All Forum Posts by: Justin B.

It says for periods shorter than 30 days aka Airbnb...

I was perusing some closing work when I came across a form that talks about Hotel and Transient Use of Property Form Sec 513.a states that "long as mortgage insurance is outstanding, no portion of the housing covered by any such mortgage shall be used for transient or hotel purposes."

So does everyone who has an FHA loan with mortgage insurance not allowed to do AirBnB because of this rule? I am sure many people disregard it, just was wondering.

Appreciate any replies!

will do

When the city inspector came through, they dinged the seller for various items, here's some;

-Handrails

-Windows

-Walkway (concrete) is smashed

-Railing (outdoors)

-Electrical indoors and on porches

We drove past the place the other day, and nothing was fixed on the outside, but the seller said it was reinspected by the city, which actually was. The inspector either wasn't checking the old report, or totally glossed over the reinspection.

We don't want these items to come back and haunt us shortly hereafter or later on down the road; what recourse do we have? Do we go above the inspector's head to his supervisor to draw attention to this? It's nice that it passed inspection, we just don't want the seller to get off without doing what he said he would do.

Appreciate any replies

I had mentioned in a prior thread that my self employed friend is trying to get a mortgage, has had her own business for 3.5 years now, and the last thing holding up this loan is that the bank is giving her a rough time because she deposited $2,000 cash savings she had at home in to her bank to get a certified check for the earnest money down payment. The bank is saying that's unacceptable, that there needs to be a trail. How does she prove a paper trail from cash savings? She simply saves up 20% of her cash to put aside for buying a home and part of the down payment was from selling her car on craigslist, which we had to track the buyer back down to get a signed affadavit saying she paid cash for the car.

Should she just go somewhere else? How can she explain the $2,000 in savings? The bank is treating her like a criminal because she's self employed and saves cash.

Any advice would be greatly appreciated!

Should she separate the P&L according to months, or just have a YTD figure?

Thanks for the replies guys!

Just helping someone with this and since she's self employed and the bank asked her for a profit loss statement for her business, should she distinguish between accounts billable and accounts receivable, or should she just say total income? She does have some outstanding invoices that are thousands of dollars that should be paid any week or month now.

Appreciate any feedback!

I cant believe they would allow that, still sounds dangerous!

 May I ask if you ever found someone who was dependable and reliable?

 How did this work out for you Ryan? Did you do a complete rewire or did you just upgrade the box?