All Forum Posts by: Ryan VanPatten

@Jon Holdman @Nick Fitzpatrick I have claimed the rental income from my roommates on my taxes.  I figured it may come back to bite me if I didn't.  

I know the question is kind of vague, I just figured I'd put it out there anyways.

Thanks for the replies!  I am going to be speaking to my previous loan officer just to get his explanation as well.

Hi,

I have a townhome that I live in and rent additional rooms.  Can I use this income as part of my income when I apply for another loan?  I bought it in Augusut 2012, so the two year mark is right around the corner.

I figure I'd throw the question out on BP before going back to my orginial loan officer.

Thanks

@Scott Kelley 

Its too bad nobody has replied to this question yet.  I'm pretty interested in this topic as well.  

I own one town home at the moment, but am planning on buying more property over time to have as rental units.  I have thought about starting a Property Management company as a side project to my full time job.  Being that I am a General Manager of a Restuarant, I feel that I have good management skills that could be carried over into property management.

Does anyone out there have any feedback, whether this is a good/bad idea?

Thanks

@Jon Deavers How is the market in Richmond? I live in Northern VA and have heard some things about Richmond, so I thought of looking into it a bit more.

I'm looking to buy my second property.  Leaning towards a 2-4 unit property to get more experience.

Any good/bad areas to be aware of?

Thanks

Hey all,

In 2012, I purchased a townhome with a 30 year, fixed, conventional loan with only 5% down. My question is; Is it possible to recieve a FHA Loan while already having this conventional loan? If so, can I use rental income I receive from roommates (and I claim on taxes) from this property as income to qualify for an FHA?

Thanks

Tanya, thanks for letting us know about your Green Apartment Network. Though, I am located in northern Virginia, I would like to hear more about the network and how it turns out.

Al, I actually used to be a LEED GA, but I never renewed or went further in the LEED program. Maybe one day I will take the time to do so. I think the compost bin idea is great! I actually used to work with a company that did lots of composting. Do you just compost on site? or do you have a compost company? Was it hard to get your tenants to partake and actually separate their compost vs trash? I know it can be hard to train people to throw the correct items in the compost bins.

Thanks all, its nice to see that other investors are investing in sustainability.

I'm pretty sure it is not needed, but how about a Lease/Rental Agreement? I have yet to read anything about getting them notarized, but someone asked me yesterday if it is needed/a good idea, so I wanted to present it to everyone here.

Thanks

@James Park

Hey James, I started investing a very small amount of cash with LendingClub, about $200 to start with. It is definitely risky since they are not secured, but I figure if I add $25 here and there I won't miss it too much if the risk goes bad. I have yet to have a loan default on there, but it only has been a few months.

@Bill Gulley

Thanks for the words of advice, it has made me think of a few things.

Does anyone know if BP have any good threads or articles about the topic?