All Forum Posts by: Eric Mayer

You don’t need an llc yet and it would limit you on residential financing. I would put the property in your name and get an umbrella insurance policy to protect your assets.

Eric

The first property is usually the one where we all learn from our mistakes. In your area, it would be pretty hard to find a property on the mls that will cash flow. I would look in different landlord friendly markets and avoid HOA fees if you can. A 4-plex might be a wise choice on the next one.

By the way, you will be much better off having jumped in than the people that keep waiting for the perfect property and never purchase anything. 

Eric

Some great responses. I appreciate it and will post again when I get an update. It has been moved to upper management for review.

Thank you!

Eric

some

I guess my question is, are they allowed to “wealth discriminate?” My wife is a pharmacist and has a ton of student loan debt. 

I may try that approach with the exact move in date and sign it. They seemed pretty adamant that they do not believe we will be living in the 4-plex. Everything else was straightforward.

Thanks,

Eric

@Caleb Heimsoth They gave no other explanation other than “We aren’t buying it” so we are feeling like we are being discriminated against. 

Our condo is less valuable than the 4-plex, but I’m assuming they think we wouldn’t leave the fancy building on the beach and live there. Or because we make $200k W2 and have assets already. I want something in writing from them.

Thank you,

Eric & Jessica 

Hello everyone, long time lurker! My wife and I are a week away from our closing date on an FHA 4-plex and the underwriter has said they do not believe we would live in the property.

Our plan was to sacrifice quality of life for 1 year to get a great deal and it would give us a chance to sell our liability which is a 1 bedroom in a high rise on Clearwater Beach. 

The 4-plex has all 2 bedrooms units and we are newlyweds that will need more room soon. We own a few other quads and a triplex, but have been saving our fha loan for the right opportunity (at a higher price point.)

Do we have any options other than backing out of the deal and losing the inspection & appraisal money or going conventional? I was wondering if anyone else has had a similar experience. We really do want to live in the property!

Thank you,

Eric & Jessica Mayer