All Forum Posts by: Nolan Mahoney

So i used to live in my own apartment for a year but had to move back in with family for this past year and i have saved enough for a fannie mae 5% down residential multifamliy building. Now im reading that i need "a current housing expense (paying rent)" in order to use the rental income to help qualify. (Source - https://thisismortgage.com/fannie-mae-5-percent-down-multifa... ) Is this true for all lenders? are there any work arounds for this? does this go for FHA aswell?

TIA!

 The tenants will pay through avail, so i want the rental income from Avail to automaticaly transfer into my new savings account and then dispurse funds to where they need to go. 

Hello, 

Im starting my first house hack here soon and im debating weather i should sign up for a buisness savings acccount or start a separate personal savings account for my tenants to pay rent to. (im using Avail for property management and as a program to collect rent) I went to the bank today and they said i must use a buisness account for tax purposes and i would need to start a sole proprietorship or an LLC to set up the buisness account, even though the building is going to be owner occupied by me. Is this true what the bank is saying or could i just go to another bank and ask to start a new personal savings account.

Anything helps, thanks!

Hello, 

Since marijuana is recreational in IL im a little perplexed on how i should go about it in my rental. Since its legalized i cant ban the use of it onmy property right? Also in the lease agreement i have a no smoking policy because i dont want anyine smoking anything inside the unit. Are my hands tied here because marijuana is legal now? can i at least put in the lease that smoking can be done outside the unit with an ash tray and all ashes, butts must be thrown in an ash tray after use?

Hello, 

I am a new investor and looking for a 100% online service that collects rent/pet fees and transfers the money to my account and aslo somthing that the Tenant can request maintnence with. My old apartment that i rented had somthing like this but i cant remember the program. 

Anything helps. 

Thanks!

 Im in the same boat lol.

Hello, 

I am looking for some recomendations on insurance for a first time house hack. Im looking to get "full replacement coverage" and looking to get liability coverage as well. If anyone knows a good insurance company i'd love to talk with them or anyone else who is knowlageable on this subject. Im open to any sugestions about policys. (Im in the Chicago land area btw)

Thanks.

hello,

Im looking for some advice on Landlording while working the 9 to 5. for example what do you set your office hours at? how would you have your Tenants reach you while at work? Im just brainstorming situations and salutions to help manage the inevitable.

Any input would be gteat. Thanks!

 Yes this would be a salary job only. the gap in working days would be at most one week (most likley orentation days may set a little off because of Christmas) but i would not be out of a job. once i get confermation that i have secured the new job i would be giving the old one two weeks notice that i quit. 

Hello,

So i am planning to get Pre-approved for for either a FHA loan or a 5% conventional comming within the next few months, and i have a good job opportunity that would raise my income. I dont plan on taking any time off in between jobs. Would this disqualify me from any of the loans? from what i understand is you must be employed for 2 years in your job history, not 2 years at the same company.

Any insight on the subject would be much help. Thanks!