All Forum Posts by: Sarah Brown

Get a good agent on your team to help with ARV. You need to know what houses sold for, not what they are listed for. If you are in a disclosure state, then it should be public record and you can do it on your own, but that can be time consuming.

Splitting hairs.  I suggest you talk to your broker about this.  You said you can’t wholesale, but what do you think you are doing when you put it under contract and market it on another venue? 

I group my rentals into LLC's. For example, each LLC would have 5-7 properties. I wouldn't want to manager or track hundreds if I could avoid it.

I am honesty not sure the rate of PMI on the conventional. I usually use .75% and it gets me close. A lender in your area would definitely be able to answer that though. I would encourage you to reach out to a trusted lender and have them do a workup for you on both programs on a single property so you can compare the two.

In order to petition to have the PMI removed, the LTV needs to meet the 80% mark. If your area is having limited appreciation, it won't work. Many areas are having huge amounts of appreciation right now, but if it takes two years, it's still cheaper than paying PMI for eternity (or until refi). You would just need to call the mortgage company to start the process.

There is an affidavit the tenant has to sign stating the financial hardship is for COVID and that they have tried all other resources to obtain rent funds without success.  Whether or not it is mortgaged doesn't matter.  

I find FHA to be a more expensive option. It's nice option for little down, plus if your credit is less worthy, but that PMI is permanent until you refi on an FHA. On a conventional you can petition to have it removed in a year.

Depends on your goals and ultimately what you guys want to do.  I would start with doing the math to see if it will even be worth renting out and then go from there. 

There is nothing to say that you can't have a lease on two properties.  I would recommend calling your attorney.  Depending on what state you are in will depend on your course of action and what you are allowed to do.  In the mean time, I would remind him that he is being charged for every day he is not gone.  I would also keep an eye on the property to see if there is any chance that he simply abandoned his stuff there. 

It only has to be your intent to stay there for one year.  If you try to apply for another mortgage within a year, then yes you will likely flagged for mortgage fraud, but not just moving. 

It depends on your goals :)  Personally, I like house hacking because the financing is cheaper, and then upgrade from there.