All Forum Posts by: Account Closed

Hi all

Moving out of my house-hack and hope to rent my home this summer.

Tried to be proactive and demonstrate responsible communication with my lender ( US Bank) to see if I could quitclaim my deed into LLC in my own name. They responded with, "this will trigger due on sale clause".

Question is, how long do do they give me after giving me the notice the clause has been triggered?

Do I do it anyway in hope what they said was an empty threat while having a backup lender available for the refi just in case?

Interested to hear others thoughts..

Thanks & Merry xmas!

Hey All

My roommate who happens to be my brother is leaving for the Army once he gets sworn in. I depend on his monthly rent to pay down the mortgage and other home improvements purchased on credit during the remodel.

My questions: If he had a lease signed with me from last August 2020 to July 21, 2021 (1 year) will the Army pay his portion of the lease?

Thanks to all in advance.

@Mario Cuartas

Being my first house I bought for a house hack was built in 1912, but here are a few things worth mentioning:

1. The bones - this is an absolute must to have a decent structure on your home. Look for crumbling or the cracking of the foundation as well as chimney type areas. My home is 110+ years old, so when I saw minimal movement by the chimney (<1/2 inch) it wasn't a dealbreaker.

2. Water drainage - usually a very fixable issue but can be the biggest force working against a house or even landscapes... ie Grand Canyon. Water that cannot drain sits, sitting water creates moisture, and moisture creates "organic growth". Fix the exterior drainage first and then the interior second.

3. The sewer line! Might be wise to get the sewer scope inspection. I have heard horror stories of people purchasing a property without getting that scope only to have to shell out an additional 10-20k on it!

Just a few but hope this helps..

3.

@Mario Bolivar

Hey Man, congrats on getting started early.

I was in a similar situation last January in which I had about 8k cash which I was planning on using as a down payment for a 3% conventional loan.

Thanks to down payment assistance, I ultimately ended up paying only 1000 to purchase the property while using the other money to invest into rehab on the home.

Might be worth your time to look into this!

GL!

What are your favorite or "must have's in your rental property rehabs?

A few for me:

• No paint sheen below satin. Must have semi gloss in bathrooms and kitchen.

• No carpeting. Hardwood or strong vinyl only.

• Quality countertops, i.e. quartz

@Lance Jorgenson

Yolo and buy SPY calls😅

No really though, I've been thinking of using a money market account or TIPS, especially during these times. Both have drawbacks to their advantages.

@Kaylee Walterbach

To receive a better initial deal, I wish I would have bought from a seller with more equity in her home since she was trapped in her mortgage.

No, but it will devalue it by about 22%, which is the amount of new cash the government has injected into the US economy since the beginning of Covid.

In the meantime, it's a great time to own assets, which 'should' appreciate due to the new cash pumped in.

Have you thought about parking your cash reserves in TIPS or some other form of liquid inflation protected asset?

Excellent info. Thank you. I will relay on

Hello, Trying to see if someone has done this before and has any tips and tricks or ideas. I am currently living in a house that I have a mortgage on in MN. I have rehabbed the place nicely, but wish to move to Boise, Idaho about a year from now. I hope to keep this home and rent it out while I am living in Boise. My hope is to use a conventional/FHA 3% down loan for a property to either househack or have a cheap mortgage in Boise. Looks like the bank in Idaho will not give me a loan due to my job being in MN. From what I have discovered, I will need to rent in Idaho for a few months and establish having a job there for a few months while also having the MN house rent out for a month before the bank will count its income. I realize what I am asking may not be possible, but, is there any way I can get an FHA/Conventional 3% loan while they count my current home's rental income before I move out and count my job in MN as income? I will still be getting a job in Idaho once I get there, but I would rather avoid the renting for a few months and moving twice.... Cheers! Nick