All Forum Posts by: Michael H.

Hi Andrew,

Its because we are buying a duplex, and the FHA down payment is 3.5%. conventional was much higher. we will be living in one of the units for atleast 1 year, and renting out current SFH

Update, In texas you can not exclude your spouses debts. you can only keep the spouse off the loan if your income alone can support the combined debts plus the new loan.

@Nathan G. Underwriter doesnt want 3 leases showing, say, 600 a person. They want to see one lease saying 1800, with a minimum of 12 month intervals.

@Cameron Tope SFH with 3 tenents

so a lender informed me before my next purchase Ill need to get a master lease in place, with all tenants on a sub lease of the master. I'm in Houston, Texas

I only have a standard Texas lease.

Any help would be great!

@Sandy Gabin no, stick to the lease. Blame the lease, blame your lawyer, blame the city permitting.

If I did do something like that, I would have my contractor do it, and then build it into her rent. So I can ensure it was done correctly

Hello again BP family,

Ive got a hot one here, My younger brother has operated a construction style business for several years now...under the table. After my repeated nagging, and teaching him what opportunity costs are when he cant take profits into the stock market or real estate, hes now ready to do the right thing.

I gave him books like the tax and legal play book by Mark J Kholer, I can advise him on what to do once hes made money but I cant seem to find a step by step starters guide on the very basics of claiming and paying his taxes.

Any Book recommendations?

Thanks!

Unit 1 - 3/2 with 5 people and 3 dogs living in the unit. month to month lease paying 1050 a month. guy is nice but they have a ton of clutter. as well as dogs that are not on lease. resident for 2. years. always paid on time. fixes things himself. hes a maintenance guy at a commercial building. havent seen credit or BG yet.

Unit 2 - 3/2 with older disabled lady, 20 something daughter lives with her. small lap dog as well. shes paying 889 a month. resident for 12 years. pays on time. nice and unit is well kept and clean. daughter and dog not on lease. month to month lease. fixed income. uses a walker. mentally sharp. havent seen credit or BG yet.

Rental Comps are 1200 to 1400 a month. both units are well under market rents. I self manage (for now)  owner had the property for 20 years, didnt manage it well, no one is screened properly. my wife and I must occupy the property so one must go. this is a class C community. inspection shows the systems and roof of the home to be in good shape.

what would you do?

Thanks BP family

Im in Houston Texas. not in a flood zone. I have a SFH I rent and every Carrier I ping doesnt offer insurance for 2 to 4 units. duplex under contract and I need to get quotes to the lender NOW!

Thanks BP family 

is it possible for a lender, in Texas, to get a mortgage using my wifes credit and income only? our current mortgages are only in my name, not hers. WE have Identified a property and need to get approved fast! is it possible? this is for a FHA (neither of use have had an FHA before and we will be occupying the property)

*sorry for typo in title, it wont let me edit*