All Forum Posts by: Daniel Allen

@Logan Allec Thanks for the reply. I see you are a CPA yourself. I am diligently studying at the moment trying to finish up FAR. 

Anyways, I appreciate your input. It seems that is the case based on the research I have done as well. I think the best thing for me to do at the moment is finish these exams, get the W-2 job, then get the FHA financing on my own. My lender told me literally to come back a month before I start my job, and they would approve me. This is what I will end up doing I am sure. Hopefully, there will be even better 4 unit deals at that time. Lets connect. I will send you a invite.

Hello Everyone, 

I here all the time how people are obtaining FHA Financing, and getting only 3.5% down. My situation is below:

I am finishing up graduate school and my CPA exams at the moment. I will be done in roughly 3 months. I have a job lined up at a public accounting firm, so income will not be in question. Lenders have told me that my credit score is great for my age. They tell me that I will get approved as soon as I start my W-2 job, however I am looking to get approved now if possible with a co-signor. I am looking to purchase a 2-4 unit property, and occupy it (House Hacking). I spoke to my lender about my dad co-signing for me, and they came back stating that it wasn't possible to get approved with co-signor and still only have to put 3.5% down. They said I would have to put 25% down in that case, yet I hear about people here on Biggerpockets in my same scenario getting approved with a co-signor. Sure I could wait until I get my job, but opportunities come and go. I have a property that looks great on paper at the moment, so I want to get approved, so the realtor will show the property to me. I have enough to put 20% down plus more, however I am trying to avoid that to keep some reserves. Credit is not a problem. I have significant income for a graduate student on my tax returns for the past two years. I have a pretty significant amount in equity/debt investments for a graduate student. I am in the Charlotte, NC market. Any FHA lenders have any advice or have experienced a situation like this please respond. Looking for any advice you can give.

I just want to move forward, and get into my first 2-4 property before I start my job, which is starting in 7 to 8 months. Am I missing something? Thanks in advance for anyone who replies. 

Daniel Allen

Mike, 

Yes, if I am understanding you correctly, you populate form 8582, then it calculates your deductible or allowed loss. This then goes to line 22, on your Schedule E. Your disallowed losses from last year is your passive loss carryforward. It should be included in the calculation on form 8582. Basically, your disallowed loss last year was equal to the amount of passive loss that exceeded your passive income. 

On this years return, your disallowed losses from 2015 will carry forward to 2016 return on form 8582. You can only deduct passive losses to the extent you have passive income. Any passive losses that you have in the 2016 return that exceeds your passive income will be disallowed as well, and carried to the 2017 8582, and so on. Hope his helps. 

Thanks, 

Daniel Allen 

Hey Mike, 

Just wanted to answer your question here. Schedule D is solely for the sales or exchanges of capital assets that are not reported on any other schedule, gaines from involuntary conversions, and a few other minor areas. 

Form 8582 is specifically for passive activity losses. If you look on your 2015 form 8582 on worksheet 5, there is a column for unallowed losses. This should give you your carry forward to 2016. 

Let me know if you have any other questions. 

Daniel Allen 

Hello, I am in the Charlotte, NC market. I am looking to implement the buy and hold strategy. I have yet to complete my first deal yet, but I am hoping to in the near future. My greatest obstacle is obviously getting the capital needed to invest. I have been able to save a good bit this year, but still not enough. I don't have bad credit I just don't have any at all yet. I am getting ready to graduate college, so hopefully I can build my credit soon. My question for you guys is below. 1. What are the best ways to finance properties for someone who is about to graduate college, and really has no track record? I do have a job if that counts for anything. I would love to find a hard money lender to use, then refinance into a conventional mortgage eventually.

Hello, I am in the Charlotte, NC market. I am looking to implement the buy and hold strategy. I have yet to complete my first deal yet, but I am hoping to in the near future. My greatest obstacle is obviously getting the capital needed to invest. I have been able to save a good bit this year, but still not enough. I don't have bad credit I just don't have any at all yet. I am getting ready to graduate college, so hopefully I can build my credit soon. My question for you guys is below. 1. What are the best ways to finance properties for someone who is about to graduate college, and really has no track record? I do have a job if that counts for anything.

Yes patience is key. It just gets frustrating after several weeks because I finally decided to take action by doing direct mail marketing, and haven't had any luck just yet. Do you know of any other marketing tactics that work as well as direct mail is portrayed to? Chaz Reid also are you in Charlotte or do you invest in Charlotte?

I have been sending out direct mailers to probates, absentee owners, and code enforcements here in Charlotte. Why can't I get a response. I have only received one call and it had a 150k mortgage on it.

Can you purchase homes going through the probate process using the subject to strategy?

I am looking to finance my first rental property. The owner is going to sell it to me if I can come up with the Financing. What's the best way to finance rental properties? If there is a way to finance without using my own money that would be great, but I wasn't sure if that would scare away the guy wanting to sell it to me. I could use some advice from you experienced landlords who purchase rentals all the time. Thanks to anyone who comments.