All Forum Posts by: Samantha Magina

I recently had Quicken loans tell me this as well. I was pre-approved for a duplex, then wanted a higher pre-approval for a quad I was considering. I corrected the rep I was working with, while QL might not offer the 4 unit FHA product it IS a an option there's just a few more steps, such as 3-4 month reserves, and factoring in the rental income of the non owner occupied units. I'm still working on this my area (MA), working during the day makes bank phone calls a challenge!

Originally posted by @Victoria Rogers:

Investing in liens?

 You can buy tax liens that the city auctions/sells for unpaid property taxes. You then become the lien holder and will ultimately either get paid the back taxes with interest or you will acquire the physical property. This is not my wheel house by any means but it is an interesting real estate area that could potentially have low barriers to entry. 

Not sure what you consider a decent savings but you could look at cash purchase properties, seller financing, investing in liens, or partnering up with someone that has the ability to get a loan but little capital and you provide the upfront cash.

What letter did she send? The business agreement is between the two shareholders, you and her. The IRS does not handle adding and removing partners. She will have to pick up her portion of the income. I highly recommend you find a tax preparer to do the tax filings for you. Also, why do you think you are late? Scorps and partnerships are due 3/15.

I've done tax returns for ASLs, they seem to be fairly lucrative.

I've only dealt with MA laws so for me the restrictive laws seem normal. I didn't even think of it as restrictive because in RI you can't charge more than 2 months up front, (fist/last or first/ security for example). I've seen a lot of landlords that work out a multi month payment plan for last and security as well.

Amazon lockers, on your property? Is this for large properties only or could a 4 family do this? What an innovative idea.

Welcome to Bigger Pockets. I'm a former Air Force brat and my parents loved Minot, ND so much that we stayed there even after my dad retired. I haven't lived there in many years but the prices appear to have gone up substantially because of the oil boom, it feels like ND has its own personal real estate bubble. I've heard properties are renting as high as $1200 a month where as 11 years ago when I was renting, an apartment going for $300 seemed crazy high.

You can do a variety of things, require the property have one vacant unit as part of the purchase, putting it on the seller to empty a unit. If leases are month to month you can have the current landlord serve notice so it's vacant at closing or you could serve notice to vacate immediately upon purchase for the unit you want to live in. I believe you need to occupy within 60 days.

I think it's important that you keep your rental life and CFP life separate. I would even suggest you not take on any current renters as clients with your CFP business. I