All Forum Posts by: Account Closed

I'm in a particularly dramatic situation to say the least. 

Against my better judgement, I allowed my brother in law to move in from out of state with my wife and I. He agreed and was expected to get a job and begin paying rent ($200 a month) after a month. However he has been partying, smoking weed, and chasing tail - with NO money of his own! He claims that noone is hiring but I saw little to no initiative and he began breaking rules I set in the home. 

I gave him an ultimatum, either I give him the processing fee for the 10 day notice and he left in 2 days, or I process it. He wanted the cash and agreed to leave, he signed a contract I typed up and I thought all was good. Until I get word from my wife on day 2 that it was an illegal eviction. He laughed in my face, that day he was served a 10 day notice PROPERLY. I was also given the "greenlight" so to speak to make him as uncomfortable as I'd like during his stay in my home. No shower head in 2nd bathroom, no towels, locked fridge, all canned food stored away, no heat (its NY state btw), no light in the bedroom he's been staying in, I removed the bedroom door as well. Lol I get very creative when I'm angry.. 

It is now day 4 of the 10 day and guess what I found in the snow when I was walking to the front door.... the asshats house key. This is where I need your help guys. Can I legally withhold the key and charge him a lockout fee (like I do to my other tenants) or whats the deal? I dont want to just let him back in if I dont have to... help?

Yes, FHA products can be used for 1-4 unit dwellings as long as you intend to live there as a primary residence for 1 year minimum.

Congrats man! I'm in the beginning stages of the 203k process myself

Hello BP!

I'm active duty military, I have a 1yr old VA loan on our current home, a duplex, the loan is only in my name. We have been receiving rental income monthly for about 6 months. We're looking into buying another home solely under just my wife's name (her "first residence"), so we don't tap out both our credit so quickly.

Our primary focus is buy and hold investing and we would prefer to rent the next property out completely, but we will consider moving into the home if necessary too fullfil residency requirements. She works FT but makes less than I, so DTI is a concern of ours. I've heard about gifting money to her for a higher down payment as a possibility to qualify for certain loans to keep her DTI lower, but we share a bank account, so will that be a problem?? We are looking into FHA 203k, fannie mae homestyle, the New York state mortage programs. Any other loan products or good lending companies that service Upstate, NY would be greatly appreciated.

Her credit isnt the best (640), but we're prepared for a large downpayment. That is as long as I can "gift" the funds to her even though we share the same bank account. 

The loan officers in my town have all been off this week, which is why I haven't touched base with them firsthand.. 

Thank you

Joe

Will it be possible to refinance a home that was financed with a signature loan into a 30yr mortgage?What are some common pitfalls I may run into? 

Merry Christmas All! 

Hello I am wondering, if I buy a foreclosure and rehab it using personal loans and credit card. Will there be more hurdles getting the property refinanced? For refinancing a BRRRR home do banks look as closely at DTI as they would with non income producing properties. There is a deal I am eyeing, but the personal loan I would need to finish the rehab would bring my DTI (without my rental income because all are < 2 years mature) up to near 55%! With my current rental income and projected income from the propery, I would be more than fine with my DTI, but I would like some input & guidance.. are there any investor friendly banks that deal with these types of refi's? thanks for the help guys

The duplex is in Upstate, NY - so we get pretty harsh Winters. The property is a 2500sqft up & down duplex that we are planning to keep as a BRRRR investment. The area is a C / C- so we are avoiding dumping luxuries into the proerty that higher classes may demand. I am about to replace the two furnaces which haven't been replaced for over 20 years. My main question is will it matter to tenants if I get lower cost 80% furnaces or is it not worth the savings? Any advice is greatly appreciated

Thanks,

Joe

Sup BP! I just bought my 2nd property, a foreclosed 6/2 duplex that needs a good chunk of work about $40k - 50k in rehab. I bought the place via credit card cash advance @ 6%, a small loan @ 6.99%, and some cash. Rehabed comps in the area are on market for about twice our full purchase price plus rehab estimate. We need financing for the project. I CAN use credit cards but would rather not. I could also try for another loan from a local credit union. Is there a grace period expected between two loans being opened? If anyone can point me in a direction of ways to finance this deal I would appreciate it. 

Thanks Brent. Yes the wife and I are planning to house hack this particular property. It is a duplex.

Hey BP,

I have been looking everywhere for more information on this strategy. I am in the process of buying a REO property cash. Problem is the property needs about 40k worth of repairs before it is at its full potential. Comps in area are selling for twice the all in price currently. Anyways if anyone knows the official guidelines of using the 203 fha loan to fund repairs on a home that is already owned by one's self the info would be greatly appreciated!