All Forum Posts by: Chad Ullrich

@Rene Owczarski she didn’t have enough job history with the company yet. She’d only been working at the company about 4 months at the time.

@Matthew Irish-Jones The title company is holding the EMD. I've agreed to give him the two months rent he said he's lost out on by removing the tenant in preparation of my daughter moving in.

I’m moving on! Gonna Put this behind me. 0-2 in my early real estate investing career. First one still hung up in probate court, which I didn’t know about! and second attempt... well not sure who gets the blame, I guess it ultimately falls on me, I picked the lender...

on a positive note I’ve learned a couple valuable lessons! Ready to step back up to the plate!

Wayne does this hold true with multifamily as well. Google states this to be the exception with a single family home but gets confusing regarding the multifamily. 

Just spoke with seller over the phone and he is requesting two months lost rent $2200 for removing his tenant in anticipation of this sell and giving his tenant the proper 30 days notice.  Can't blame him there!  We did tell our agent to let the sellers know their tenant could stay through April as my daughter's current lease isn't up till May. Seller told me he was never given that information.  

I was a co-borrower on an FHA loan for my daughter's first home a Duplex. A month into this, and after being approved, under contract, inspections completed, two weeks till closing, the lender calls me and says "we've got a problem!"There's an obscure Guideline in an FHA loan stating a non-occupying co-borrower, with an FHA loan, purchasing a multi family, has to put down 25% instead of the 3.5% we were being told for the last 3 to 4 weeks. We had to cancel on the last day of the inspect or cancel period. Now the seller won't sign the release of my EMD, which was 3.5% roughly $13k. I'm by far not a financially free gentleman yet!

Thanks in advance for any suggestions or opinions! They would be very helpful.

@Chad Ullrich

* co-borrower

@Elise Marquette we found out 10 days before closing that there's a rather obscure Guideline when there's a non-occupying Kobara were on an FHA loan you have to put down 25% not the 3.5%. So we've had to cancel and now the seller will not sign the release of my EMD. $13.5k

@Elise Marquette thank you! Good stuff! We are utilizing FHA but WDO has noted active white rot fungus on an area of the roof that will need plywood replacement. Addendum being written and we'll see what seller does.

Need advice on whether to go FHA or conventional as a Co-borrower for daughter's first home purchase. Under contract for a duplex that She'll live in one unit a tenant already in place in the other. We plan to purchase more properties after this. I'm not certain how to best structure this moving forward.

Any help would be kindly accepted!

Cheers!

My daughter just out of college and now working full time at the family business(Automotive collision repair) has found a Duplex she wants to house hack, being her first home purchase. We're under contract for little more than we budgeted but having our daughter just down the road will certainly be worth it. Since her credit history is limited, along with her employment history, I've decided to help and be the co-borrower. I had anticipated using an FHA loan, but I'm now wondering whether a conventional is a better choice?Paying mortgage insurance up front($6500) and premiums monthly is a bitter pill to swallow. I'm almost certain I will have to put a new roof($20k) on the duplex too, being it's 16 years old in Florida. Please let me know if I'm on the right path utilizing an FHA or whether a conventional would leave me with a little more money in my pocket as we begin this journey into real estate investing. Our goal is to Brrrr properties together moving forward

Thank you for anything you feel you’d like to offer.

@Salvatore Lentini we gave another offer yesterday. To refresh memory. They're asking 370 we went low at 300 "as is" realizing I may have to put a roof on it for FHA financing. 16 year old roof in Florida sun. I think it has a few years left but all depends on inspector and insurance company. This duplex has been sitting 5 months no offers.

We came back yesterday at $360k and seller puts new roof on before closing. After two days waiting we hear that they need more time to get roof quotes. We already supplied them with the 2 quotes we obtained. $20k each. We noticed yesterday on Zillow the seller has one of the two units up for sale by itself at $186k. So I think they’re going to see if there’s a better chance to sell them separately. Offer expires tomorrow. Debating my next move?? Thanks for your response and any help you might can offer!