All Forum Posts by: Elenis Camargo

Hi BP! I called several hard money lenders a few months ago and they all said they would lend 80% LTV but that their LTV is based on purchase price. Listening to BP podcasts and reading Brandon Turner’s book on investing with little to no money, I was under the impression hard money lenders would lend based on appraisal value, not purchase price. Does this not exist anymore? Thanks in advance!

@Brett M. I agree. You'll have to replace it eventually. Imagine the next tenant continues the damage then they get hit with the hole fix charge and complain about it. Better to deal with it now. Good luck!!

That's awesome @Paul Stone !!!

@Brett M. Okay, good thing you haven't returned it yet. I think it's unfair for you to just get a not-so-great repair on it and then have other tenants come in and have to live with it. Not that it's a huge deal but still, it's your property and you rented it without the hole. I know you want to be nice but they should have been more careful. That's a pretty big hole and irresponsible of them to let it happen. My opinion is to get it replaced at a fair price and take it out of their deposit.

Any landlords from Washington state know if this is possible? I would assume so. 

@Ryan P. If you want it to be truly passive, I would invest it with a rental property investor. Partner with someone that will find a great cash flowing property, will manage it themselves, and split the profits at the end of the year. 

@Brett M. I say if the tenant damaged it, it should come out of their security deposit. It depends on your state laws for this I assume and what is on the lease. Did you already return their security deposit?

Hi everyone. My husband and I currently own one SFH and just got an offer approved on our second one. We live in New York and invest in Florida where we are originally from. My brother, who lives in Florida, really wants to get involved in real estate but he does not have any money and does not own a home yet. He wants to also purchase his own home next year before his wedding, but again has no money for this, actually has a good amount of credit card debt. My husband and I are wanting to get a multi-family and are thinking a great way to get my brother involved is the following:

• My brother would get an FHA loan for a triplex or 4-plex in Florida
• I would put the 3.5% down payment as a co-borrower
• My brother and his fiancé would live in one of the units for a few years rent free so they can save money for a house
• My brother would manage the property by showing units, cleaning them when someone moves out, and as much maintenance as he can handle on his own
• I would handle the finances paying the mortgage using the cash flow and keep the profits since my brother is living rent free
• My brother would move out eventually (2 or 3 years later) and we would refinance into a regular mortgage so that he can get another FHA loan
• We would begin splitting all profits 50/50 once he moves out

My question is, has anyone reading this done this before? I read some of the FHA requirements and I think my brother would qualify. The only thing is he has not been at his job for over two years as he recently got a new job. Another question is, would we have to refinance or would my brother's fiancé be able to get her own FHA loan a few years down the road, even if they are married by that time? Is it allowed for a married couple to each have their own FHA loans or once you're married you can only have one no matter if both names are on it or not?

I thought this was a great way to have him involved and to also help him be able to save money for a SFH that he'd want to live in for the long term. Any advice is appreciated. Thanks!

@Anthony McEvoy Yes he has been paying them down at a good rate but he still has at least 6 more months before he can begin saving for a home and a wedding as well. Thanks for the tip.

@Attila M. Yes we will definitely write it all down. Thanks!

Hi everyone. My husband and I currently own one SFH and just got an offer approved on our second one. We live in New York and invest in Florida where we are originally from. My brother, who lives in Florida, really wants to get involved in real estate but he does not have any money and does not own a home yet. He wants to also purchase his own home next year before his wedding, but again has no money for this, actually has a good amount of credit card debt. My husband and I are wanting to get a multi-family and are thinking a great way to get my brother involved is the following:

• My brother would get an FHA loan for a triplex or 4-plex in Florida
• I would put the 3.5% down payment as a co-borrower
• My brother and his fiancé would live in one of the units for a few years rent free so they can save money for a house
• My brother would manage the property by showing units, cleaning them when someone moves out, and as much maintenance as he can handle on his own
• I would handle the finances paying the mortgage using the cash flow and keep the profits since my brother is living rent free
• My brother would move out eventually (2 or 3 years later) and we would refinance into a regular mortgage so that he can get another FHA loan
• We would begin splitting all profits 50/50 once he moves out

My question is, has anyone reading this done this before? I read some of the FHA requirements and I think my brother would qualify. The only thing is he has not been at his job for over two years as he recently got a new job. Another question is, would we have to refinance or would my brother's fiancé be able to get her own FHA loan a few years down the road, even if they are married by that time? Is it allowed for a married couple to each have their own FHA loans or once you're married you can only have one no matter if both names are on it or not?

I thought this was a great way to have him involved and to also help him be able to save money for a SFH that he'd want to live in for the long term. Any advice is appreciated. Thanks!