All Forum Posts by: Becky Smith

@Don Spafford this is what I am hoping for because there is no gaps in payments or tenants for the last 2 years besides the recent months for that 1 tenant  . And I did just learn that the full amount is coming in soon from assistance , but could take up to 60 days to receive/

So I am under contract buying a new primary residence , and I have a couple rental properties. At one of my properties (a duplex) the tenant didn’t pay January , February, and probably won’t pay March. I live in Oregon so the law right now is if they applied for assistance you can’t evict for non payment of rent. She did apply for assistance.. no word yet if it was approved or not. Anyways, I didn’t even notice until recently she wasn’t paying and my dream home came available and I got a pre approval and it’s under contract. Now that I realized she hadn’t paid in a couple months , will the lending fall through ? The income from that rental was factored into me qualifying for the new home. 

I live in Oregon and have a few rentals, but I am wanting to venture out and buy and rent out some properties on the east coast where houses are considerably cheaper so I can scale at a much faster rate. I am having a hard time finding a lender to do this. Since I am not local, I do not have a relationship with credit unions in the area I’m looking to buy. What are my options? 

If my husband got another job how long would he have to be there prior for the lender to count it

My situation

My husband and I are in our early 20's and we have a young child. I manage the apartment complex we live at so we get free rent and are able to save. My dad manages/owns a large property management company (so he would be my real estate agent). We have 11k right now and want to save for maybe another 6 month - a year and get up to 20k. We both have OK credit (660 approximately) and I am a stay at home mom, and he makes about $2,500 a month. We really want to get a duplex... what are our options?? What would be the most beneficial?  Living in 1 side for a year? Saving up enough to do an investment loan? What would be the biggest tax benefit? Could we even qualify for any loans? What can we afford ? And any other info would be awesome. 

so this might be a dumb question. But I'm looking to buy a duplex and I'm going to try and get an investment loan opposed to getting a 3.5% fha loam and owner occupying... but I was just wondering if the tax benefits are different and if so what Is the difference.

My husband and I want to buy a duplex and rent out both sides, and we have 20k saved up. We get free rent where we live now and would like to continue living here and rent out both sides of the duplex, but everywhere I have read said if you will not be living in a side for a year you will have to pay 20-25% downpayment. Is there ANY way to get around that besides living there???