All Forum Posts by: Caroline Gerardo

DM or call me I can provide some referrals. Maybe you start with the local fire house rather than county inspector and have a meet and peek about what they see. How many stories?  

Two separate loans on two tax ID or parcel numbers are possible. Do they cash flow? What do you show for income on your IRS returns? How much are you depositing for income in the bank? What is your FICO? Valuation and loan amount desired? City? Number of units per parcel. This determines what loan choices are available. If under 7 units per "tax ID" not address~~ a 30 year fixed is available. Think of the tax ID or APN or parcel map as a historic record of the property as it really sits. 

No guarantee rates come down in 5 years, very little difference in rates. 5 year IO in past weeks rates higher than 30 Year. Do the 30 if you plan to keep this property.

Pledging your stocks? What is their recourse? Difference in rates?

Your PM should fill out 1099 MISC   and you should do 1099 NEC for any entity, person or company you paid more than $600. You can look up EIN on the state registry for companies but you need the social security number for humans. Here are instructions and forms: https://www.irs.gov/pub/irs-pdf/i1099mec.pdf

Loan amount, state, valuation/there are comps, property type, your FICO, market rents, vesting type~ needed to answer

@Dee Shiozaki have a nice day.

to your #2 Sister will want you to refinance and payoff the loan as it sticks on her credit report forever. She may not want handcuffs to your future plans. She might not qualify for another loan, unknown it depends on if she can show it as positive rental income but with your plan it sounds like she won't have tax returns in the future to make this work. You mention she is only to be one percent beneficiary, she provides 99.9% of credit risk and income as long as the mortgage is in her name joint with you. It would not be fair to make her continue. MAYBE rates will go down and you could refinance into a non owner loan with similar terms but today a non owner occupied loan has more fees and higher rate. It is hard to predict what the future will provide. Prepare in your agreement worst case and best case. 

All conventional loans, USDA and VA allow Revocable Living Trusts for vesting but not other entities at closing. @William Hochstedler

You want to do an owner occupied loan. Sister is only person who this will be her primary. The title cannot be 99% you with a conventional loan, that indicates this is an investment property and rates and terms are a big difference. I don't know if you can qualify as non occupant co-borrowers together, as we don't know what anyone's income or liabilities are.

I suggest you do a couple things: Write out a plan and agreement between the three of you with the date you plan to refinance and who pays for every penny. Who will pay for repairs, utilities, the payments, and what if you have an insurance claim? What if you get divorced or she gets married? Lose your jobs? Who is the one decisionmaker tie breaker... What if the value goes down? What if one of you dies? The agreement must have a specific date for this exit refinance (what if rates are 13%? you will pay higher non owner rate)... Get a yellow notepad and write it all down to talk about.

Put the title in a Living Trust but do not put the agreement in the Trust. The agreement should be done by an attorney but the Trust can be a simple two page form.

Partnering with family can cause long term emotional stress, if your agreement is written, signed, notarized you will avoid fights, as this is a business arrangement.

Can you qualify for a mortgage with income, assets, credit, and a property that can be financed? Or does the partner need to bring all the money.

$400000 is crazy. 114 S Lincoln sold for $263000 three months ago 356 1st $245000 325 Elm $250000 219 Union $228000   609 Houston $290000

Five comps all under $290000 some have more square feet, some have much cuter upgrades. Value today $285000 adjusted. Be kind and just say, "no thank you." Wait it out.