All Forum Posts by: Aram V.

I'm in the process of trying to cash out refi - Nightmare, but may have some light at the end of the tunnel. This is on their policy:

"Self-Employed Borrowers
Any individual who has a 25% or greater ownership interest in a business is considered self-employed MB Financial Bank generally requires that the borrower has a two (2) year history of the borrower's self­ employment. However, a person who has a shorter history of self-employment may be considered as long as the borrower's most recent signed federal income tax returns reflect receipt of income at a level similar to or greater than previous employment if the borrower was in the same line of work with similar responsibilities. One year tax returns may be acceptable per AUS findings

All self-employed borrowers are required to provide copies of signed individual tax returns including all applicable schedules, for the previous two (2) years. Business tax returns for the most recent two (2) years are required. One year tax returns may be acceptable per AUS findings. "

I'm in the process of trying to cash out refi with MB Financial.  And their policy says 

"Self-Employed Borrowers
Any individual who has a 25% or greater ownership interest in a business is considered self-employed MB Financial Bank generally requires that the borrower has a two (2) year history of the borrower's self­ employment. However, a person who has a shorter history of self-employment may be considered as long as the borrower's most recent signed federal income tax returns reflect receipt of income at a level similar to or greater than previous employment if the borrower was in the same line of work with similar responsibilities. One year tax returns may be acceptable per AUS findings

All self-employed borrowers are required to provide copies of signed individual tax returns including all applicable schedules, for the previous two (2) years. Business tax returns for the most recent two (2) years are required. One year tax returns may be acceptable per AUS findings. "

 Hi Tarik, yes, I'm trying to Cash-Out Refi and many National and Local Banks require 2 yrs of Tax Returns. 

Hello! 

I'm in the middle of my 2nd year of Self-Employment and it's been a challenge to get a Cash-Out Refi without 2 yrs of Tax Returns. I claimed losses on my first year 2017, unaware of how unattractive I'd be for a loan, duh! So I'm collecting all my income and expenses for 2018 and being careful not to write off too much stuff.

Does anyone know what's a "good" percentage of positive net income that would be a attractive to banks on a tax return?

I'm in the middle of my 2nd year of Self-Employment and it's been a challenge. I claimed losses on my first year, unaware of how unattractive I'd be for a loan, DUH! So I'm collecting all my income and expenses and I'm being careful not to write off too much stuff.

Does anyone know what's a "good" percentage of positive net income that would be a attractive to banks on a tax return?

"tax returns showing positive income"  What's a good percentage of positive net income that would be a attractive to banks on a tax return?

Hello BP!

In the past couple weeks I’ve spoken with over 30+ banks, not exaggerating, and I was unsuccessful in refinancing a manufactured home I bought & rehabbed a couple of months ago - asking many Nationwide Banks, Local Banks & Credit - a few will, but only if its a Primary or Vacation Home (LESSON LEARNED!!!)

No doubt, this property will generate great return. 18%ROI - We bought it for 32k+17k Reno; all in for $49k... in a very desirable neighborhood. ARV is probably $80-85k. But knowing the cost of having my equity stuck limits my growth with future opportunities.

I ask you, would it be wise to move on and leave $49k of “dead equity” for a $950/month return? or SELL for a decent profitable Flip! - then purchase the next “bank-friendly-to-refinanceABLE property”, - rehab, re-fi, and repeat!

Thanks!

I just received an email from Morris Invest's former Portfolio Manager.

To my valued clients,

I wanted to inform you that I have left Morris Invest. It has been a move that I should have done sooner. There was a huge lack in customer service that totally goes against my principles. No matter how much time and effort I put into trying to communicate with them that the customer should always know exactly what’s going on, they just didn’t see it through my eyes. For anyone who dealt with the frustrations of not knowing what was going on please know I also did not know what was going on, no matter how many times I asked I never got straight answers.

I am very excited to inform you that I have joined the team at Limitless Turn Key.

I will have the ability to offer you homes at a more competitive price point and in better neighborhoods.

I guarantee if you have a question that needs answered this company will be there for you.

There will be more opportunities for financing of homes in more markets with better rates of returns in better neighborhoods.

Please see the attached property and let me know if you have any questions I look forward to continuing to help you realize your financial goals with the fine people of Limitless Turn Key.

As always please feel free to call/text or email me anytime.