All Forum Posts by: Ben M.

I am working on purchasing my first rental investment property and lost quite a bit of money (deposit money) after terminating my contract with a  wholesaler. They are a major wholesaler with almost perfect review so I thought I could trust their repair estimates but after going back and forth with a contractor the repair was 20k over the wholesaler's estimate. After this experience I am really wanting to have an inspection contingency before putting a property on contract.

Has anyone worked with a wholesaler (especially in Houston) that actually allowed an inspection contingency?

Basit Siddiqi Let’s say I do show a tax loss after all repairs, expenses, and depreciation would I possibly get a refund check from that? I am new and just looking to get my first rental sfh property thank you.

Curious if anyone has been in a similar situation and how they handled this. Let’s say you bought your first rental investments property but now your savings is wiped out, you don’t have any other funds but you have about 50k in equity on your first home. What would you do to purchase your next property let’s say in about a year? How would you fund it and what about issues with getting approved for loans because of high debt to income ratio, etc? Thank you

Does anyone know of a good real estate investor-friendly CPA in Houston? Thank you

I am not clear about the tax benefits of purchasing and owning rental property investment homes. Do we lose money to pay taxes when tax time comes or do we generally get some money back?

Originally posted by :

 You would still need to meet the minimum requirements for the conventional loan.  But you can use your home equity loan to meet those requirements.  For example, if the bank wants you to have $10k in reserve and you need a $20k down payment, then you could use $30k from your home equity loan to meet both those requirements.  I hope that helps, good luck!

 Amy that is great. I was hoping that would be the case! Thank you 

I understand you can borrow money from your home equity to invest but what about getting approved for the conventional loan for your investment property? Wouldn’t you still have issues getting approved for the conventional loan without money in your savings or checking?

Originally posted by @Bart H.:

Originally posted by @Ben M.:

Hi Ned, I am not experiencing any issues I but was curious to find out what are the *typical* costs to resolve common foundation issues

 You could run a mack truck thru the goalposts of the high and low.

Could be 30K, could be a thousand.  IT really depends on how many piers, how much if any in plumbing, walls, etc.  It is pier and beam or is it slab.  Do you have to replace.  DO you need to redo drainage.

There are a ton of variables.  Honestly during your option period, get a foundation company to inspect and give you a quote.

We find in Texas, essentially every house has a poor foundation.  if its a rental, most of those don't really need to be repaired, or can be tweaked for a minimal cost.

Thank you Bart. It is for a rental. If the home inspector does not see any foundation issues though there should be no need to hire a foundation inspector is that right? The home inspector should be sufficient as far as looking for possible issues?

Hi Ned, I am not experiencing any issues I but was curious to find out what are the *typical* costs to resolve common foundation issues

I got answers from Google but I was curious to hear from the BP community what their opinions are for the average costs to resolve foundation issues?

Especially in Houston, Texas?