All Forum Posts by: David D Painter

@Nicole Wood  bankrate.com has some good loan amortization calculators.  You will have to assign a portion of your purchase price as land value and a portion as improvements. Good luck & congratulations!

@Nicole Wood

PMI rates should always be high enough to cover all costs of the higher risk buyers. The US taxpayer shouldn't be burdened with it.

Tax returns as others have pointed out or sometimes proof of reserves (cash) along with a decent credit score. Good luck!

Cash also provides a much faster close also.  I generally close in about 7 days after an accepted offer. This and all @Brendon Woirhaye said makes cash offers attractive even if they are for less.

I like to supply stoves, refrigerators (never an ice maker), central air and washers and dryers and dishwashers if feasible. I don't like the damage some tenants cause moving heavy appliances to walls and doorways. Nor do I want them nailing anything to windows in my properties. It's also easier to rent and keep good tenants.

You can't "write off roommates". You can occupy only 25% of your home and still consider it owner occupied. I see no way you will be able to legally write off 75% of your expenses. Paying yourself rent does save you 15% plus in self employment taxes because it become passive income. Good luck.

Possibly she could still sell them if the homes have not yet technically been attached but a judge will most certainly not allow this fraud and invalidate the sale.  Unfortunately I have seen this before, older people transfer assets to protect them from paying fees for extended care then the kids get into trouble and the entire thing backfires on them. I wish her luck but have little hope from what you have said.

Time to switch! If they are a month late from the get go it will likely just get worse. And 15% is generally high unless they are performing extra services.

I have found that tenants in multi family complexes expect a lot more to be done for them. These properties will likely require a lot more of your time than SFH. In my SFH I often go a year or more with no contact with tenants hot so with multi. A good deal of time is spent with tenatpnt to tenant troubles and complaints. Please keep this in mind when making your future plans. Good luck!

Your girlfriend likely will have signed agreement with her broker that has to be honored. It depends on what the gf and her employing decide. Good luck!