All Forum Posts by: Eric C.

@Charlie MacPherson

 A marriage is certainly no way to guarantee that a relationship won't sour.  She doesn't want to pay rent, and I don't blame her there.  Our options are we buy a different place together, or I can sell her half of my current place.  I would then reinvest the proceeds to get a different rental property.

Here is the situation.  My 4 yr girlfriend and I are moving back to an area where I own a house outright.  It is currently rented, and my intent if I kept it as a rental was to cash out the equity as it is worth about 150k.  We used to live there together several years ago.  She wants us to either buy a place together, or let her buy half the rental house and we live in it.  I thought about the idea of quit claiming her on deed and then letting her get a cash out refi as an owner occupant for her half which she would just give me.  Is that a feasible way to do the transaction?

If you bought it with the intent to owner occupy and then "changed your mind and decided to rent it" you might have just committed mortgage fraud.  It's going to be hard to qualify for another loan with that.

You are breaking TCPA compliance laws by sending an unsolicited text for any marketing purpose.  You can get fined up to $1500 per occurrence so I would not advice doing that.  

 Andrew, do you lend in Colorado?

I fail to see why people think it is OK to start their investing with a 3.5% down FHA, but NOT a 5% down, 80/15 loan. The 80/15/5 people have MORE down payment, thus have been more responsible. Plus they can more quickly pay off the 15 loan and thus decrease their monthly expenditures.

How is it any more risky than a 3.5% down FHA?

I had one of those in 2006

If she has bank statements showing it, then it is pretty reliable.  A job can go away but usually benefits like that don't.