All Forum Posts by: Myles Kennison

@Eamonn McElroy Yes I agree but this happened long before I knew anything about real estate and even thought about investing. My parents are relatively new immigrants that didn't know the nuances of this deal.  The lender understands the situation but they just want documentation they can show their boss.  We are all better educated in this subject now and are correcting it but I'm just trying to figure out how to create the proper document detailing our situation.  

I created a loan agreement from a template stating that I have no obligation to pay the mortgage and my father has assumed all responsibility but I just don't know if that's the right answer to make this deal happen.

A few years ago, my parents placed my name on their mortgage and title so that if anything were to happen to them, there would be no issues about me getting the house. I am trying to buy my first investment property but my name on their mortgage is making it difficult to secure a loan for myself because my DTI is too high.

My parents pay their mortgage and I have documentation showing that they are the only ones that have ever paid on it and I have never touched it. The lender wants me to also have something in writing showing that my parents have legally agreed to pay the mortgage payments. If I have that documentation, they can treat my parent''s house as a rental property.

I just need to know what kind of agreement I have with my parents so I can use the correct template and get the documentation together.

My parents are in the process of refinancing their mortgage and removing my name completely so I don't run into this problem in the future but that will take some time and I need this done ASAP because I have just gone into contract.

@Steven 

@Steven Foster Wilson I rented it for $1950/month but I am going to raise the rate.  Within six hours of listing I had almost 10 serious inquiries.  These travel nurses seem to either use AirBNB or they look for a LL that does short term leases.  Short term leases are hard to come by and Airbnbs comparable to my property usually rent for $100/night. 

The condo was the first property I bought as just a place to live for myself. I then got married and needed a bigger place. I was going to rent it out under normal lease terms but discovered that my area has high demand for travel nurses and I could make more money tailoring my property to them. 

Investment Info:

Condo buy & hold investment.

Purchase price: $190,000
Cash invested: $6,000

2bed/1bath condo that rents exclusively to travel nurses.