All Forum Posts by: Ty Coutts

@John Galloway Hey John! Are you still currently doing these type of ventures in Colorado?

As a lender I help clients with unique financing all the time, and have a couple long term hold investment properties but I am wanting to start “dipping my toes” into the flip world. Would love to buy you a coffee or anything to gain some first hand experience from you if you have time!

😁 Ty Coutts
🧠 My area of expertise is creative financing and long-term real estate advising
🙌 Looking forward to genuine conversations, gaining and sharing wisdom, hanging out with my wife by the pool 
🤝 If I could make a great connection with someone looking to achieve generational wealth through real estate at BPCON2024 then I would leave BPCON happy
🗓️ Can't wait for the Real Estate Partnerships: Tips for Investing in Real Estate with a Spouse, Relative, or a Business Partner

Hey Charlice,

I am a pretty active LO on this platform. When it comes to managing borrower relationships, a few key strategies can make all the difference. First, always aim for clear and regular communication. This helps set the right expectations and build trust. Try to personalize your interactions—get to know your borrowers’ needs and tailor your solutions to fit them. Using technology can help keep communication efficient and responsive, but make sure you’re proactive in addressing any issues that come up. Educating your borrowers about loan terms and financial planning can go a long way in building trust and satisfaction. I always try to be the "loan expert" for my borrowers. That way I can be the resource they need when they need it. Finally, don’t forget to ask for feedback regularly to see how you’re doing and where you can improve. This way, you can ensure you’re meeting their expectations and maintaining a strong, positive relationship.

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Also, I am aware that there is an FHA rule for four plex's. I think that the rule says the monthly rent of the other three tenants must exceed the monthly costs of the property. I think I have this right, but I would do your own research as it may be a large factor. It popped up in my mind and I thought I'd share.

My apologies for the misleading post, I see how what I said was misinterpreted. I was more so saying that after a year of occupancy period, you could explore options such as a property manager to take over and you could move onto the next investment property. Yes, DO NOT claim you live there when you do not, this is indeed fraud. 

Hey Johnathan,

For a 3BR 2BA home near Lafayette College in Easton, PA, you can expect to charge around $2,185 per month for the entire unit. Renting by the room could yield $800-$1,000 per room, totaling approximately $2,400-$3,000 per month, depending on the property's condition and amenities.

Average rents in Easton show one-bedroom apartments at $1,618 and two-bedroom apartments at $2,425. The College Hill area averages around $2,082 across all unit types. With a 4% increase in rental prices over the past year, investing in student housing near the college can be a lucrative opportunity. Feel free to reach out to me through DMs if you have any other questions, or if you would like to talk financing!

Nicholas, as long as you live in one of the units for at least one year, then you should qualify for an FHA loan. The other units are free to be used as rentals.

Hello Kenji. I'm not too sure about what the circumstances are like in Belgium, but it is possible here in the States. I would research FHA loans (or whatever the equivalent is in Belgium.) Basically, you can receive a very low, and assisted, down payment on your home. Additionally, you'll have access to less competitive rates, usually.

For this to be possible at your age, you are able to have a parent co-sign and use their credit, income statements, etc. This allows you to close and begin generating passive income while you are still studying. I hope this finds you well, good luck!

Hello Paul,

As the legal owner and borrower on the loan, you may be eligible to deduct mortgage interest and property taxes on your tax return. However, this situation is complex due to the family arrangement. The IRS generally allows deductions for second homes if you use the property for personal use for more than 14 days or 10% of the days it's rented, whichever is greater. Since your family member is paying the PITI, there could be questions about whether these payments constitute rental income or gifts.

If you're the legal owner, proceeds from the sale would typically go to you. However, you would also be responsible for any capital gains taxes. If the family member passes away, the property would remain in your name unless other arrangements are made.

Given the complexity of this situation and the impending closing date, it's crucial to seek professional tax and legal advice as soon as possible. A tax professional can provide specific guidance on how to structure this arrangement to comply with tax laws and maximize any potential deductions. They can also advise on the proper way to report this on your tax returns.

Hope this helps,

Ty