All Forum Posts by: Steven Fitzen

@Patrick Faherty sorry for the delayed response. I ended up not moving forward with the company, not for any reason on their part just that a lot of the monthly returns weren't high enough for me to justify taking up that space on my mortgage roster, instead I'm focusing on multi families in San Antonio now.

Thanks Brandon! I'll get on it now.

Thanks Jerry! I appreciate the info. Could you elaborate a little further on the 2 year rental history requirement? 

I am an Active Duty Soldier, my wife is currently staying in Las Vegas, where I'm from. I'm trying to use the VA Home Loan to purchase a multi family property in Las Vegas, and I know that there is some kind of stipulation in which I can claim the income from the units toward my application. In Hawaii (where I am), the deal was you had to have three months of the mortgage reserved and the tenants would have to sign a year long lease in order for the lender to approve it, the only issue there was I don't plan on staying in Hawaii, I don't want to, and a 3 month reserve for a Hawaiian fourplex is significantly higher and less attainable haha. This arrangement came from what I guess you would call a non traditional mortgage lender since the lender I spoke to at Veterans United told me to pack sand, but more verbosely. I'm reaching out to the investors in Las Vegas who work with creative mortgage lenders, could you please recommend a lender you've used in the past? I'm making the calls, I'm running my finger down the list of VA Lenders and I'm sure I'll find someone but I figured why re invent the wheel when I know someone has had a similar thought before me. My next stop is the Marketplace. Thanks guys.

Lots of well intentioned comments, largely based on conjecture though since I think only one responder had actually worked with them. They have a $2,500 escrow deposit that is 100% refundable if a purchase isn't made before you can actually view their listings, things may have changed since when this post was originally written and now because my business parent has been corresponding with Mercedes back and forth since the new year. we're thinking about giving it a try, if for no other reason than to see what the business model is so we can emulate something similar in our own market. If we move forward with them I will post my experiences. 

@Mark Holencik Awesome Mark, thank you, that's exactly what I was looking for - it needs to be on the tax return. 

@Mark Holencik Sorry Mark, I appreciate your response, I didn't mean regarding paying taxes, I meant as claimable income toward qualifying for traditional financing.

@Brian Gibbons Yes that's exactly what I mean. I guess the technically correct term is using a master lease option, but essentially that's exactly what I mean, except instead of assigning the option to a new tenant, I would keep my interest in both sides of the transaction, until I had controlled the property long enough to claim it as income for traditional financing. I spoke to a mortgage lender today and he said that as long as I can demonstrate some kind of legal control over the property through a contract, after two years, I can claim that rental income as income regarding applying for a mortgage, although the way he explained it didn't inspire confidence. I know I can't be the first person who's ever thought of controlling a property through a lease option until I can qualify for an actual mortgage to purchase the property outright, that's why I took my question to the forums instead of direct to a lender who may have never heard of what I'm talking about. 

Realtors are allowed to purchase and sell homes as long as they don't mark the home, "FSBO," so assuming all disclosures are made to include the realtor investors agent status, a disclosure that this is not an agency agreement but a real estate transaction, and the necessary disclosures about what the seller could get vs what is being offered, why wouldn't an agent be able to assign his contract, since he has equitable interest in the form of a purchase agreement?