In reply to neatoburrito, #1:
1. It is easier to qualify if your credit is marginally beat up. You can probably do this with nothing down if you want, although I've never done a zero down duplex using a VA loan so I may be wrong there. There are some extra hoops to jump through for a VA loan but your lender can walk you through them. If they do a lot of VA loans it will be easy.
2. Never done it. I've considered it, and I even kept my last home as a rental, but rented it out to family members, but that was just 'cuz I couldn't sell the damned thing. Property management companies that collect the rents and deal with tenants and make the repairs will charge you for said repairs, and if you are living next door to the tenant don't think that they won't bother you anyways. If you do the duplex route seriously consider renting it yourself and not paying a Realtor to do it for you.
3. Is it cracked up as it's meant to be?? RUN DUDE! RUN!!!!! Get away as fast as you ca- Sorry - I just had a flashback to my own little senorita. She could probably pay her share if she's willing. If your get tells you it's a bad idea then follow me RUN advice above. I didn't listen to my gut, I was listening to the guy a few inches down and he's an unreliable SOB when it comes to relationship decisions.
If you have any questions about the financing PM me or email me. I don't lend in TX so you don't have to be worried that I'll try and manipulate you into letting me make the loan, and I can help you make sure you don't get hosed. There are lots of unscrupulous bastards that work for lenders ;-)
How much are you looking to spend for the duplex?
My plan for the next year - doable?
#297620 - 14 years ago
In reply to neatoburrito, #1:
#297754 - 14 years ago
well if you move in with her i will put your relationship under fire, how well will you 2 manage this house you plan to buy, can you be around this person all the time and not get on eacher others nerves, how well will you 2 handle arguments. If every thing goes well for the most part (nothing ever goes according to plan) your relationship will be very strong indeed
#298232 - 14 years ago
In reply to Grimson, #30:
since he was in the army for 4 years I'm guessing he either started working straight out of it or had his school paid for by the army.
If he applies for the loan himself she shouldnt affect his credit, only if he lists her as a guarantor or something else.
#298743 - 14 years ago
A few words of advice (I didnt get a chance to read the whole thread so excuse me if I repeat what someone else has said):
1) If you aren't planning to marry this girl anytime soon (i.e. before you buy a place), you should treat it as though she is a tenant. You should write up and get notarized what she is responsible for money wise and have her write you a check for that amount each month. Hopefully your relationship will work but if not you do not want her trying to lay claim to your home.
2) The type of company you were asking about is called a property management company. You should be able to go to yellowpages.com or a similar site and type in your location and property management and be able to come up with a good list of companies. When talking to these companies ask for references from other property owners who use them and check with the Better Business Buearu to see if they have had any complaints filed against them.
3)When getting your credit report, check your credit score. To be considered to have good credit for a home loan (which usually means lower interest rates) I *think* it needs to be above 700 but call your bank and ask them what they consider a good scoring range. I don't think this is as important with a VA loan but it may still make a difference in rates
4) Try to get your car paid off soon. That is a hefty car payment and could make a difference in your getting a loan.
5) Talk to a lawyer. You may be able to get cheap or free legal advice through the goverment because of your service status.
Good luck! :)
#298824 - 14 years ago
i'm not going to be much help here. I have been with my boyfriend for 5 years and we have been talking about getting married for a long time (like after about a year of being together maybe.) we did have some minor and a few major problems in our relationship but 5 years later we still are talking about getting married. he just wants to wait until we are both out of school (he graduates friday and I should in a year). Our relationship was pretty slow anyway... he never rusehd into anything. All that has nothing to do with moving in and how that will change the relationship but I think you need to do whatever is comfortable for both of you and if you feel like you are ready to move in together then do it. as long as you feel its right for you then just go with it. you can't always judge what is right for you based on what others do...
anyway... i know that wasn't much help but if for some reason you have some question or something then you can pm me.
#298827 - 14 years ago
In reply to neatoburrito, #1:
I'll throw in my two cents:
A house is a good investment these days with interest rates being what they are, plus it's a good thing, not flushing your money down the toilet every month due to rent.
In regards to renting out your property.
Just remember also that when you decide to rent out the other side of the house there will be tax implications and the government will likely want a cut of anything you take in. I would advise you consult with an accountant and/or lawyer so they can guide you through that mess.
In regards to moving in with your girlfriend:
Make sure this is something you think will continue long term. If she decides she's going to bolt you don't want to get stuck with her half of the bills. Keep in mind, moving in together's a pretty big step. If you plan on "taking it slow", moving in isn't the way to go. Once you move in you might as well be married. If it was me, I'd wait and maybe see how things look after 2 years together. On the other hand, if you think you're ready, go for it, it all depends on how strong you think the relationship is.