All Forum Posts by: Edgar Gonzalez

@Chris Seveney

Chris thank you so much for taking the time to provide your input to my situation. I will consider this and focus on other options to buy Real Estate. 

@Andrew Freed

To be honest, I have never done a 1031. So, I wouldn’t even know. Maybe something I need to talk to with my CPA & RE attorney. 

@Chris Seveney

That’s right. And I’m currently living in the house. 

I need advice on my current real estate situation. My mother gave me a house she bought in 2010, and its value has increased significantly since then. My real estate attorney advised against putting my name on the title due to tax implications. I want to use the equity from the house to buy more real estate, but most lenders require my name to be on the title to prove ownership. Additionally, my debt-to-income ratio is high. Should I consider taking equity out of the house to invest in more real estate, or are there lenders who can work with my situation?

This is amazing! Happy for you man. 

 Wow! That's awesome. 

Hey @Febe Espino. I would make sure this property checks off everything in your buy criteria. Stick to the fundamentals and do not let FOMO influence your decisions. There will always be an opportunity for you to buy. 

Congratulations on your purchase! What investment strategy will you be doing with the SFH?

From my understanding, you cannot rent out a property until you have lived in the home for at least a year assuming you put less than 20% down. If you break the rules of the contract, the lender may exercise to call your loan. I know this because it's written in my contract. So, it's important to review your loan agreements and contracts carefully so, that you understand every single reason a lender would have a reason to call your loan. Also, like @Chris Seveney mentioned this is considered mortgage fraud. 

Welcome and congrats on making the jump into Real Estate Investing. Don't worry too much if you don't have the answers to all Real Estate related questions, the BP community is full of experienced investors that are always willing to help anytime :).