All Forum Posts by: Mindy Jensen

@Brian Cano Sixto, yes. Residential owner-occupied mortgages are available conventional, FHA, VA, USDA. Maybe others, too. @Chris Mason?

@Russ O'Leary, when I was a smoker, I also 'didn't smoke inside' until it got super cold outside, then all bets were off. 

However, I also just bought a former smoker's house to live in personally. It REEKED. I bought this ozone machine on Amazon and ran it probably 9 times. No more smoke smell.

Read this thread, too. https://www.biggerpockets.com/forums/52-rental-property-questions-landlording-issues/topics/773844-ohio-tenant-landlord-laws-cigarette-smoking-damage?page=1#p4546281

@Austin Wood, I just bought a house that was chain-smoked in since 1979. It positively REEKED with cigarette smoke, and I did a little research and bought this Ozonator on Amazon for $80. I had to run it a few times, but I live in that house now, and smell nothing. This little guy is worth his weight in gold.

@Keaton Sherman, when you become licensed, you have a different set of disclosure responsibilities. Some people feel this puts undue pressure on them to be honest. I feel that it should not matter if you're licensed or not, be honest in all aspects of your life.

I'm licensed and a flipper and have not felt any affect of being both simultaneously.

Moderator note: This is a request for suggestions to approach a bank. Self promotion is NOT allowed. 

@Tom Shallcross, you are allowed to recommend a lender as long as you are not that lender, and you don't work for that lender.

@Elizabeth L., I finance a large portion of my rehabs with Home Depot store credit card 0% interest for 6/12/18/24 month offers. (Length of 0% interest depends on how much you're spending.)

A few tips:

1. Make your minimum payment a couple of days before it's due. Write this on the calendar and make sure you aren't late. Late payments means the 0% interest is over AND you owe 100% of all the interest for the entire purchase.

2. Pay the entire balance off a few days before it's due. Again, write this on your calendar and make sure you aren't late. Late payment means you owe the entire amount of interest on the entire purchase for the entire time - which can really add up. 

@Kelsey P., According to https://oklaw.org/resource/landlord-tenant-rights-and-duties, you are required to give 30 days notice. The notice you give must include an entire rental period, in this case one month so it would turn into more of a 45 day notice if you do it today, as you must include the entire December rental period.

Before you ask them to sign a new lease, get a good lease. BiggerPockets has a landlord package available for $99 per state, but these forms are also a perk of the Annual Pro Membership. (Use code Mindy20 to get a 20% discount on the Pro membership if you're considering upgrading.) 

This landlord package was written by attorneys licensed in your state, so they are up to date on all current state landlord tenant laws.

Provide the notice along with the new lease to be signed. Give them a specific day/time to return it and provide your phone number and email address for them to ask any questions about the new lease. Remind them that if they do not choose to sign this new lease, their tenancy ends on 12/31/19 and they will need to coordinate with you for key return and final walkthrough.

@Matt Arden, I *think* you're asking if you need to continue to use this agent, after signing a document that states you will use them exclusively as your agent.

Circumstances have changed since you signed the document. You should contact their employing broker and ask to cancel that contract. Tell them specifically why you want to be released from the contract. 

You'll probably have to sign something that states you will owe a commission on any property they've showed you. 

You should not be bound to that agent who isn't providing the service you need. 

Moderator Note: Self promotion is NOT allowed in the forums.

@Sean McManus, could it be your primary residence for a year? And by could it be, I mean actually, for real, you'd live in it, not just "say" you're living there but live somewhere else. That's mortgage fraud, punishable by up to 5 years in prison, felony record for life, etc. (NOT suggesting you would commit mortgage fraud, just sharing this bit of info.)

Owner occupant loans can have a much lower down payment, and typically only come with a one year occupancy requirement.