All Forum Posts by: Christian (Whitehead) Scott

Hello BP Crowd!

I'm using the Rental Property Calc to determine if a listing is a good deal or not for a renovation loan.

However, when I insert the Estimated Repair Cost that amount is added to the Total Cash Needed, when on a HomeStyle or 203k loan, that amount isn't cash I have to supply, but instead it's rolled into the new mortgage.

Does this skew the results somewhat? If so, how have you determined "good deal/bad deal" on a Renovation Loan?

Many thanks,

Eager Learner...Christian

I've thought about this for when I purchase my first rental, thinking I too don't want to deal with coin collections & was reminded of what was done when I lived in an apartment complex...I rented a full sized washer/dryer from the complex for an extra $100/mo. Hassle Free! No change needed on my part, no one coming into my apartment to collect, and no going to the community laundry center. Good luck!

Thank you Charlie! Appreciate your feedback gang. 

Thank you Jerry,

So, do you suggest I stop having the payments made into my bank account & simply cash their checks & hold on to the cash instead of the money appearing in my account?

Or is it just fine to have random deposits showing?

Lenders, Bankers, Mortgage Brokers:

How would you advise....I'm doing a version of House Hacking. I have 2 friends renting rooms in my home. They currently make deposits into my bank account or write a check each month for rent & splitting the electricity. I do not report this as income.

As I shop for conventional loans, would you recommend to continue this method of payment or should I have the payments made in cash in order to avoid any red flags that may arise due to the "unidentified" deposits?

Many thanks folks! Really appreciate the BP Community!

Hello gang!

There's a 6 unit multi fam in the DFW area that I'd need to get a commercial loan on. I've been researching only FHA & various construction loans for up to 4 units.

Can anyone recommend a resource with more information or can share info on their experience with commercial lending?

Many thanks!

C-Dub