All Forum Posts by: Ahsan Khan

Hi BP,

I was intrested in refinancing my Primary residence to bring interest rates down. I called my current lender and their asking for 2019 tax returns for both personal and business which i haven't done yet.

Current value of property is 670k and i owe 430k on it with 4.8 intrest which is really high. Its in nassau county

Are there any any lenders in the NY/NJ area that can do a refinance without the whole income verification when i first got the property.

Hi BP,

So i just passed my school and state exam in long island,

The reason i did this was to become an agent so when i do flips i have access to MLS and i can use the buyers commission as the flipper to pay buyers commission when home is being sold.

Im trying to figure out what type of broker i should join, most of the big brokers focus on sales agent pitch too much, the only thing im trying to figure out as an agent is what type of docs i should be looking at when im closing my own purchases or could a lawyer take care of all that at closing.

Thanks

Khan

Hey BP, So im guessing everyone knows holding sf homes in long island for monthly income doesnt make sense because of the ridiculous property taxes(maybe suffolk is still better than nassau), but does anyone know if the commercial properties get annhilated with the same high taxes or do they get a bit of a break. Thanks Khan

Hi BP, Just moved out to li in nassau, Took over my fathers company which does renovation work for public projects. Sky is the limit in public construction, but i would like to start flipping as there is much less politics involved in this type of construction. Im looking for a starter project in suffolk county. One of my good friends is a real estate agent that can help me look for deals, but hes mostly in sales, im looking to meet other rehabers in the area. Thanks Khan

Hey BP members, Im looking to buy my first home i have a down payment of 100k and excellent credit, the only problem I'm having is i don't have have a high enough tax return yet, i took a minimum amount of income from my company and just kept on investing back in the business, i started by putting myself on payroll to make 40k by the end of the year. But then i would have to wait 2 years to buy a home at this pace. A person i know at the bank says without taking tax returns into consideration he can get me a loan but interest will be 7 percent which is way too much almost double whats in the market, but he said i should take it then refinance after 2 years when i have made the tax returns. What do you guys think, should i take the loan and then refinance or do you know if any lenders are able to do it with 1 year tax return(which will be completed by the end of this year). Thank You

Hey bp members, Lets say i get a home with a 30 year mortgage and down the road i need to sell it and its year 5, but since the first couple of years on a mortgage payment its mostly interest being paid off i would have very little equity in the home. I was wondering if there are any tactics one can use to structure the deal differently so that when you are buying a property to mortgage, just in case down the line you have a feeling you'll sell it within a couple of years you don't loose too much. Thanks -Khan

What i meant to say was i did file my taxes but they were all with a 1099, and i heard banks take 1099 income as risk and theres a bigger chance of rejection compared to w2 income. What i should have done was created a company and set myself up as w2 employee Oh gosh i wish i knew about bp earlier,

Thanks Natalie Kolodij And ya i can understand the concern about the taxes, I did file them for any where i did work and got a 1099, But i didn't really have like a proper company This was more like a side gig, i just used to buy fix and sell laptops in college. Thats why this year i made a s corp for the construction company.

Hey bp members, So i am looking into buying my first property, but it seems like its probably going to be in the beginning of 2018, Hearing other investors talking about putting your investments in A or B properties to leave it in autopilot, since C or D type of properties tenants require a bit more attention. I was looking to get financing in the 400k range I saved up 50k myself and my grandfather sold his land in pakistan and gave me 100k. With a total of 150k for a down payment. Heres what im having trouble with i have 20 percent down payment and have credit in the mid 700s, But being self employed and having mostly a total cash business i haven't really setup my tax returns properly, but this year im trying to fix that since im hearing i need a w2 for a loan. I also started a construction company and have a couple minor contracts with some schools. So i was thinking if i pay myself as a w-2 employee For the next year. Do banks accept this? If im paying myself from my own company as a w2 employee.

Scott McMillan True definately need to consider it,if i ever plan on getting a corporate job. Ceasar Rosas I never really explored the bronx but definately going to give it a look. Eric Li Dmitriy Yeshin Im looking into nj as my first investment since i have a starters budget and nyc is on fire. So if i find a condo in nj that i want to rent out, to get a loan do i need to do the 20 percent down payment from a bank for a commercial loan since its a property for business. Second i dont have w-2 tax returns since my business is mostly cash, Would i have a hard time getting say an 80k loan even if i have a 25% down payment.