prove 3x monthly rent in income, have needed FICO, etc.  You may never have to worry about denying a student solely based on the fact that they're a student, they'll usually fail one of the checks you've set up along the way.   

@Joshua Manning I would echo what @Caleb Heimsoth claims. To me, Finance is one of those Undergrad programs that work more like a prolonged networking event. If you've made enough blips and have handshakes with the right people, the MBA should be covered. I wouldn't advise going further into debt without a guarantee that the value will follow. 

I don't believe that an MBA will give you information you are not able to find for free on the internet -- but it will give you connections that you are not able to find for free on the internet. You're the one that's graduating with a finance degree, show them why it's not (or is) worth it.   

With the rise of MOOC's, if you do end up needing it for your business, there should be more opportunities to getting that information than the standard multi-year program.  Hopefully the finance sector will be following the tech sector in that regard. 

 Good luck to you in whatever path you choose to take. 

Sue in small claims in assumpsit. Depending on State Law, you should be able to add interest to the amount owed. 2.5 years to pay off a 1700 debt? Not gonna cut it.  

I believe conforming guidelines count 75% unless you can show Schedule E for past 2 years. After that, you should be able to claim 100% of the rental income. 

Shouldn't have an issue refinancing conventionally as long as you hold less than 10 mortgages. If an individual's LLC holds title to the property, you should have no issue transferring it to the individual for the refinance, completing the loan, then transferring title back to the LLC. Prove ownership of the LLC and you shouldn't have an issue.

If you're holding more than 10, you'll need to look into commercial.