All Forum Posts by: Clifford Paul

 Here's something to think about. The 2018 average sentencing for mortgage  fraud was 21 to 27 months in federal prison.  

 What does your lease say? My property manager lease agreement states after renter gives notice to vacate property.  Property will be advertised for rent and shown with 24 hour notice.  It's all about the lease you signed. 

Don't forget you can use your VA IRRRL refinance loan to release the 1 year occupancy requirement. The wife and I bought 4 homes in 3 years. If you would like more information about this send me a DM.

Congratulations! Nice flip and that kitchen looks great. 

Jordan, I see you are in the Marines so I assume you mentioned 0% down because you want to use your VA benefits.

It's not impossible to buy cash flowing properties with 0% down.  My wife and I have done it 4 times.  It's all about getting a deal. You need to find a investor friendly real estate agent that has pocket listings. 

If you want more information on what we have done you can DM me.

 Hi Trevor 

I can't think of any pitfalls to using the IRRRL. It really helped us get some impossible low rates. The 2 VA loans we have left are @ 3.0% and 3.25%. In my book that's free money. Good luck on your refinance.

In my neck of the woods code says all bathroom vents must be vented to the outside of the house.  Funny thing is no new home builder vents them but they still pass inspection.  

When I asked the building inspector about this he said because it's so hot and dry here that the little bit of moisture produced by the shower immediately vaporizes once it hits the attic.  Ok that's good enough for me.  

You have to ask yourself do you have 20 to 27 months to spend in federal prison? That was the 2018 sentencing range.  It's all about intent, technically a partner could satisfy the owner occupation requirement.  But the law looks at the intent of the buyers.  I'm not a lawyer and I don't play one on TV so take this as you want to.  Just my opinion don't ever do anything that even looks like mortgage fraud... ever!

Anthony 

You have already gotten some great advice above.  Let me add that when most seasoned investors take on a newbie it's not a 50% split.  You need to understand we can do it ourselves because we are.  You have to bring something fantastic to the deal and your looking at maybe 20% of the profits until you build a track record.  And believe me you are going to work hard for that 20%.

We just turned over a 4 year tenant and the house required one deck board to be replaced.  Damage not caused by the tenant.  My current property manager is the best at picking new tenants I ever had.  House is in same shape as the day she moved in 4 years ago.  Personally that's why I gave up shelf management 20 years ago. I'm not good at screening and after 35 years as an investor other than getting the deal it's the most important aspect of buy and hold investing.  In my opinion.