All Forum Posts by: Kiran Rouzie

Contingencies might include, title, financing, inspection, tenant occupied, mineral rights, insurance.

I considered a place at Palms Place a while back when the market tanked. Love the place and the amenities. I actually prefer that it's just off strip, you've got a great view of the city lights. Retail banks weren't willing to finance these the last time I checked so people were encouraged to negotiate seller-backed financing. I would check to see about the recent sales activity and divesting of the Palms Resort and Casino to get a better idea of what's in store for the property as a whole. Part of its appeal and attraction if you're renting it out will be dependent on how the resort and casino evolves. Many of the night clubs and entertainment spots have shut down and are only used for large special events. Still love the place but it seems to suffer from a bit of an identity crisis now. HOA is high but they offer property management and the rates have consistently gone up for short term rentals as more and more units of the 599 have become owner occupied. Also check out Vdara at Aria. Nice condos.

John Lee - Good suggestion, didn't know I could report up to 75% of projected income for the new property. I wasn't reporting it as an investment property initially because a family member will continue to live in it and it is being financed as a second home for me so the interest rate is much lower.

John Lee , thanks for the reply! I tried to send you a PM but it doesn't seem to be working. I was going to give you more details about the complexity of the situation. In any case, I appreciate your pointing me towards the additional resources. Any other insights you have would be great to hear.

Hello Bigger Pockets Community! I would love some suggestions on creative ways to lower your DTI? I've been turned down for a purchase because my DTI is too high. They're holding my entire mortgage against me, even with a second person on the loan and title. I can't have this person go in on the new property with me. One thought I had was drawing up a rental agreement for the house to show that I'm only half responsible for the mortgage or that I'm generating rental income for it to try and offset it. They won't accept my inclining self employment income as a P&L this year. They won't count my self employment income from the past two years because of my deductions. Obviously this next year I will show more on my returns...lesson learned, but right now, that doesn't help me. Any advice would be greatly appreciated. I'm in an urgent situation.

Welcome Scot Hulshizer. I'm considering Boca, Ft. Lauderdale as I have a friend who's got a couple apt complex and single family homes in the area. Looking forward to seeing you thrive in this next adventure in life!

Nancy Curran - Thanks for the tip, didn't know that.

Welcome to the community, David Chang ! Here's to Real Estate Investment, an exciting next chapter in your life!