All Forum Posts by: Shaun R.

How much money could one expect to get from a typical bank with credit scores near 800 and pretty decent assets?  

I'm a real estate agent and I do a lot of work with this one lender.  Let me try and make this story as short as possible and then I'll ask my question.  I have a client that owns a house, but after the big flood we had here in '16, she moved out of that house to go help her mother rebuild from the flood.  She has been living with her mom since then, and has a renter in her first home.  Her original loan on that house a FMHA loan and she has owned the house for about 4 years.  

I had her pre-approved with my lender for an FHA loan. Originally he said she couldn't get an FHA loan because she hadn't reported the rental income on her taxes. Then, later he said that wasn't a problem and that since she could show the monthly deposits in her bank account and had a lease agreement that it would work. So we go write an offer on a house for her and get it accepted... the next day the lender calls me and tells me he can't do the loan because there is some "new FHA regulation" that says she has to have 25% equity in the other house.

I don't believe that this is some new regulation that just went in effect this month... I did a search on google and found a post on this site from two years ago where someone mentioned needing 25% equity in your first home if you're getting an FHA loan.

So my question is this... when this guy tells me about some new regulation where can I go to find exactly what it says, in writing, and see when it took effect?  

I’ve got a lender out in the Mandeville area that can do a conventional for a rental at 15% down, but you’d have that pmi you don’t want to pay.  That’s the reason we just did 20% when we bought ours with her.  

I am a real estate agent right outside of Baton Rouge and the company I work with is just getting into property management.  I am actually the one that is getting it started. 

I did come across the show with Jesse McCue and enjoyed that one.

I’m getting into managing properties for other people. Does anyone know of any particular BP podcasts that focus on property management? I’m ready to do a deep dive on the subject and build up my knowledge base.

Getting ready to delivery a Notice to Quit to a tenant for the first time.  I've looked around online and I can't find an answer to my question...

In Louisiana, if no one is home when I deliver the notice, can it be left on the door for the tenants?

Well none of this may matter.... they paid $1200 of the $1500 rent before it was due... but now the other $300 plus late fees are late and I'm getting ready to give them a 5 day pay or vacate notice.  

I tend to think I need to hold her to the lease also.  Maybe I should have mentioned this in the original post, but I'm wondering if there was some violence involved... which is why I'm asking.  Her email mentioned the "bad breakup", and she said she's still at the house, but was scared he would come back.  I replied to the email this morning asking her to call me to let me know exactly what's going on, but that if she feared for her safety that she should call the police first.  

I've got new tenants that have only been in the house for one month. It's a couple and a roommate in a 3 bedroom house. I see the girl in the couple emailed me asking to get off the lease because she and the boyfriend has a "bad breakup". All three of them are on the lease, and she makes as much money as the other two combined.  Without her income they wouldn't have qualified for the home.

How do you handle this situation? Obviously I can't make her stay in the house if they breakup.