All Forum Posts by: Ryan Matthews

People have begun investing with $46k/year but they didn't do it with $100k in student loan debt-service on their credit report. You simply won't find a conventional lender who will qualify you for an amount sufficient enough to actually buy anything that's not a cardboard box.

In my opinion / experience, your only hope to get started is a large gift from the bank of mom & dad, or have a strong co-signer on your mortgage to help you qualify. If you're looking at FHA for the lowest downpayment option available, that co-signer will also have to occupy the property as an owner occupant.

If you're on the loan to help him qualify using FHA, and that will be his primary residence...then it will also have to be your primary residence as well for a minimum 1 year.

It has always been my understanding that you cannot deny someone because of their service animal. So deny them for something else. Credit score disqualification, insufficient work history or income, criminal record, etc.

Duplex purchased in 2012, occupied one unit until 2015 and then rented out the other side. Moved in with my girlfriend in 2015 and the duplex became 100% rented. No new property was purchased. Considering selling the property to lock in equity appreciation gains since it's impossible to find a lender willing to take a 2nd position on an investment property at a decent LTV.

My question is this:  Since it was my primary residence and I occupied it for more than 2 years, do I pay capital gains? I'm trying to understand my tax liability and any other expenses outside of my realtor's commissions and depreciation recapture. 1031 exchange is not an option as I am not purchasing a new property at this time.

Because to refi now would mean a higher interest rate and substancially higher closing costs.

So I searched for old topics covering HELOCs and Equity Loans on investment properties and much of what I found was for investors bigger than myself with multiple properties. I only have a duplex but there is a ton of equity in it that I would like to pull out and could safely do so without breaking a 75% LTV threshold. The problem I'm having is that even my smaller, local banks, refuse to take these second positions if it's not your primary residence. I'm not interested in commercial financing. Does anyone have experience working with a national lender or know of one that will provide a second position on an investment property up to 75-80% LTV?

Divorce, for sure. You don't need that kind of negativity in your life!

If you're interested in selling then contact a local commercial brokerage company and invite one of them out to lunch. They have the database (CoStar) and experience to help you navigate all the questions and inquiries and get a fair market value (pre-appraisal) for your property. 

 This pretty much sums up everything in this thread. Chalk it up to a rather inexpensive lesson, read your Landlord Tenant Laws before coming a landlord, and move forward with the knowledge gained.

I'm trying to understand a straight side-by-side comparison. Two houses for sale, right next door to each other, each 1500 sf, 3 bed / 2 bath, identical floorplan and improvements, except one house has brand new A/C and furnace. If the market value of the house without the improvements is say, $200,000 then what would the house with the brand new infrastructure be worth if the cost of doing so was $10,000. Would a house be worth $210,000 with these new pieces if an identical listing next door was $200,000?