All Forum Posts by: Samantha Miller

@Ann Shanley No problem! I'd hoped sharing this would be helpful for others. Unfortunately it's 2 issues in 1 - first there's the "no renting" language, then there's the "no other income earning adults living there" language. Therefore, even if I let someone else live there without paying "rent" and lets say, pay for groceries instead, I'd still be violating that second part (unless they earned no income, in which case they couldn't buy groceries lol). 

@Mike Geier Something else to consider, and again, I don't have much expertise on this process but just a thought and something to look into. Could you keep as a rental, and take out a HELOC? This would raise your mortgage payments a bit, but if you run the numbers and still think you could profit on the rent, then you could use the HELOC funds to invest elsewhere and get the best of both options! Someone please correct me if I am missing something on that process, but again just a thought.

@Will Hanner Does the bank then need to go through the whole approval/underwriting process with the person added? I wouldn't want my renter having to go through hoops just to get on my mortgage documents, only to then move out 6 months later. And does that not still conflict with the "no rental allowed" portion? The non-rental language and the no income-earning adults language are under separate sections of the affidavit, so I am not sure I understand if they interact or conflict with eachother in that scenario. 

@Sheena Lee I wondered that too! But I still think this is considered "rental" - even if a vacation rental. Unfortunately the affidavit doesn't define their use of the word "rental" - so I must assume they mean rental of any kind. 

@Jason Cacioppo Agreed - I totally disagree with the restriction. Leaning towards option 3 haha. 

@Jason Cacioppo Technically even that would violate the affidavit, which says I must disclose any income-earning adults living there in Year #1 (does not say they have to be paying me rent, they want to know anyway). 

@Michael Kiley There are definitely a lot of crazy laws out there! I've heard the 5 women one before - I think it had to do with brothels? Haha. Truly it's not a matter of "what can you get away with". This isn't a game to me, I would like to be a serious investor someday and don't want to start out having to dance around rules! I want to be able to post anything I want about my investment strategies on social media! Not hide and shield things.

@Michael Kiley Haha I know you are joking, but if only it was the same! Jaywalking = $50 fine, mortgage fraud = $10k fine plus 30 year prison sentence (or so the affidavit states). I honestly wish it was just the equivalent of a petty jaywalk fine. :( 

@George J Anderson Jr That's so unfortunate! I hope you're able to find another deal. And yes I agree, I will be looking into refinancing options. 

@Dylan Hargrove FYI I asked... I got a "If we do it for one person, we have to do it for everyone" response. Also that it's not amendable by the actual lender, it's a template from a state program - no changes or addendum allowed. :(  Was worth a shot!