Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Ty Goulding

Ty Goulding has started 5 posts and replied 12 times.

Me and my wife have been in the process of refinancing two duplexes and have come across a unique problem.  I’m curious if anyone has had this issue before and hopefully gotten around it. 

We have been denied for cash out loans on these two properties twice now. The loan makes it to underwriting and they shoot us down. Apparently in Fannie mae’s guidelines if you don’t own a primary residence or show a housing expense you cannot apply your rental income towards qualifying for the loan. Which makes our debt to income un-lendable. 

We are living in a property that is owned free and clear by my mother’s family. We have a right of first refusal to buy it. However we can’t purchase it currently because my aunt has legal right to it as long as she is living. She is in an assisted living center and utilizing Medicare. Therefore my mother’s family can’t collect rent from the property or sell it or else Medicare would take the property. 

Because of all this we can’t show a housing expense and don’t qualify to refinance. We tried re applying showing housing expense because we pay utilities and upkeep, which is housing expense but apparently doesn’t qualify. Would be really curious if anyone has any insights. 

We were hoping to take the refinances for down payments on multiple short term rentals with partners. 

Post: Tenant offering higher rent?

Ty GouldingPosted
  • Rexburg, ID
  • Posts 12
  • Votes 6

Great perspectives on having the lease go longer than a year. It’s true you never know how long people will really stay. Have always liked them for the ability to renew or move on, and that is what we told them we would like to do is review after a year.  We ended up finding out that the party offering higher rent had just been fired. Oops! Guess they didn’t want to mention that.. but we had another group actually pay the higher amount because of pet rents.  This just caught us off guard we felt like we had priced it fair to the market, and thank goodness haven’t had a vacancy this year or even missed rent. So we were blown away by the amount of interest. But say you had candidates that were in every aspect equal. One offers higher rent, would you ever create a bidding situation? Or give them the chance to match the rate? I realize this is hypothetical but humor me! Say you like the one offering lower rents personality more or something. 

Post: Tenant offering higher rent?

Ty GouldingPosted
  • Rexburg, ID
  • Posts 12
  • Votes 6

As far as I am aware this is legal, I am located in Idaho. I have a handful of applicants that are willing to pay above what the unit is listed at because of pet rent, and one group even offered higher base rent. However from the sounds of things they would be more like year leases. Here is my question, I have a family that is very interested in the place. They want to stay for two years, is it wrong of me to let them know if they want the place there are higher offers of rent? I wouldn’t expect them to pay the amount the other group offered since they are staying longer, and that has value. What would you do? I’ve never had this problem before. 

Post: Multi families in college towns

Ty GouldingPosted
  • Rexburg, ID
  • Posts 12
  • Votes 6
Pat McCandless sorry that was my autocorrect. I meant the town south. We bought 30 minutes south of the college town.

Post: Multi families in college towns

Ty GouldingPosted
  • Rexburg, ID
  • Posts 12
  • Votes 6
I was looking to buy my first in a college town, once I found my banker he recommended the twin south of the one I was looking at. Turns out that was a great move, because I can still rent to the students but cash flow is better in the town I bought in. I don't pay anything other than mortgage, insurance, taxes. Whereas in the college town they expect water/sewer/garbage and even Internet sometimes. With the turnover you can't not pay for those things there.

Post: Starting out!!

Ty GouldingPosted
  • Rexburg, ID
  • Posts 12
  • Votes 6
Depending on your state laws you will inherit your lease from seller. Write your own! Our tenants bailed after a month. I think because we were younger than them. But it's a great way to start. Stick to your lease. Your tenants will test the waters with you and you need that lease to follow like gospel. I have absolutely loved doing this. Only thing I would have done differently is bought a four instead of two. But I wanted in the game and with other circumstances our two works well for us and has awesome cash flow.
I'm still learning to tag and what not in forums but yes Colin, we bought it for 140,000, have put around 5,000 into remodel and a lot of sweat equity! Looks brand new inside and the units are huge. It's 3300 sq ft total so we had great room for adding value. Our mortgage is 625 and after pmi, taxes, insurance total costs are 930. I'm pulling 12% for vacant and cap ex. So far 10% vacancy is what we are looking at even with remodeling. After our year is up and we rent both sides out we will be pulling close to 700 a month from it to put towards our next.
We did it! Thank you Bigger Pockets! Me and my wife successfully bought our first duplex while both working and going to school. When we first bought the place with an FHA loan our inherited tenants were paying 640 a month. First month they wanted to pay late, second month they informed us they were moving out in a week. Needless to say we learned some great lessons right up front! So after ditching them we finished a remodel on one unit and just signed a lease with new tenants for 850 a month! Caught the bug and loving it! Thank you for all the shared experience on this awesome community!

Post: Which one??

Ty GouldingPosted
  • Rexburg, ID
  • Posts 12
  • Votes 6
Very good point, simple enough. It's too bad he has such great credit and his girlfriend's is a wreck. Thanks for the input!

Post: Which one??

Ty GouldingPosted
  • Rexburg, ID
  • Posts 12
  • Votes 6
Okay this is my first time screening and selecting tenants. Me and my wife were able to buy a duplex, renovate, and raise the rents a considerable amount. We currently have two sets of tenants we are screening. One couple is very clean cut and very nice, both good credit and incomes, their downside; they want a nine month lease vs a year. The next couple want a year or more, the boyfriend is a very respectable guy. However I have not met his girlfriend, his credit is great but hers is poor due to having collections. From someone with experience what would you do? And how do you break the news to the other couple?