All Forum Posts by: Samuel J Claeson

Has anyone had experience with a Home Possible Loan? According to a lender I recently spoke with, you are allowed 5% down and must owner occupy for 1-year. The catch is that there are income limits on certain geographical areas. 

-Sam

@Michael Doherty Thanks for your input! Is it difficult to get a second FHA with a change in family size?

Sam

Thanks!

@Kim Burke Hi Kim. Thanks for your input! Is this ubiquitous with mortgage lending? Or would this be a case by case basis, depending on the lender? In other words, if I own a MF home with FHA (under mine and my wife's name), it's impossible to find a loan that is less than 15% down?

Thanks in advance!
Sam  

Hello BP,

My wife and I purchased a MF property using an FHA loan (owner occupy/3.5% down) back in November 2017. We want to buy and owner occupy a second MF property this November. What type of loan/strategy would be recommended to purchase our next property?

Our realtor explained to us that we could use FHA on our 2nd home and then use a conventional with 5% down on our third....? However, after researching, and chatting with others, this does not seem like a feasible route....

We would also like to buy a 3rd MF property in November of 2019. 

Any info or advice would be greatly appreciated!

Thanks!

-Sam

Thank you all for the advice! Much appreciated!

Thanks for the advice, @Linda S. I actually inherited this tenant and unfortunately there was not a pet deposit.  I have also already found a new tenant, so I don't mind the time an effort to figure out what I can/can't deduct.  If this wasn't such a filthy and inconsiderate thing to do, I wouldn't deduct anything from her deposit. 

Hello BP members,

I had a tenant move out on February 28, 2018 and she dumped a LARGE pile of kitty-litter (with cat feces) in a large woodchip garden bed that is attached to the home (we also took photos for evidence).  I'm curious how I can deduct this from the tenants security deposit?  This took my wife and I several hours to clean up the kitty-litter.  Can I charge the tenant for the unsanitary labor that my wife and I did? And if so, how do we charge for our hourly labor?  I should also note that I gave the tenant a formal move-out checklist prior to her move-out date explaining that if the rental unit and outside area is not appropriately cleaned, that a cleaning fee may be charged to the security deposit. 

Any advice would be great!

Thanks,

Sam

Thanks! 

Hello BP members,

The past several years I've simply used TurboTax when filing my taxes.  However, now that I own and occupy a multifamily home, I feel as though it would be beneficial to work with a tax professional that has experience with real estate investing.  Do any members out there have any recommendations for a tax professional in the Minneapolis/St. Paul, MN area?  And advice or recommendations would be appreciated!

Thanks,

-Sam