All Forum Posts by: Michael J Scanlon

I have someone who is a family friend who has had their father pass away.

They want to get rid of his condo ASAP. They don’t want the trouble.

I am an agent (but a newer one) and can list the place but they would also be willing to take potentially as low as 50% fair market value in cash.

If I put it under contract then sell it myself as a wholesaler would do, am I violating my responsibility to them as an agent?

@Brendan Lawrence

My lender said I couldn’t do that. I don’t see why not and if they’re just being weird about it but I was told I couldn’t do that. Given my rate being so low, it would make sense in the near term but I asked about that and they said that I might be able to fund my escrow account with closing cost money and then pay out from there after closing? But that wouldn’t cover the whole amount so I was trying to be creative.

Am I able to negotiate that the seller pre-pays a year or two of HOA fees, even if the equal amount is added to the mortgage?

I am using an fha to house hack and would like to maximize cash flow while I live there. $4800 over 2 years is $200/month but $4800 extra on the loan at 3.25% is significantly less per month.

Anyone have any creative ways to do this? I’ve been told by my lender that it can’t come out of my closing cost credit.

If I'm house hacking a single family home, can I own it in my name (as I'm using fha) and still utilize my LLC to take payments in my business account as well as write off my expenses related to the rented bedrooms as business expenses?

@Chris Mason

Thanks Chris, I'm a bit newer to all this so I didn't know about the 2-4 rule for FHA co-borrowing. I appreciate it.

@Chris Mason

But you’re saying not so much with a 2-4 unit?

If the primary borrower on an fha loan has little to no income (say a student just finishing school), can a co-signer or co-borrower still qualify them for a mortgage even if the co-signer or co-borrower is a non-occupant? How would this work?

@Michael Plaks thank you so much. This is the clarity I was hoping for regarding the idea of being non-concurrent! I appreciate it.

@Eamonn McElroy so are you saying I could theoretically own it but because I’ve used it for 2 of the last 5, despite my recent ownership, I qualify? It’s so hard to find this very specific ruling online.

@Eamonn McElroy so are you saying I could theoretically own it but because I’ve used it for 2 of the last 5, despite my recent ownership, I qualify? It’s so hard to find this very specific ruling online.