All Forum Posts by: Ty Coutts

Literally couldn't have said it better @Alan Asriants! A lot of my clients in Florida, North Carolina, Arkansas are still even finding cash flow positive opportunities too. Heck, even here in Colorado I personally just made my first house hack profitable and am moving into home #2 to do it again!

Can't wait to be there with you @Matt English!

I have quite a few clients that have investment properties in the area. I can certainly reach out and see who they use for their property management needs.

Feel free to DM our reach out to me directly and I can try to get you connected! 

 Thanks!!!

I have a well qualified client aggressively looking to buy in the Chattanooga area immediately. Would love to find a quadplex but I know that this is difficult in the area.

Open to any and all connections to help this buyer find a great deal!

Hello everyone!

Let me know if you have any recommendations for a good 1031 specialist in Colorado that doesn't mind hoping on the phone to answer some questions for my clients,

Thanks!

 Thanks for clarifying! 

If you are buying as a primary residence and it is a single family home, you cannot count any potential income. 

If you are buying a primary residence and it is a 2-4 unit, you can count the future income of those other units. This would be based off of a rent appraisal (1007) that you can request at the same time as your standard sales comp appraisal (1004).

If you are buying as an investment property, it doesn't matter how many units. You can always count future rental income. Again this will be based on the 1007 to get a good idea of comparable rents in the area 

Have you already been pre-approved?

Great question @Tony Kimbril!

It obviously depends on what you are trying to prove/accomplish with the rent verification. Are you trying to verify the future income of a property you are purchasing, or the potential rent income of your departing residence?

In the case of departing income most lenders will look to see if there is a signed 1 year (or longer) lease in place that matches a deposit of that same stated rent amount in your bank account and that will be all they need. If you do not have a signed lease yet, the lender can order what is called a 1004 appraisal that compares local rents for similar properties in the area.

That same 1004 appraisal can be used on future rental income for a property you are purchasing. This is most common in DSCR loans where the lender is only concerned with the mortgage being covered by future rents.

Let me know if this helped answer your question, and feel free to reach out to me personally with any other questions!

I personally am a numbers guy and love to see a fully laid out, easy to read pro-forma. Easy to follow comps, cap rates, and historical data are key along with some touch of the intangibles like where the path of progress is in that area.

Are you looking to grow as a wholesaler in Texas?

In my experience all wholesalers have slightly different practices when it comes to their costs.

I have a few people I can connect you with, feel free to DM me or call/text anytime!