All Forum Posts by: Debra Muth

I am new at investing and am trying to find a way for my daughter to keep her first house that is 685 sq ft 2 bedroom as a rental and buy a second house. The bank is saying because she has an FHA she cannot keep the first house and buy a second with an FHA. I thought you could have up to 10 FHA properties now. She has lived in the first property for over a year so she can sell. She doesn't have 20% down for the next property and doesn't have 30% equity in the first house which the bank is saying she would have to have in order to make this work.

I am sure someone knows how to make this work. What am I missing here?

Thanks that makes sense, I am like you I would like the cash flow. I do see some benefit for trading up and getting the tax benefit as well.

I know several people who have bought properties and kept them until they were paid off and sold them. Their plan is that they no longer get depreciation on this so it made sense to sell. One bought a new property and did that all over again.

I can see the tax benefit to this but what about the revenue you would get once it was paid off.

What do others think about this?

I have been listening to podcasts and now am really excited about looking for a flip. this is inspiring and freeing to know that this group of people here support you so much and are willing to educate you! Thank you Bigger Pockets.

Congrats! this is an awesome story, I have not heard the term peer to peer lending. Can you point me in the direction to learn more about this?

yes 

I am looking at putting an offer in for a rehab in a college town. The retail value after rehab would be 91K, the bank is asking 65K, I am putting an offer of 26,600. I think I will need to put in about 15 K in work to bring it up to a rental property. Does anyone have any comments about this valuation?

I'm into day 5 and still no information about the offer I put in. Waiting patiently, hope to hear soon. The Realtor took longer to put the offer in so the final piece to the offer is going today. 

I am on my way the goal is 2 a year!

I was not aware that I had to have 6 months of mortgage payments in a reserve for every property I owned investment or private. Has anyone heard of this before? With my other 3 properties I did not have to do that before.