The 1% rule can be very deceiving.

Right now I hold my license myself here in Texas as I do not need the support of a larger brokerage for my current purposes.

You can either put your fiance's name on the first property before getting the HELOC, wait until you have 2 years of income from your new employment, and/or wait until you have 2 years of rental income from the property to help in supporting the loan (or whatever your lender is requiring).

Download PDF Edit Report Discuss in Forums Other Actions $1,500.00 Monthly Income $786.67 Monthly Expenses $713.33 Monthly Cashflow 12.53% Pro Forma Cap $10,024.00 NOI $18,480.00 Total Cash Needed 46.32% Cash on Cash ROI 18.26% Purchase Cap Rate Expenses Income 50% Rule Total operating expenses: $664.67 Mortgage expenses: $122.00 Vacancy: $75.00 Repairs: $75.00 CapEx: $75.00 Insurance: $150.00 Management: $150.00 P&I: $122.00 Property Taxes: $139.67 $54,900 Purchase Price Purchase Closing Costs $2,500.00 Estimated Repairs $5,000.00 Total Project Cost $62,400.00 After Repair Value $80,000.00 Down Payment $10,980.00 Loan Amount $43,920.00 Loan Points $0.00 Amortized Over 30 years Loan Interest Rate Monthly P&I $122.00 Total Cash Needed $18,480.00

You will have to hire a securities attorney to work with and guide you through the legal structure as well as the legalities of the capital raise.Bottom line, it's totally possible to raise the funds, but you need to have the right structure in place and a track record to support it.

I am asking because I always come across discussions mentioning the 21 days rule, but never heard about the 60 day rule.This could have major implications, as by the 21 day rule, landlord would have to return the deposit by 07/21, and would potentially lose rental income for August, depending on the market, as rents are typically hard to collect after the deposit is returned.

At first glance, this passes the 1% rule, which I think is good for Houston? 

Make sure that your travel records are in good shape.You will make a major mistake if you wait until after the initial interview to learn the rules.The hours you spend as an investor reading reports and otherwise monitoring operations does not count for material participation purposes UNLESS you are directly involved in day-to-day management or operations.The IRS has learned that taxpayers seldom study the rules until after the initial interview, meaning that poorly informed taxpayers admit much in the first interview and then pathetically try to change their stories after they learn the rules (this is usually too little, too late).Goal here is to educate you, not overwhelm you.

.- just to give a sense of what kind of property i'm talking about, let's say the current plan is a 100k property in orlando fl. from what i understand, to pros of owning a condo is that most of the outside repairs are being taken care by the hoa, which means less troubles, downside is of course it will cost me 200-300$ a month (rough estimate, looking at the properties i checked so far) and from what i understand condos appreciation tend to go up less in time.so my questions boils down to the difference in repairs cost:- usually the rule i hear about allocating money to repairs is 1% of the house values. is that value the same for both condos and single family?

Airlines can deny a person certain kinds of emotional support animals.