All Forum Posts by: Pete T.

@Michael

@Michael Herr undefined there is no risk. The financing is based on your intention when you bought the house. There is no timeframe required unless you signed something stating such (like some HUD programs). Not sure if having the new place in your wives name only will have any effect on your ability to get lending or not in the future, but it will affect what you qualify for (typically all of the debt will still be counted, but only her income).

I would talk w. the closing agent/att and ask them how they plan to resolve the error and go from there. If they are a group you work w. they will have an interest in helping the process of fixing the error. I would be careful in dealing w. the other party bc they may feel its strange that you are coming at them for more money so far after the fact.

All good ideas! I like the idea of using the benefits of owner occupied to get a smaller MF that you can live in and have others pay the note. That is the easiest way to start w/ little funds IMO.

Kelly, I am familiar w/ that area and I would sell if those are your options. You are not going to be profitable renting in that area based on your expenses IMO.

@Ed Wood does that affect all banks and all types of loans?

I would advise you to use as much leverage as you can to increase your buying power w/ the 100k. If you just bought one place in cash, you would be in a worse position IMO. Yes, no mortgage and more CF, but it would take a long time to get back to that position and you would be limited in funds to make other transactions happen.

We were given just enough info to be dangerous but nothing that was actionable.

I havent taken the course, but based on RK's books, this is what I would expect.

Sounds like more trouble and cost than its worth. Plus I feel like you put yourself at risk. Are you going to go and create some sort of joint ownership and then try to dissolve in 12 months later and do it again? Or worse have someone decide they want to stay 2% owners after a couple of months of being a horrible tenant?

@Account Closed I agree w/ @Dawn

@Dawn Anastasi undefined boring is good. When no one calls me and keeps sending checks on the 1st, I am happy. Read the forums and blogs. Lots of good information out there.

More details about each property would be great, but I would more concerned about the property and its CF that if it was vacant or not/ It is nice to not have to find tenants, but on the plus side, you are screening the new ones if you have vacancies. Sometimes inherited tenants are not the greatest.