All Forum Posts by: Account Closed

@Brian Eastman

Thank you for the information.

What kind of financing would be used to purchase an historic home that was turned into a commercial office space but that I want to return to a residential property? Would you have to buy it with a commercial loan, get the proper city approval (they are in favor of returning it to residential) and then refinance into residential loan?

Thanks!

My spouse has about $30,000 in a 403(b) from a school system that is no longer an employer. He is almost 50 years old. We would like to use the money for investing in property. My question is whether it would be better to pay the 20% penalty on this modest savings and keep the cash or roll it into a self directed IRA? My understanding is that the rollover amount would also be taxed if we went with a Roth IRA but the Traditional IRA has tax and other disadvantages of its own such as the minimum disbursement requirements.

Any insight about this situation would be appreciated!

Thanks!

I am looking for referrals to a real estate investment savvy CPA in the Southcoast region of MA (New Bedford and surrounds).

Thanks.

I am looking for referrals to a real estate investment savvy CPA in the Southcoast region of MA (New Bedford and surrounds).

Thanks!

Daria, I was hoping to begin a job search after purchasing a property.

Has anyone run into this scenario and are there any solutions: My husband has relocated to New Bedford, MA and I am still at my job in Dallas. We were hoping to purchase an owner occupied multifamily home in New Bedford to house hack before I looked into changing jobs and physically relocating to MA, although I would immediately change my residency to MA upon purchase and my husband would be occupying one of the units. However, I have been told by a MA mortgage banker that FHA and MassHousing will require a letter from HR stating that I am able to work remotely or that my move would not impair my employment status. Since I work for a State University Medical Center, HR says they can only verify employment dates and salary which leaves me unable to provide the necessary documentation. As the primary income earner, we cannot qualify without me being on the loan.

In a similar vein, USAA will only loan in this situation if it is structured as a "second home" rather than a primary residence. However, they will not loan on a multifamily property as a second home.

Any suggestions as to how I can make this situation work? 

That is similar to what we want to do. It may take some effort to find a willing bank since I will still be working in Dallas although my spouse will be in New Bedford.

I am moving to New Bedford and looking to purchase a multi-family. I also need a "bank" to use for my personal accounts. Does anyone have any recommendations for a credit union or community bank in the area that also does portfolio lending?