All Forum Posts by: Bill Regan

Hi Harmony. I'd say you are in the right place to learn about real estate!! If you haven't yet, go check out the Bigger Pockets podcast and listen to any of those that pertain to starting out. You will learn a ton and be inspired! The read the forums here on different strategies and pick what works for you. A few months of education will take you a long way! Good luck and enjoy the journey!

Bueller?

Awesome deal, congratulations on your continued success!

Hi BP Lending Gurus.

I'm less than two years into my base + commission job. I'm making some good money, very good credit, but understand a lender won't count anything but my base income for a mortgage. This wouldn't qualify me for much more than a condo in our market. My wife & I plan to house hack and have a property in mind with an in-law unit that has a lot of potential, needs some cosmetic updating and has been on the MLS a little bit now. They are asking 235k for it, our Realtor thinks its more in the 195k range really.

Some family members have graciously offered to finance this property (or another) for us.  

This would be ideal for this house as the in-law unit gives them a place to crash when in town and we can use it for vacation rentals other times.

I'm wondering what the best way to proceed with this would be:

They get a loan for a vacation home with 10% down that we reimburse them for.   Seems they'd get some advantages by being able to write off loan expenses, but higher closing costs.

They get a HELOC on their primary residence so we can make a "cash" offer on the house. Lower upfront fees, less tax write offs?

Or??

We would be taking a mortgage out in approximately 14 months to buy it from them.

Open to suggestions and feedback!  Thank you.

Hi Michael, my wife works part time from home managing vacation rentals.  She communicates with the guests during the booking process, organizes the cleaners, handymen, and spot inspects the units.  She does almost all of this from her phone and gets a percentage of the gross bookings for the month.  This is all through a connection we made with an investor here on BP!

In the short term there might be some value, but if you are looking to hold it long term it may be underwater.

You can always check out future predictions on sea level rise here:

https://coast.noaa.gov/digitalcoast/tools/slr

I've been using the Stash app on my iphone.  $1/month to buy ETFs.  Its a slick interface where you can invest based on your beliefs; ie "Clean & Green", or "Robots Rising", they even have a index for REITs.  

Hi. Just viewed a house today for a FHA financed house hack. There is a mother in law apartment attached with separate utilities, mailbox, kitchen, a/c. It is zoned SF. My question is can income from this unit (approx $650/mo) be counted towards the loan?

Hi. Just viewed a house today for a FHA financed house hack. There is a mother in law apartment attached with separate utilities, mailbox, kitchen, a/c. It is zoned SF. My question is can income from this unit (approx $650/mo) be counted towards the loan?

Looking at a house hack as my we re-enter the world of REI. Just looked at place today that will probably work; good neighborhood, feels solid, some recent updates (roof, electrical, h/w), but still room to add value cosmetically.

My question is about using an FHA loan and getting the future rental income to count towards the PITI. The house very clearly has a separate apartment with its own kitchen, a/c, utilities and meter. However it is not zoned multi-family, so I guess it is considered an in-law unit. Can this be counted?