All Forum Posts by: Jeff White

I own a 4 unit property in Denver that I financed with FHA financing about 2 years ago for 630K with a 3.75% interest rate back in Aug 2017. My mortgage payment is $3,481.77 with about $400 of that going to MIP, and I would like to refi out of it to eliminate my MIP and potentially use it again for a future multifamily property.

I lived there one year and then moved out, but I have improved 3/4 units, and I'm looking to potentially refi out of it into a conventional loan to free up my FHA loan to use again down the line.

As of today, I owe 576K, would it be worthwhile for me to look into a non-cash out refinance into a conventional loan?  I think it is worth between 725-775k today. 

Few questions:

1) Do I need to have 25% equity to get rid of my FHA MIP completely and into a investment property conventional loan?

2) I own this property, another single family house investment property, and my current primary residence, how much in reserves will I need? 

@Scott Trench Sounds like you need to send your tenant to anger management classes!   

In all seriousness, like others, I would not involve myself in any personal disputes between neighbor and tenant. It is a messy game of he-said-she-said. It is a little strange that your tenant is screaming at someone during daytime in a residential area. 

Also, since it is in Denver County, you could have the neighbor fill out a noise complaint or call 311, and then the City of Denver inspector can send someone to talk to your tenant/send a letter and maybe that would get him to calm down. I think landlords sometimes can be too nice to appease our tenants (I'm guilty of this), but the city doesn't care about being nice, and they can be the bad guy for you without you getting involved again. 

Check out the link: 

https://www.denvergov.org/cont...

@Chris Lopez Signed up, see you there!  I look forward to learning new things and networking with more people. 

@Mindy Jensen if you get the straps where two people can lift it together, it really isn't that heavy or tough, check out forearm forklift moving straps at Home Depot and find a friend.  I was surprised to be able to lift stoves and refrigerators without much difficulty and going downstairs!  

That's how movers move heavy appliances without destroying their knees and backs. 

If not, I would look to hire someone off of craigslist or nextdoor looking to make an extra $50-$75 to move the fridge. 

@Chris Mason This sucks!  I didn't think Freddie would make a change so quickly.....

I was planning on using this Freddie Mac loan around September/October of this year.  So, it is still possible to hit the 80% AMI if the borrower makes more than that in his or her W2? 

@Chris Mason Thanks for answering, makes sense! That definitely impacts a lot of people, so it really does eliminate high income earners from using this loan product.  

@Chris Mason This is why I follow you Chris.  Thanks for keeping us house hackers updated on new developments/changes to loan programs.  I'm not surprised that they are changing it to block higher income earners from using the loan program. I understand intend is for lower to moderate income borrowers to get into that loan product.  

Personally, I'm still planning on using it for a 2-4 unit property around October of this year, but it does suck that the benefit is closing.  

Does annual qualifying income mean gross income on taxes?  

@Kenneth Garrett

@John N.

@Michael Garofalo

Thanks all for the help, I did check with the city about it, and they said you have to have a hard surface or concrete/paver driveway to park it on or else it is a code violation since grass isn't a hard surface. Also, the location he would want to park it in the backyard, it would destroy the grass.  It is actually bigger than the picture!    

Going forward, I will add something in my lease regarding a little more detail for vehicles/RVs/Trailers/etc, storage, licensing, etc. 

@Michael Rickard That's true, he would have to pay to store it at any parking garage or parking lot.  

@Michael Garofalo  Just checked my lease....there is a section for Parking, it states, "Vehicles parked at the Premises must be in working, driving condition. Tenant may not repair Tenant's vehicles on the Premises if such repairs take longer than one day, unless in a enclosed garage. Vehicles may never, under any condition, be parked in or driven on the yard of the Premises.  Tenant may not park more than one vehicle, per adult living at the home, at the Premises. Tenant has no rights in or to any particular parking spot, and Landlord does not guarantee Tenant a parking spot on the Premises or any property surrounding the Premises. If street parking is permitted by applicable laws, Tenant may be permitted to park vehicles on the street in front of the Premises in accordance with all such laws; however, Landlord does not guaranty the availability, quality or location of any street parking. In no event shall Landlord be liable for any damage or loss to Tenant's vehicles or to any personal property contained in such vehicles."

It appears that I would have to do an addendum to account for this utility trailer if I did decide to go through with letting them leave it there.   

They have been good tenants, pay on-time, keep their space fairly clean and don't complain about minor issues, it would be weird having a trailer back there, but if they paid more, I guess I would be open to it, I just don't want to make the place a junkyard for future tenants that might live there in the unit that I'm in now.     

Hi all,

My tenant has asked me about putting a utility trailer in the backyard.  My property is a single family house hack with a huge backyard where these tenants live in the upstairs part of the house and I live in the bottom part with my girlfriend.   There is a RV rock driveway that has a wood fence gate that opens up to the backyard where he could easily get in and out of. 

I don't really want any eyesores, and "junk" in the backyard. He works in sheet metal fabrication, so I know he will use it a lot, but it is just a strange request.   I guess I could charge an extra "parking fee" for leaving it there, thoughts?

Here's what it looks like: