All Forum Posts by: Fred Gonzalo

DEBT TO RATIO is holding me back enough for banks to say NO everytime i get to the underwriter part. Truly stinks and a waste of time for everyone..

If anyone with same experience can give me tips or advise id truly appreciate it. Cant let debt stop me..as thats the only main block on the road. 

Ive got property paid off already but even with property as collateral still debt to ratio is a problem.

My question is what can i do to fix this..work off to pay the debt or consolidate? (since i cant refi my property to pay off debt).

Thanks everybody.

hi can i go?

Why dont banks lend to paid off propertys that are appraising 50k??

can anyone recommend any banks that are willing to work or lend ltv for houses that are 50k    most banks want house to appraise at 100k

i am in nj

Thank you all. I will you the tips and info given. Last question.. since i do have a property mgr..was it their responsibility to tell me about water bill not being paid?  i found out just recently from NJ water that i owe a huge bill..  and they told me tenant hasnt been paying since february last year.  that tenant got evicted ..courts and everything came thru but now i guess i will have to pay the bill. What can i tell my property manager at this point since ive gotten a new tenant since since december. Thanks

What if the tenant has left ...meaning evicted but then i the landlord gets her bill of months and months of non payment of water bill.. now what?  is that my property managers fault for not letting me know that tenant hasnt been paying for months..? what can i do? please someone let me know  thanks

Hello ALL

Ive had a tenant that hasnt paid her water bill since february of last year.  she is no longer living there for the last 3 months. The city sent me a bill to pay the water bill for a few hundred bucks which shocked me because i was never aware she wasnt paying her water bill. I use a property management and they would take care of the place since im over 2 hours away. Theyve been great but my question is..whos fault is this and can i do anything about it by not paying this? I wouldve loved to get aware of the fact that she wasnt paying her bill at least the first 1 or 2 months delinqeunt that way it wouldnt add up to so much. 

Has anyone else dealt with this? like i said there is a new tenant now since novermber and thats fine but the preivous tenant that never paid her water bill... now falls on me.  

Any tips or info what i can do would be great. I appreciate it. 

Thanks

Just going to go straight to the point. I already own few single family propertys free and clear with tenants.

Id like to buy another property with hopefully a investor or private money lender without using my cash this time.

Banks have said no because of my debt to ratio. Thats my problem. I know im not the first but im still going forward. Like i said i already own other propertys which one could use as collateral. 

Any reputable referals I can use with good numbers?

Id need a loan of 50-55k singel family house mercer county area.

Please let me know of any info as I want to start the new years with determination.

Thank you all!!

@Melvin List oh so they can basically lend me the money but i can negotiate with them if my DTI is too large, i can use the loan from them so i can pay as much to lower the DTI so I can get the loan and then the rest i do what i want. ?

btw i appreciate your info. Helping me out alot. Thanks.

@Melvin List does the bank have to know what i will use the credit line for? Can i tell them debt..that way it can go smoothly?

Hello BP,

Just wanted to know which one would be easier between cash out refi vs credit equity line ...Im trying to get money from my rental property i own free and clear but I dont want to waste the underwriters time..my credit score is about 680 and my credit cards are pretty high .  Is one easier to work with? meaning does bank really go in depth and look at debt and annual income before they loan on a paid property??

thank you so much