All Forum Posts by: Matt Devincenzo

Pay for the survey, $700 is probably a good price, so I'd do it. Surveying has a lot of 'art' and nuance to it as well as the mathematical component. I work as a civil, but have survey support experience as well. 

I currently have a client who is looking to buy a parcel it's around 1 acre. The west and possibly north boundary of the lot have a 1-1.5' gap and an 18' "shift" to the east. Also the course decribing the lot doesn't close by 35'...three parcels adjacent to ours that we share a boundary with have completed record surveys over the last 40 years and have identified and attempted to reconcile the issues using good survey theories (the art behind the math, who gets what and by how much and why). The problem is taking them collectively results in new problems for our lot...the three solutions work when you look at just one of our shared lines, but when you look at all three the math falls apart...my surveyor will have to take their collective work, his new field investigation and then apply his own good theories, and hopefully our property is the missing piece in the puzzle for how to resolve this.

I share that because those three surveyors are all names I or my boss know, and do good work. Their work isn't low quality but I disagree with some of the conclusions they came to in determining boundaries that are adjacent to ours...if I just went and marked their pins my client could 'lose' 18'-35' of their property...or almost worse, build 18' too close to the street ROW likely putting their house into the City easement...

Intent is the key word here, which it sounds like you clearly meet. The other is demonstrating efforts to meet that intent.

Between now and the pending closure I would actively look for work in your area and keep emails and letters to show that you did that in case it comes up. I would also start considering what a move may look like and initiate interviews with possible employers in the new area. Consider if a modified schedule would work (like Tue-Thurs in the new town), or if you could drive there and back Mon morn and Fri afternoon...not for long term, but just long enough to keep the occupancy a few months longer.  

You also said you purchased a few months ago and you the employer isn't shutting down for a few more months...I'd try to ride out staying where you are as long as possible. The 1 year requirement is described as your primary residence is the location that you sleep the majority of the nights or something very similar to that phrase. So you're quickly approaching 6 months which would be over the 'majority' of your 12 month requirement. That wouldn't be enough to just decide to move out for FNMA, but with a legitimate employment issue you've clearly demonstrated an intent that met the loan covenants. 

No, the principal isn't an expense because she will be repaid the amount. Think about it, if she somehow could deducted the principal then she would also have to declare it as income when it was repaid later...it isn't an expense it is a loan, the income is the interest and the principal payment is just a return of her own money.

You can search on the forums for lots of posts about how to determine class, some even delve into local criteria like asset price etc. Every area will have its own distinction....like NY/Boston/Chicago etc there may be A properties that are 100+ years old and there may also be brand new to market assets. The age is part of the local neighborhood quality without degrading the asset to an inferior condition.

Here is a discussion on MFR asset classes...it gives aome key points for what makes up the quality of an asset:

https://www.biggerpockets.com/forums/311/topics/797178-multi...

I have a Heloc on an investment duplex, but as others mentioned you need to be in the under 80% LTV range...I think mine may actually have been 70% LTV though I can't recall specifically.

How long have you owned these, and how much is rent vs the payment? If they are CF positive then they will not cohnt against your DTI but will improve it...that's standard conventional guidelines barring a few exceptions.

 I'm not sure why you did this...it sounds like you already had very similar conversations before. At this point it seems like you should have simply terminated effective Jun or July 1 and started counting the days to when this was no longer a problem you had to deal with.

An often overlooked option...call the CC company and ask them for a reduced interest rate payment plan. They can and often will say 'no' but if you can just get a 'yes' on a single digit fixed rate you're probably better off than any personal or consolidation loan you may get.

What 75% of profit are you talking about? How much cash do you have for a down payment and how much of a purchase are you thinking of making?

Does your contract actually include a financing contingency? Appraisal contingency? If homes next door really are selling for so much less than your contract price then I doubt you get financing. But it doean't matter what I think, what matters is what the contract says and what you agreed to so far.