All Forum Posts by: Jason Clark

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Jason Clark has started 3 posts and replied 21 times.

Looking for any useful book recommendations on renting vacation properties to break even/cash flow.

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Shows there is no room for excuses! Congrats man and nice cash flow!

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Looking for any useful books on renting vacation properties to break even/cash flow.

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That's awesome they accepted the $150k offer. Congrats!

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It's crazy tenants expect you to be responsible for that.

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Congrats man!

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Originally posted by @Russell Brazil:

Originally posted by @Jason Clark:

Originally posted by @Russell Brazil:

Although if I were advising your parents, I would advise them not to do so.

Can you explain your reasoning behind this please?

They would be putting their credit history into your hands. That means you forget to pay your mortgage once, simple mistake, now you have just ruined your parents credit. I cant tell you how many times I have worked with clients buying a house who think they have perfect credit, to only find out they cosigned a loan for a family member, and then there are a bunch of late payments on their credit report they didnt know about. Happens about twice a year to me.

Those are very good points. For my situation it would be more of a partnership to get my investments started. It would not be a hands off simple cosign and forget about it by my parents. My father is a real estate developer/agent and would bring a great deal of experience to the table.

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Originally posted by @Russell Brazil:

Although if I were advising your parents, I would advise them not to do so.

Can you explain your reasoning behind this please?

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Great, thank you!

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I apologize if this is in the wrong section. This is my first discussion and was unsure which section to use. I am a college student looking to purchase my first investment property. My question is, can a parent cosign on a 30 year mtg so that I can get approved? Given my lack of employment and income I would fail to qualify on my own.

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