All Forum Posts by: Donnie Maguire

Conventional through Chase. My wife called and they said they would actually let her assume the loan somehow, just a $900 assumption fee and closing costs. She is going to work on the application in the next couple days and hope to have some good news there, would be the best option for all of us involved.

Ned you’re correct two separate issues that unfortunately doesn’t look like any great workarounds. Not surprising with the increase in rates and then banks unwillingness to help the little guy out. Appreciate the insight. 

I think she is fine with the mortgage being under her name as we can work with that, I just want to make sure the ownership is captured so there aren’t any title issues in the future. Maybe that means we refinance sooner rather than later and have an official sale to make it clean. 

Thanks Jaren for the info, our lender used 75% if it was not on our last years taxes and 100% if it was when we purchased our last primary. Fortunately with the rent/mortgage ratio we would be fine either way due to the low rate, but certainly something to keep in mind if different lenders have different standards. 

Formal agreement may make the most sense, she is willing to help us out and if she has to be on the mortgage afterwards that shouldn't be an issue. Having a lease in place will wipe that from her DTI if she needs approval for something else anyway.

Wasn't hopeful the banks would work with us so sounds like we are stuck until we refinance. Appreciate the feedback!

I have a unique situation that I cannot seem to find a very clear answer for, hopefully the BP community can assist.

My wife and I got married last September and now live together in a house we purchased together. Before that, she was living with her sister in a house they purchased together. Her sister still lives in the house with a roommate so my wife's portion is covered. Her sister is engaged and will be married in the fall and will be moving out of the house into a new one with her soon to be husband. 

My wife and I currently have 2 single family long term rentals and would like to add this to the porfolio due to their 3% mortgage and high equity. Her sister has agreed to us paying out her portion of the equity and having us use this as a rental. 

I know we can have a lawyer draft up a quit claim deed to get her sister off of the deed, but I have head this is similar to when people transfer ownership to LLC and could pull up the due on sale clause?

Is there anyway to get her sister off the mortgage without refinaning? 

Just trying to figure out our options here, would love to keep the interest rate if possible for obvious reasons. Curious if anyone that has dealt with a divorce/separation scenario that might be teh most applicable.

Thanks!

Hey John,

I am in Charlotte and currently living in a house hack with another long term rental in Noda. I am also a licensed agent in NC/SC, shoot me a message and hopefully I can answer some questions for you.

Welcome to the community, there are tons of good real estate investor meetups in the area that would be beneficial to attend and network as well. 

Congrats on taking the steps to become a real estate investor!

As others stated Charlotte is a booming area which you know living here. Sounds like you’re doing all the right things from an educational standpoint, but be mindful that all that education doesn’t get you your first deal without action. So make sure you hit up some meet ups and when the numbers work, take action and trust it. No investor was ever fully prepared before they bought their first deal. 

You will have to be careful about the state laws for late fees. I am not sure how Texas is, but NC has a limit of 5% of the monthly rent as a one time fee. This is regardless how late they are for that month. 

I've got a condo in Noda and the HOA fee is $200 a month. As others mentioned if you buy the right deal this should effect your cash flow, if it does then it's not a good deal.

The way I see it, this covers additional factors in my rental calculations that I would have to consider if it was a single family. No need to worry about savings for roof or exterior maintenance, plus they manage the lawn and other common areas so nothing coming out of your pocket for that each month. 

Hope that helps and shoot me a pm if you want to chat more. 

Hey Carson,

I would highly recommend the Five Pillars Realty Pints and Properties meet ups. They are hosted at Taproom Social in uptown once a month. I try to go as often as I can, they usually have a speaker present for 30 minutes or so and then it is just a meet and greet with agents, investors, coaches, etc. 

I have a full time job like you (as an engineer), but do have a couple properties I currently rent out and have my NC and SC realtor license. Shoot me a message, I work from home so always willing to network and show some new guys the ropes. 

-  Donnie