All Forum Posts by: Eric Veronica

Normally you will just need to pay the county to transfer the deed and the title company will likely charge a fee to create the quit claim deed.   Most states will not charge you any transfer taxes however I have heard that some states will charge some sort of transfer taxes.  I would recommend asking a title company.  You could also call the county register or deeds/recorder office to ask about transfer taxes. 

@Adoney ReidSure that wouldnt hurt 

Lender 1 is correct.  Fannie and Freddie guidelines vary a bit on using rental income for subject property investment purchases but both state that you cannot use the expected rental income from the purchase of an investment property since you have no landlord experience and no primary housing expense.  

If you were purchasing this 4 unit as a primary residence you could likely use the rental income on the other 3 units as qualifying income.

Unfortunately, the 60-day occupancy is a ha pretty standard rule.  Any buyer purchasing as a primary residence will encounter the same timeline hurdle.  

If Trump getting elected results in consumers spending less money then, yes, rates will go down.  It all comes down to inflation.  Unless inflation nubmers  slow down then rates are not decreasing any time soon. 

Yes that is probably a smart move.  Most business credit cards do not report on your personal credit report so often times any debt associated with the business credit card will not impact your debt to income ratio. 

Make sure to ask the bank if they will report the business card to your personal credit report.  Some banks  o and some banks dont. 

As long as the home appraises the equity should count as your "down payment".  If you owe 80k on the hard money loan and the home appraises for 100k then your loan to value is 80% and you have 20% equity. 

as a general rule you should be able to add depreciation and amortization back into the income because they are not true cash flow expenses. 

Typically no, If you have multiple sources of income and you qualify with only with one source of income then you should not need to document the others. Same thing goes with assets. 

With that being said there are quite a few scenarios where the lender might still need to document for one reason or another.

For example if your assets statements that you are using show a large deposit which is a transfer from another bank account that you are not using then you might need to provide that other bank account statement to source that large deposit.  Another example is let's say that same asset account you are using shows a large deposit from a different source of income such as a part time job the underwriter may question that deposit and ask for a paystub to document the source of that deposit.  

Hope this helps! 

@Tomasz Poznanski Sounds like you should be able to get a conventional loan.