All Forum Posts by: Greg W.

I have 6 properties that I bought on land contract at a good price. Now I'm trying to get properties in my business name under blanket loan and get some of my investment money (down payment and reno of two units) back out of it. I found a lender that would do 75% of purchase price (which I will have to put down more to make it a full 25%) and not of appraised value (which could put $ back in my acc). If I accepted this how soon could I refinance or get equity out? Can I use same appraisal that this lender would order?

Thanks,

Greg

my recently filed taxes has income frome one unit I previously had. I recently acquired 6 properties. When I file taxes next year, would that be my 2 years that I need to use all rental income?

is it possible to use income from recently (few months ago) acquired properties to qualify for a fha loan for my personal home? If so what documentation would a bank request?

Thanks,

Greg

thank you

I am seeking a blanket loan for some properties I have under land contract at the moment and have been running them for about 2 months. I spoke with a loan officer from a small bank and one of the things he's requesting is rent rolls. How should I create or present this in a professional manner? Should I include vacancies?

Thanks,

Greg 

ok thanks. I will try smaller banks

I have a land contract on 6 properties, which balloon needs to be paid within 10 months. I wanted to get my options (especially in IN.) for getting a loan for properties. The properties cash flow very well. I owe 125k..value is about 250k, I have a salaried job, excellent credit. Need help on ideas..I'm looking to get this done asap.

Thanks

two different opinions. Hopefully I can get some more..

for the landlords who have hired property management companies, who holds the security deposits? I just recently hired a company and the owner wants me to transfer security deposit funds to her escrow acc. I told her I could hold deposits and get them to her in a timely manner, if needed. She seems to not be ok with this. Properties are in indiana. What are your thoughts?

Thanks

I am new also. I do have a couple duplex's and recently just got a mortgage on one. I don't have a whole heap of reserves and will be using a ploc for down payment on this contract. The income from this property will comfortably cover payments to loc and allow me to save more. I have excellent credit and am also building business credit. I plan to let my credit rest for 8-10 months and then get a mortgage for properties. I will have at least 20-25% equity and 2 income taxes showing rental income by then so down payment or DTI shouldn't be an issue.