All Forum Posts by: Shawn Evans

The word "Church" is commonly used to speak about the building itself, but the bible says that the Church is God's people, having nothing to do with the geography or the real estate.  

It's a misnomer.

Demo away!

This is great Jim. Thanks for your help.

Morning guys,

I need your help.

My parents in law have 2 long term month-to-month tenants in their condo near Texas A&M. They’ve expressed interest in leaving in August, rendering it untenentable for a year (probably) if it’s Aug 30. 

Do we tell them we have not opted to renew the lease that month, and request they vacate by Aug 15, or do we have a year-long lease put in place, and turn up the rent by 20% compelling then to leave when we need them to?

Originally posted by @Jieh Larson:

https://arcweb.hcad.org/parcelviewer/

This is a handy tool if you want to explore an area. 

Outstanding. Thank you.

Could we plow the profits from the first investment property into funding platforms like Realtyshares, and still qualify for a 1031 exchange?

Thanks Chris.

Hi BP! I need your help. A family member is going to be selling an investment SFH, with the profit to be re-invested into a student housing SFH via 1031 exchange. Lord willing, my family is going to buy a SFH on an FHA 203K with the intention of rehabbing, owner occupying for 6-12 months, refinancing out of the FHA, moving into another place, renting out the rehabbed SFH to students, pulling equity out and Utilizing another FHA203k for a permanent place for my family. There are 2 goals: 1) plow the equity from the family investment property into something else for the 1031 tax deferment. 2) take advantage of the FHA 203K for the forced appreciation afforded by the rehab. Here’s where I need help: How can we best set up the SFH initially to meet both criteria? (entity type?) Does this family member need to be on title deed? Do we establish a notarized contract and nothing more? Shawn Evans

Hi BP! I need your help. A family member is going to be selling an investment SFH, with the profit to be re-invested into a student housing SFH via 1031 exchange. Lord willing, my family is going to buy a SFH on an FHA 203K with the intention of rehabbing, owner occupying for 6-12 months, refinancing out of the FHA, moving into another place, renting out the rehabbed SFH to students, pulling equity out and Utilizing another FHA203k for a permanent place for my family. There are 2 goals: 1) plow the equity from the family investment property into something else for the 1031 tax deferment. 2) take advantage of the FHA 203K for the forced appreciation afforded by the rehab. Here’s where I need help: How can we best set up the SFH initially to meet both criteria? (entity type?) Does this family member need to be on title deed? Do we establish a notarized contract and nothing more? Shawn Evans

Hi BP! I need your help. A family member is going to be selling an investment SFH, with the profit to be re-invested into a student housing SFH via 1031 exchange. Lord willing, my family is going to buy a SFH on an FHA 203K with the intention of rehabbing, owner occupying for 6-12 months, refinancing out of the FHA, moving into another place, renting out the rehabbed SFH to students, pulling equity out and Utilizing another FHA203k for a permanent place for my family. There are 2 goals: 1) plow the equity from the family investment property into something else for the 1031 tax deferment. 2) take advantage of the FHA 203K for the forced appreciation afforded by the rehab. Here’s where I need help: how can we best set up the SFH initially to meet both criteria? Does this family member need to be on title deed? Do we establish a notarized contract and nothing more?

Hi guys,

I've got some serious gratitude to the experts on this forum who have given some exceptional ideas on creative financing and giving explanation of the tools available -- thanks a lot.

Now, I need some help. I'm looking to owner-occupy a fourplex (not yet under contract) and would prefer to arrange for financing ahead of time. The plan is to acquire a distressed property, backed by an FHA 203(k). This seems the best engine to get into buy and hold.

While my credit score is in good shape at 793, the down payment is the major roadblock. I'm sitting on about $6K total after saving for quite some time, and I want to know who has had any experience pairing an FHA203(k) with one of the 1% down payment mortgage products available through FreeandClear Mortgage, Guide Mortgage, or MLS Mortgage?

Then I hear news that Freddie will no longer allow lenders to contribute grants to reach the 3% down payment requirement

I am looking for suggestions to overcome the down payment hurdle.  Any suggestions?