voluntarily paying more tax(!) for a cashout refi, cannot get guidance
Have the following :
a primary res in NYC valued at 800k,
2 investment 3 fams in New Haven, CT each valued at 150k cashflowing 15k each per year, and an investment condo in Baltimore, MD valued at 100k cashflowing 10k per year.
Paid all cash for all of them. Have no debt obligations of any kind, credit score is 750.
2013 income from self employment was 25k thus total inc was 65k.
To get the 600k out of the primary res am trying to figure out how much income is needed to show for 2014.
HOA and tax(which is abated thankfully!) adds up to 500 /mon and if take 600k out thats approx 3k/mon mortgage . thus debt will be 3500/mon. if DTI of 45% is permitted then income needs to be 8k/mon approx =95k approx per year.
Need inc to be 95k average over 2 years so for 2014 need to forgo deductions to get inc to 125k. So with income from inv properties at 40k then self employed inc in 2014 needs to be 85k. By forgoing deductions and paying 35k or so in tax (ouch!) this can be made to happen.
Problem is mortgage brokers seem to be very reluctant to confirm these calculations, is there any way to know what income exactly is needed so the tax paid is no more than necessary?
2nd question :
After that ,should be able to get 75% cashout refi on the other properties because the inc on them easily covers the mortgage. Because they remain cashflow positive even with a mortgage, DTI is irrelevant and only applies to primary res financing. Is there anything wrong with this reasoning ?
Sorry for long post but dont know how else to communicate this situation.