All Forum Posts by: Derek Schetselaar

Hey Jaron! It looks like it's takes affect in April for Fannie Mae and March for Freddie. Close quick haha. Nice job sneaking in last second. 

Interesting! Thank you guys! 

Hey Guys! With the recent changes from Fannie/Freddie requiring the first mortgage being paid off to be at least 12 months old in order to do a Cash Out Refi. 

How does this change your strategy? 

@Chris Hill Congrats on the success man! 

Great suggestions so far! I especially like the suggestions to stay the course and keep on the "boring" part of what you know in real estate. I think there is great power in the system that you have perfected. 

I would also consider the area that you are investing. When I grew up Ogden was the boondocks, but with home prices going up in SLC Valley and UT county is has pushed more and more people out to Ogden, Syracuse, Layton etc. I don't think that will stop with the increased building in that area. 

Yes I think diversification is mightly important, but the risk would also be very small if you were living off 10k of the 20k you make monthly with all the houses paid off that I think the diversification risk minimizes. 

Hope this helps man! 

Got it! That is helpful man! Appreciate the insight.  Do you know if I got my RE license if that would be a workaround? (if I didn't practice) 

Hey BP,

Question for you guys. If anyone knows a good real estate focused CPA too. Let me know.

Looking at buying a duplex, (second property) and writing off the depreciation on the property

As this would result in a loss for the year, I want to see if I can deduct it against my w2 ordinary income.

https://www.biggerpockets.com/...

This article is helpful, but I can't find anywhere where it talks about what is included in a "Real Estate Professional." Does that only mean Real Estate Agent, or can a Mortgage Guy be included in that classification.

Thanks for the help!

Hey BP, 

Question for you guys. If anyone knows a good real estate focused CPA too. Let me know. 

Looking at buying a duplex, (second property) and writing off the depreciation on the property

As this would result in a loss for the year, I want to see if I can deduct it against my w2 ordinary income. 

https://www.biggerpockets.com/...

This article is helpful, but I can't find anywhere where it talks about what is included in a "Real Estate Professional." Does that only mean Real Estate Agent, or can a Mortgage Guy be included in that classification. 

Thanks for the help! 

@Andrew Alday

Hey Andrew! 

A couple things: 

1) With a job offer in hand you can actually use that income 90 days prior to the start date. Lenders like seeing paystubs, but it doesn't require that. 

2) The VA loan would a super good choice with the Duplex. You should be able to go up to 100% of the purchase price even on a duplex. Much better than a FHA loan.

3) On the VA loan, you can also use the BAH on the loan if you are active duty, or if you get disability income if you are retired you can use those to qualify. And the nice thing is those can be grossed up 1.25 to qualify for more.

Hope this helps man! Househacking is the best! 

Hey Niomi! Shoot me the details if you can! Just shot you a call. Thanks! 

@Tanner Webb Good Idea man! That's actually what I'm doing right now with a single family house. I have 3 roommates and it covers a decent part of my mortgage on a single family house. I wouldn't close your mind to something different than a duplex. You can get a great single family house, with less repairs needed than some of these duplexes that will be a great first investment.