All Forum Posts by: Caroline Gerardo

Since you are using your self directed 401k or you mean IRA? You cannot do a recourse loan. 99.8% of DSCR lenders are full recourse as they rely on the person's mortgage middle FICO for pricing the loan as well as location, property type, LTV, DSCR ratio, experience... There are a few with Trust in their company name but when you get the rates in the 15-22 % range it's not going to make you smile, none that I recommend. Other option is to get a loan against the 401k or IRA direct from who holds the account.

Look at this another way. You did not fix the vermin infestation. Bucket mouse traps and plank with bucket are easy to order on Amazon, as well as 100 sticky traps and snap traps that you monitor and keep away from your pets (they can be put inside a wooden box with a small opening where you see droppings). You did not clean up a major health problem. Hiring a pro is a start but not not enough. All food must be in sealed Kerr jars, trash taken out daily, trash bins tightly sealed, hardware wire and steel mesh into every wall/every crack, and change your lease to require tenant to meet new standards. 

I suggest you do not get a veterinarian test on the beloved pet. Even if conclusive you cannot prove the tenant caused the heartache. 

@Stephanie P. good ole days ~ rep from Fremont Bank and (can't put his name here he's still working) was at New Century would close the hardest deal. I didn't broker but was so grateful they got people closed.  

@Lisa H.  $100000 sale price equals $500 commission for the dude. He counted the minutes that he worked hourly. This is NO Excuse. Your guy is lazy. I love doing small deals for the joy of getting people through the gateway.  

@Jerry W. I owned a cattle ranch outside of Hoback Junction from 1998-2008 (the crash, I had to sell) I can operate a backhoe, a snowplow, a crane, excellent with a rifle at 1000 yards and split firewood.  Would need to build a satellite tower for my Starlink to work during good weather (Elon doesn't work in snow storms/high cloudy winds which is winter in WY). Looking for 20 Acres 1000 foot cabin and a barn. I stay away from politics it bores me.

@Carlos Ptriawan Myself - was in India in 2022 for work. 1.at Google was in Portugal now back in Bay Area. (Google is doing lay offs in CA with no relocation offers). 2. Eastdil moved him to Dallas ("take the move from SF or layoff), 3. at Blizzard is in Arizona. We work in tech of sorts. The push to leave Newsomland is big. All four of my family members see this trend. 

I'm back in Southern Cal but shopping for houses in no tax states. 

Florida hmm... hurricanes, humid, big bugs, gators, blue hairs driving wrong side of road (soon to be one)

Texas- would not want to be in a border town, property taxes 1.6%, hot, humid on gulf... I lived in Dallas before it was okay

Arizona- mountain areas desirable, water shortages, hot

Tennessee- mountain areas desirable, not a lot of cultural things for me, could have a garden, tornados? shopping a little bit 

Nevada- near Lake Tahoe yes shopping/  near Vegas nope.

Wyoming- I'm shopping a state you didn't mention- low population can work remote

Well yes if you filed jointly then she can't explain another FHA loan where you live. Might be a reason to talk about filing separate in future, but that takes you out 2 1/2 years to think about it... I assume you got the FHA loan before you married. You could explain to FHA Underwriter going up in square footage to accommodate children/better school district/ job change... or some such future plans... depends. I suggest you put the title in Living Trust with rights to survivor, maybe even different Living Trusts if your first house was prior to marriage. These are things to plan for: death, divorce, children, taxes that take some discussion and pencil pushing. Big question is will she continue to work in 2025-2026/7?

My other guess is your pre-approved loan is for conventional or high balance which will have better terms and lower rates than DSCR. This being your second deal- vest in Living Trust together with you as sole guarantor. It won't show on her credit leaving her income available for the next one. Feel free to call and get details how to set this up.

Freddie and Fannie allow the LT with two beneficiaries or more. You have to give them the Trust Docs which I prefer to keep silent, there is a way to structure.

Are your IRS taxes filed separately 2021 2022? Does she have her own separate W-2 income? Those two things determine the answer. FHA will require a reason in writing that can be verified. "Joe lives in New York and I live full time in Florida, my job is in Florida we live separate lives...Subject property in Florida."

Put it in a CD for 5.2% for a year and take any job you can start, any. Get income flowing. Take care of your health. Start walking and doing stretching at home. 

Full doc with good FICO and you have it leased, many mortgage bankers can do this.

80% for most scenarios on a purchase 75% refinance... call for ins and outs rules

85% for seasoned investor /721 middle mortgage FICO/ property lease at closing with $ most states/ funds from your checking are seasoned 60 days and tracked/ 12 months reserves on top/  minimum floors on loan amount/ market rents verified ... with a few other no exceptions rules