All Forum Posts by: Account Closed

I was living in my house for 5 years. Due to a new job, I moved to a new city in July. My tenant's lease started July 26th 2023. I got a letter from my county tax person on Sept 13 (see below). I don't understand how this is possible. What is especially troubling is that they have a photograph copy of the signed lease which my tenant had signed and texted back to me. So it's basically A4 sized printouts of the screenshots of the signed lease that my tenant had texted me.  The only explanation would be that my Tenant sent the county my lease. But why would she do that? Also, since I was in the house for the majority of 2023, I should still be able to claim homestead exemption. If I decide to not renew the lease, and move back into my house in July 2024, then I can continue claiming homestead for 2024 as well right?


Dear Homeowner,

It has come to our attention that you may be receiving the Homestead Act 50 on the above-listed
parcel which is currently not being used as your primary residence. We have also included a
copy of a lease showing a current rental agreement. You can not receive an Act 50 on a
parcel you are renting to another occupant.

According the State Statue of this Act, you are only entitled to receive this tax relief on your
primary residence and no other property. Any person who knowingly files an application which
is false to any material matter shall be subject to payment of taxes due, plus interest, plus penalty
and shall be subject to prosecution as a misdemeanor of the third degree and a fine up to $2,500.
Please see the enclosed form to remove the Homestead Act if you no longer meet the
qualification. If you have any questions, please feel free to contact...

it's expected 900% in certain way that unemployment would raise more than current 3-ish to 5-ish next year and higher chance of recession signaling Fed to post 75 bps rate reduction in 2024, question would be whether unemployment would affect residential real estate or not ?

would not surprise if younger kid would go back to live w/ their parent, would not surprise also if househacking would be more relevant as that's the only tools for homeowner to go against job losses ..... life may go to normal in 2025.

Hi everyone,

I found a lender that lends 30 year fixed with only 10% down and waive PMI on 1-4 unit INVESTMENT PROPERTIES. I believe they hold the loan in house which is why they can offer such favorable terms.

The issue I am having is I am a newbie and they are being strict on how much they will lend me because of no experience as a landlord even though I have 800 credit and make a high salary with a low debt to income ratio. They will not even consider the future income in their underwriting of the actual investment property. 

Bottom line, should I buy a cheap property in a not so great area with the money they will lend just to get my foot in the door with the lender with the amount i have been preapproved for? The amount I would have to put down is peanuts and the monthly mortgage/taxes/insurance would also be very easy for me to cover even if both the tenants stopped paying rent on day 1. I would also cash flow very nicely right away but like I said the area is probably a D-class area and I do not think there will be much appreciation.

My thought process is if I do a loan with them, I can gain trust and they will be more lenient in the future because I will then have "experience." A lender that offers 10% down and waives PMI on investment properties up to 4 units that wont be owner occupied is unheard of which is why I am so concerned with establishing this relationship with what they are willing to loan me. I have another lender that is way less strict and would loan me pretty much whatever but will be more traditional with down payments of 15-20% on single families and 25% on 2-4 units.

What do you think I should do? And thank you for any advice anyone can provide in advance.

I’m looking for a mentor who is experienced in multifamily! I’m ready to make some moves and would love some advice. Whether paid or not. 
please reach out with suggestions on how to locate a mentor. 

Thank you 

How much money can I make pretending to be a real estate guru. Sure, I have success under my belt and have considered whether doing real estate training where I  don't deliver real value to offer much more profit. Should I take this on in my area.

I know of several foreclosures that did not sell at auction and would like to contact the bank directly. I cannot identify any direct contact information. Is there a master list of banks and contact information anywhere?

My wife and I are selling a small, old church that needs work. Today, we received an offer using seller financing. I have never offered seller financing before when selling a property and am curious if anyone has tips/ things to avoid. Thanks!

Hey everyone!

I started my business 7 months ago and I'm looking to get into the rental game. However, I have come to find out that most lenders would like at least 2 years of tax returns to get approval for a loan. 

Maybe owner financing or an all cash purchase? Are there any ways around this?

Thank you!

Hi fellow investors,

I recently inherited a fully paid off investment property, I estimate it's worth $500k. It is currently cash flowing $1300 a month. I have student loan debt from grad school with a balance of $160k, and the monthly payment is about $1100 a month with 17 years left on the loan. I also have a primary home and high child care expenses for my young children. I'm in my early 30s and am wondering what is the best way to use the investment property to improve my financial situation and what's best for the future. With my current job, I make enough to cover my mortgage, student loans, child care expenses, and I'm putting about 7% into my 401k. 

Any thoughts on what to do with the investment property would be greatly appreciated (keep it, pull out equity, sell it, etc). Thanks in advance.