All Forum Posts by: Matt Turbitt

I use PM TITLE as well, they are are extremely investor friendly.

it will probably be hard to find your states regulations but here a home owner and treat up to 10 sq ft of mold without the need of professional treatment, i had thought that was a fed regulation. I'd take some tilex to it and worry more about the water penetration, not the mold.

add a charge on top 'rent will be 700 per month plus 15 per person for water/sewer' if it can be tied to the property I want to always have tabs on it

are you a company?

there are plenty of great reasons to own your personal residence. most of it is market and personal asset based, what you can or cannot afford to be doing. in some markets it's difficult to own and buy investment properties, others it's not. if the concern weighing you down is d/I, use a commercial product that ignores ratios and only is based on the deal. For some owning is a better option especially if you buy like an investor. lower down payments, taxes, insurance, improvement potential, appreciation. here for example my first home I paid 715/mo and if I were to have wanted to rent a similar house it would be $1200/mo, only way to save there would be to go to a tiny apartment. Also, not all banks will ignore the rent you pay on your d/I when buying an investment property. the underwriters are still going to ask where they live and what they pay... Also gives you something to leverage when looking for funding for another house. lastly, for all those with the urge to simply quote rich dad and call it a liability, while he does discuss that, it's important to note that the point he is really trying to drive home is about living within your means...

some will, some won't, it may be because during underwriting they are going to look into where you are living and if you own or rent, they will see that you just came off the loan and it won't pass a sniff test and they will want to count your current mortgage debt against you even though you aren't on it anymore.

you may want to provide a few more specifics but assuming you mean you bought a house improved it, and sold it all in the same 12 months and not through a company.... then yes the gain is taxed as 'Active' income and is treated similar to w2 income for tax purposes. this rate will be higher then say, rental income which is passive.

Yes this is definitely a worth while strategy and very common to lock in an owner occupant interest rate before making the home a rental. In your case the keys worth noting would be if market rents are going to make this all feasible. Which will also depend on if your goal is cash flow or just a paid off asset. Also keep in mind you'll still need to keep 20% equity in this home when you cash out so hopefully you've accounted for this in the 60k.

Have you talked to union savings, first federal, or the savings bank? Even FC bank might give you favorable odds.

Do you do any reno yourself? its tough to spend 30k on a 150k house if you are picking 150k home finishes.