All Forum Posts by: Brady W myers

I’ve tried that and the bank won’t renew my Lines of credit or continue to give me new mortgages without the co signer I said look at my payment history, my net worth etc… the bank says if my tax return doesn’t meet there criteria I’m out of luck they also said I’d need to own 15-20 houses and have that show on my tax return.. And I wouldn’t care to switch banks for future business but it’s jsut such  a bummer to have to leave these low interest rates I locked in. 
is there such a thing as ignoring the bank, but making the payments?

it seems like with conventional, Once the loan is made they leave you alone.. but with commercial it seems like they wanna bug you every year.

Any ideas based on this? 

I’ll try to keep this short..

I started buying property in 2018 using a local credit union and my dad as a co signer. Things were going smoothly I’ve never missed a payment I’m on auto pay and have plenty of reserves I have a great payment history to this day.

However my main lender at this bank got promoted and a local family friend took his place, my dad is unwilling to continue co-signing with this new lender because he “doesn’t like to do business with friends”.. he also is done with this bank. he got emotional. So I can’t just switch lenders at this bank to make him happy. 

I have 5 mortgages with this bank and don't really want to refi with another one because I have such a low interest rate 4%. I'm looking at over 8% for DSCR loans.

That being said since the loans are already there and I never miss payments do you think I can tell the bank sorry my co signer is unwilling to provide and new information and just keep making the payments. Or do you think they will call the loans due because they don’t want to take any risks? 

This has been a very bothersome issue for me. Interest rates don’t help. I don’t know what to do at this point. Please any advice will help. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $65,000

4 bed, 2 bath home section 8

What made you interested in investing in this type of deal?

Cashflow

How did you find this deal and how did you negotiate it?

My mom sent it to me on realtor.com and I ran the numbers which met my criteria. Listed for $89,900.00 I offered $72,500.00, found further issues and I asked to lower the price to $65,000.00. They agreed!

How did you finance this deal?

Private money

How did you add value to the deal?

Buying low, zero work!

What was the outcome?

Rented for $1254.00 (inherited tenants) purchase price $65,000.00 cashout refinanced, appraised for $117,500.00! Private money paid back 100% $0 invested!

Lessons learned? Challenges?

The house had a forgivable government funded loan on it. It ended up not affecting anything other than the house has to stay on the section 8 program and is rent controlled for the term of the loan which is forgiven in 8 years. Yeah.. didn’t see that coming as a newbie. I can’t complain though because it cashflows nicely since I bought it low!