All Forum Posts by: Mike Matern

@John Thedford - No.

Thank you all for the input!  Very helpful.

@Kim Meredith Hampton - Do you know where in the Statutes it dictates that 30 days notice must be given?

I have a fixed term single family lease that is set to expire on March 10th.  Per Florida Statutes 83.57 I know that termination of a year-to-year lease without a specific term requires 60 days notice but since my lease DOES have a specific term ending March 10th is there any notification requirement on my part as the landlord prior to that date?  Florida Statutes 83.575 speaks to the landlords right to require a tenant to notify if not renewing but I don't see any requirements on the landlords part.

Any help/input is appreciated! 

It's been a while since I've replied to this thread but to anyone who is still following, I've been thinking of how to go about this and here's my thoughts:

What if I take out the personal loan now (5 months before my projected purchase date) and use the funds from my personal loan to pay my regular monthly expenses which are for simplicity $5k per month.  If I get a $25k personal loan, then in theory the funds from my personal loan would be exhausted by the time I go to apply for the loan for my purchase.  In the mean while, I'm saving my regular income which I would have been using to pay my regular monthly expenses.

So by the time I go to buy the home I'll have enough "saved" to cover my DP and reserve requirements, I'll have used up all the funds from the personal loan and I'll have about $24k remaining balance on my personal loan (which I'll pay off with my reserves after closing on the home).

Does this reasoning make sense to any of you lenders and would it be an accepted method of showing proof of funds?

Thanks all for the feedback!

@Zack Karp - I can get 15% down even though it is a non-owner occupied rental with FHA? I thought FHA only applied to owner occupied properties. Also, are you sure the personal loan can be used as down payment funds? I've read on lendingtree.com since posting that:

"Because personal loans are unsecured, most mortgage programs do not allow them as sources for down payments."

I'm planning on buying my next rental property at the end of this year using conventional financing.  I currently have 2 rental properties, so in addition to the 20% down payment I will also need to show proof of funds for 6 months reserves on all 3 properties.  I will be able to save almost enough by my target date to cover the down payment but I'm considering using a Personal Loan to cover the rest.  I know there is a seasoning requirement for funds so i plan to have the personal loan in place at least 2 months before the purchase and then show those funds in my account to cover the rest of the DP and reserves. Once I close on the house, I plan to pay off the remaining balance on the personal loan.

Does anyone see any potential issues with this?  Would the conventional lender know or have issue with me using a personal loan as DP/ reserve funds if it took place before their seasoning requirements date?  Would it show up on my credit report and send up a red flag?

I am trying to leave my apartment and transfer full responsibility to my roommate for the lease.  My roommate, a leasing staff member and myself all signed a "Roommate Release Form".  After it was signed, the leasing staff member asked her manager if everything was good and the manager said "No, he isn't off the lease.  You shouldn't have done that." and they refused to give me a copy of the paper.  I feel if all parties have signed this document then I should be free to go.  I went back to the office today to ask to see the paper and they tore it up in front of me.  Seems very sketchy.  Do I have any kind of legal action that I can take since they destroyed a document we all signed?  Should I go back with a lawyer to try to get them to sign another copy of the form?

I think we may go the "co-borrower" route. Thanks all for the advice!

Thank you for the responses. I am looking to live in the property so it sounds like I should have my parents "gift" the money to me and then finance the remaining balance myself?

I'm trying to purchase a duplex with my parents. They are considering getting a HELOC on their current home which is paid off in full. The duplex is for sale for $300k. Is it possible for me to get a conventional loan for $150k and use their HELOC for the "down payment" of $150k?