All Forum Posts by: Account Closed

you quit your job so you most likely won’t be approved for a loan.  Banks don’t give money if the people don’t have a way to repay it

if he bought it for 210 last year what makes it worth 260+ this year?  Are the units all rehabbed?  It’s below market rent so it isn’t like they turned the property.  Why are they selling it so quickly? 

If you are buying for the long term it could be an ok deal. But just a random stab in the dark they want you to overpay

IMO 500 extra for the headache of a STR isn't worth it, plus you'd have to furnish it and pay for all the utilities.

Thanks for the response. That was my understanding.  I can’t quakify for the RE Pro and the wife doesn’t meet the requirements.  So I guess I’ll just roll the paper loses forward yearly, one day it will help once I get more properties to offset the actual cash flow.  

Thanks again it was exactly what I was looking for. 

ok trying to figure out the limitations on the up to 25,000 loss on rental properties.  

So let’s say married and over 150,000 in annual income.  Does that automatically mean I can’t take a lose at all and any loses roll into the next years taxes?  Or if my spouse is a real estate professional (she isn’t this year) then does the income restriction get removed?   Thanks I think it’s CPA time this tax season, it’s getting more complex then I can manage myself. 

run the numbers thru the calculator here or make your own spreadsheet. Your PM expenses are low in my opinion.  Typically be 10% so 150.00 a month.  It looks like it could be a good first deal to start with.  As long as the numbers work and you are realistic on your costs and amount you can rent it for it could work out great.  

I agree with the above post that says HOA's go up in cost not down. What does the HOA fee cover? Good luck

you should be able to select how many people need to sign it and send it via email to them.  I signed all my documents for my mortgage and offer letters this way. Both myself and partner got separate emails. Signed and it was done. 

like others I’m all about the no background check not going to rent my place. 

If you have her name I would google the crap out of that name and at least have a sorta a answer to it if you are thinking jail.  If it is divorce it is public record as well just FYI.  

Not sure where you live in the country. But you can with some effort find a place in a safe neighborhood wherever it is you live.  

Not saying what you should do, but given that you can house hack I would say do that to start. Find a 2/3/4 unit place where your wife will live for at least a year and go from there.  3.5% down on an fha is what better then 20-25% down on a investment loan and a investment loan is 4.5-6.5 and a owner occupancy loan is 3.5-4.75 right now.  

this should of been discussed beforehand.  Anytime you have a partnership, but especially family because even after the deal is done you are still family.  

What is he thinking as far as split goes?   

But the fact you are both in it monaterily wise the same then 50/50 sounds fair.  Did he bring the deal to the table? Did you?  

Next time 

Pen to paper before nail to hammer. 

have you thought about a commercial loan?  

Or If you can cash out refi your current property and take that money plus your cash and pay cash for the next one do that.  There’s a million ways to do it.  Maybe a partner with credit