All Forum Posts by: Cindy Konopasek

I currently am a co-borrower with my daughter on an owner-occupied property utilizing an FHA mortgage. I am looking to purchase a second owner-occupied property as a co-owner with my other child. Is this a feasible option? Am I eligible to be a co-borrower on two separate FHA loans?

I currently am a co-borrower with my daughter on an owner-occupied property utilizing an FHA mortgage. I am looking to purchase a second owner-occupied property as a co-owner with my other child. Is this a feasible option? Am I eligible to be a co-borrower on two separate FHA loans?

Matt,

Actually because the townhouse was purchased in 2009 the tax credit was $8000 and it does not need to be repaid if the house continues to be the primary residence for 3 years. Our daughter has lived there from Aug 2009 - current. Our plan is to form an LLC in 2013 and then she will use it as a residence and rental.

With your parents, do you have a LLC and then you are all partners?
My husband and I have another LLC, which is a sole propriertership, but with all three of us in the LLC then I think we need to be partners.
Just wondering.

Thank you again Matt.

Cindy

Matt,

Thank you for your reply. The stimulus package for first time home owners has been a bit of a grey area due to it being a one time thing that many (including ourselves) took advantage of. However, we really did not plan on what our options would be down the road. We are down the road 3 years now and ready to learn more about real estate. Wish I would have learned more sooner.

But you are correct, we have completed the OO requirements of the loan. So we will move forward as we learn.

Thank you again.

Cindy

This is my first post to this site. My husband and I, along with our daughter, purchased a townhouse. My daughter qualified for an FHA loan as a first time home owner along with the stimulus plan.

She has lived in the townhouse for over 3 years. She would like to rent out 2 of the bedrooms , like a "little" landlord. Since we own this property together, would we need to form a LLC, partnership, with a predetermined percentage of ownership, say 35, 35 , 30%.

At this point she would be able to deduct at least 30% of whatever percentage of the house is being rented out. (depreciation, expenses, etc.)

My husband and I would be able to use the other 70% for property tax and mortgage interest on our taxes. We make over 150,000 so other deductions (depreciation, expenses) would not benefit us at this time.

Our goal is to get our real estate license and become more knowledgeable in the real estate business so that we would be able to benefit from all of the rental deductions, as we acrue more rentals.

The only thing is that we are not sure if we can make the townhouse a rental property if my daughter discontinues to live there because of the FHA loan. Currently it is her primary residence.

I would appreciate any replies or suggestions regarding these topics.

Thank you,

Cindy