All Forum Posts by: Daniel Tanasa

Hello everyone! I'm new to this website and excited to learn from all of you!

We currently live in Houston, TX but we will be relocating to the Seattle/Bellevue area this summer for work. I own my primary residence in the Houston area (~$700k - 5 bedrooms, 4 and 1/2 baths, 3,500 sq. ft.) and a small rental property (1,500 sq. ft., $1,900/month). I don’t have a mortgage at the moment in the US. My family consists of my wife and three kids, and I’m currently the sole earner. Property taxes on my primary residence are quite high ($17k/year).

With the upcoming move, I’m considering a few options:

1. 1. Sell our house (~$700k) and purchase a new one in the Seattle area. However, prices for a comparable 5-bedroom home in Washington are significantly higher, likely around $1.5M or more, which would mean taking on a new 30-year mortgage with 6+% interest rate and limiting new investment opportunities.
2. 2. Sell our house (~$700k) and invest in 2–3 smaller rental properties in the Houston area, a market we’re familiar with. We can probably find small rentals for $250-300k each. Possibly using mortgage/home equity loan on one unit we own to buy an extra one.
3. 3. Rent out our current house (likely $5k/month) and use a home equity loan on the primary residence or similar financing to purchase a home in Seattle.
4. 4. Rent out our current house (likely $5k/month) and rent a home in Seattle (around $5k/month).

Right now, I’m leaning towards option 2, but I’d love to hear your thoughts or suggestions! My goal would be to build an investment net with passive income, de-risking the fact that I am the only earner.

Got a townhome in suburb area of Houston for long term rental close to katy mills (<5miles). It took quite a good time (~6months) even with a property manager but finally found the renter after rent decrease by 200$. Learnt lesson not to fully depend on property manager and should have made decision faster by reducing rent . Currently started renting it for 2300$ per month , need your suggestion things I can do to fix my below situation. 
Trying to save $$ so I can prepare emergency funds in case of any major repairs etc . Understood I made a bad move here as this was first investment so didnt think much except at the location for longterm growth or possibly I move there as part relocation. If I have some cash do you recommend clearing the loan or invest instead for next property with proper planning ?  Thanks in advance

Down payment: ~90k (25% downpayment)

Rent per month: 2300 (5Bed, 4 Bath) with 2100sqft

Property management: ~150 (monthly)

Outstanding loan around : ~268k (7.675% APR) 30years fixed

Landlord Insurance: 1500$ (per year)

HOA: 1600$ (per year)

Keeping an eye on interest rates for refinance, so I can then move this property to an LLC instead. Need your guidance here if I should wait or just move it regardless sooner.

 @Daniel Tanasa   Unfortunately that is not correct when it comes to mortgage debt. (and it does not matter if their is a servicer involved) You are correct for any other debt like for example a car loan. If you can show that someone else has paid the loan on-time for 12 consecutive months you can exclude that debt from the debt to income calculation. BUT, for a mortgage the party making the payments has to be obligated on the debt. So, in the case of a sub to transaction like this one the OP is the party making the payments BUT is not obligated on the debt. The below comes from THE word on the subject, the entity that will be buying and insuring the loan, Fannie Mae.

https://selling-guide.fanniemae.com/sel/b3-6-05/monthly-debt...

Hey Lenders. I am reaching out for your expertise regarding a situation involving a seller from who I purchased a property subto an FHA loan in March of last year.

The seller is currently attempting to purchase another property but is facing challenges due to the inability to hold two FHA loans simultaneously. Additionally, his credit is not the best, and he has limited funds for a down payment.

Any potential options or solutions that may be available? Your insights would be greatly appreciated.

Thank you!

Hi, 

The PM company we signed on has a clause to add them as 'additional insured'. Is this something OK to do? Any risks?  Any insights please? Thanks in advance.