All Forum Posts by: Holly Yankus

Hi everyone, 

I just wanted to update this thread for anyone that may run across it, having the same questions. We DID get written approval from our lender to move out of our home early! It took a lot of talking and getting to the right person that understood what we were asking for, but once we got there, the process was easy. At first everyone assumed we were asking them to do another FHA loan for us, and kept telling us no. After a lot of communication, I finally conveyed that we were just wanting the "written approval", per the security agreement, that we could move out of our home before our 12 month occupancy was met. Once we got that clear, it was just a simple written letter faxed in with a response received in about a week. We are now free to move before this baby is born, and I am one happy mama! Obviously, it is important to go into the process with the intention of living in the home for a year, but life does happen, and you are NOT stuck if you need an exemption. :-) The next home we buy will likely not end up being a rental due to the market in the area we want to live, but we do have 3 rental properties now, and I feel that is good for this set of newbies! Good luck everyone. Happy investing. Thank you to those that did give me good options and advice to help with my situation.

Also, we are not trying to get another FHA loan. The new loan will be conventional.

@Upen Patel, we fully realize that we made that commitment when we bought the home, and we had all intentions on doing so. We also realized that the documents specifically stated there would be exceptions for certain circumstances, such as "growing family" which it specifically quotes this as a qualifying circumstance. We are not trying to leave really early. We are talking maybe 2 months before our 12 month is up, max. This is only to improvement our quality of life. No one wants to be cramped in a home or attempt a house search and move with an infant if they don't have to. Ultimately, we will fulfill our 12 month obligation if we do not get our lender's consent though. We are not willing to commit mortgage fraud over this. Thanks for your input. 

I called the lender again and they are going to have management call me back later today. I really hope we can get somewhere with them. Most people would just move out and not tell anyone. But husband and I would really like this to all be on the up and up. It's just too bad the lenders are not willing to budge at all for someone that's trying to do the right thing. 

@Daniel Rosenberger good thought. I might look into this. The only thing that sucks is I know our interest rate will rise by at least .75. Our current rate is 3.25. We got it right before the hike to 4%. 

@Natalie Schanne I don't think I would qualify for a home loan on my own because I only work part-time right now and have about 30k in student loans. It is an option to see about though. The main reason for wanting out early is that moving with an infant or a 4-6 month old is hard and why should we do that to ourselves if not totally necessary?? Also, home searches are hard these days. Very low inventory and most places that we would consider will need work. I will be having a c section, so I will need lots of help for at least a month. I don't want my husband gone working on a new home when I'm home alone with an infant and a toddler. And then we will have to add on the stress of finding renters and renting out our side of the duplex... I'd much rather do all of this while pregnant than during the crazy first year of going to 2 children. 

Thanks @Adam Juodis  I have read through a lot of those posts, and the consensus seems to be that there is a lot of mixed opinions on whether or not it's ethical and/or what trouble you'll get into if you do it behind the lenders back. I guess my real question is, has anyone  had a circumstance like growing family and been able to get their lender to agree to them moving out prior to the year time limit. My husband talked to an underwriter at our lender, and the guy just verbally said no. I'm just wondering if there's any other way to take this request farther up the chain or make a formal appeal.  Our loan paperwork specifically says that consent shall not be unreasonably withheld. In my opinion this is being unreasonably withheld because moving into a new home at the time of a child's birth  is an unreasonable request. 

Hi, 

My husband and I bought a duplex in August of 2016 with an FHA loan. We had all intentions of living here for a year or more; however, we recently learned that we will be expecting another baby soon, and this place is too small to fit another child. We REALLY want to move before I am in the 3rd trimester because the stress of that is enough to deal with...we really don't need to be buying and moving with me about to pop! We plan to do a conventional loan for a bigger SFH. We started talking with our previous loan broker, and he said we should call our loan servicer, explain our situation, and ask for an exception. We did that today, and the underwriter we spoke with acted like it wouldn't be a big deal. Well, he called back shortly and told us "no deal". I'm so upset about this. We don't have room here for a baby, and I don't want to move so close to my due date and definitely not with an infant!! Is there anything we can do??

Exactly what I was looking for! Thanks @Daniel Hyman.

Hi,

I am a new REI this year! Woohoo! I have a SFH and a duplex. (We are living in one side of the duplex for a year, so I technically only have 2 rentals right now). I am going crazy trying to figure out the best way to get started with bookkeeping. I am going to have a lot of backlogging to do as far as tax prep goes because we didn't realize we would be owning rentals until August of this year. I have a business account, but as of now, only rent and mortgage is going in and out of the account because we do not have enough cash flow to cover all the rehab we are doing. I thought about buying quickbooks, but I'm worried it won't work right since we are using our personal account for expenses right now. Judging from other posts, a simple excel document will work well for 2 rentals. I'm just having trouble finding one and figuring out how to use it. I saw one advertised on here, but it seemed very complicated to me. Anyone have an easy/beginner one that would be good for me? Also, any recommendations for short online classes or youtube videos on bookkeeping would be great. I'm somewhat numbers/accounting savvy, but that's definitely not where my expertise is.