All Forum Posts by: Hanan K.
Hanan K. has started 7 posts and replied 47 times.
Post: HELOC affects on DTI - question!
- Atlanta
- Posts 50
- Votes 38
@Justin Phillips Thanks again for all the helpful information!
Post: HELOC affects on DTI - question!
- Atlanta
- Posts 50
- Votes 38
@Justin Phillips oh, ok. That makes sense. Is there a ratio they like to see for suitability?
Post: HELOC affects on DTI - question!
- Atlanta
- Posts 50
- Votes 38
@Justin Phillips Thanks for the detailed response! I think you are right. I'll start with our primary residence. Good to know that open lines of credit don't affect DTI. I read somewhere that they will typically factor in the payment as if you had the line of credit maxed out which made me nervous from a DTI standpoint. Thanks for your guidance.
Post: HELOC affects on DTI - question!
- Atlanta
- Posts 50
- Votes 38
Hello BP members! We are preparing to leave our W2 jobs in a few months to move into full time real estate investing.
We have a good amount of equity in our primary residence as well as one of our rentals and we would like to take out a HELOC on each property but we plan on purchasing a few investment properties before leaving our W2.
1) Should we apply for the HELOCs First? Will this affect our DTI even if they are at zero balances?
2) Does it make more sense to buy the rental properties first?
3) Is it possible to apply for multiple HELOCs on different properties at the same time? or do we need to do one at a time?
Thanks in advance!
Post: Help! I need to back out of a sales contract.
- Atlanta
- Posts 50
- Votes 38
Originally posted by @Jason Young:
@Hanan K. Wow! We’re you able to get ahold of her responsible broker?
Yep!
Post: Help! I need to back out of a sales contract.
- Atlanta
- Posts 50
- Votes 38
I just want to thank all of you who offered helpful advice and weren't judgmental about the situation. I'll never understand people who like to throw in their two cents when it in no way helps the person. It's so rude and not constructive. I took the advice of some of the helpful BP members and consulted with an attorney.
Post: Help! I need to back out of a sales contract.
- Atlanta
- Posts 50
- Votes 38
Originally posted by @Michael Plante:
We Are talking about a million dollars on the line
call an Atty on Monday if not sooner
Thank you for the advice. That is exactly what I did. Turns out my agent never even called the listing agent. I called the listing agent myself to confirm that he never spoke with her. She came up with that figure out of thin air. I've consulted with an attorney and my agent had a fiduciary responsibility to me and misled me / defrauded me into getting into contract by providing false information. I am not at fault. I went ahead and cancelled the contract. We will see what happens but the two attorneys I spoke with both told me I had a very good case and they do not foresee a judge ordering specific performance or monetary damages. If monetary damages are due, they would be due by my realtor or her broker as it was their mistake,
Post: Help! I need to back out of a sales contract.
- Atlanta
- Posts 50
- Votes 38
Originally posted by @Jason Young:
@Hanan K. Is it possible that the other home closed for more than price that the agent had previous knowledge of?
Turns out my agent never even called the listing agent. I called the listing agent myself to confirm. I've consulted with an attorney and she had a fiduciary responsibility to me and misled me / defrauded me into getting into contract by providing false information. I am not at fault. I went ahead and cancelled the contract. We will see what happens but the two attorneys I spoke with both told me I had a very good case and they do not foresee a judge ordering specific performance or monetary damages. If monetary damages are due, they would be due by my realtor or her broker as it was their mistake,
Post: Help! I need to back out of a sales contract.
- Atlanta
- Posts 50
- Votes 38
Originally posted by @Jay Hinrichs:
Originally posted by @Hanan K.:
Originally posted by @Jay Hinrichs:
Originally posted by @Hanan K.:
@Jay Hinrichs Thank You much for your detailed response. It was extremely helpful and I am checking with my attorney ASAP to find out whether they would need to hold CASH in escrow. If so, I can’t imagine that they would be willing to go through all that. I do have legal insurance that covers my attorney fees if necessary.I truly hope it doesn’t go that far but I thank you for helping to ask the right questions!
Now keep in mind my contract was an all cash purchase.. if they have a financing contingency or are getting a loan then i suspect they would only have to put their down payment into escrow as delineated on the on the Purchase and Sale agreement then not sure if the lender has to actually fund and let the money sit in escrow .. but then no lender is really going to do that.. so it becomes interesting .. what area of Napa is this home ? That's my stomping grounds my Dad had a real estate company in Lake co just north of Napa ( you probably familiar) started in the mid 60s so we have been going through Napa valley up Silverado trail all these years.. My very first sale of an improved property as a young agent in 75 was a commercial building in Calistoga sold for 25k LOL.. But hey i double ended it and made 1,500 dollars.. not bad when wages in those days were about 5 to 10 bucks an hour.
It’s in North Napa, maybe 8 minutes from Yountville. Silverado Trail is beautiful and such a fun drive!
Post: Help! I need to back out of a sales contract.
- Atlanta
- Posts 50
- Votes 38
Originally posted by @Jay Hinrichs:
Originally posted by @Hanan K.:
@Jay Hinrichs Thank You much for your detailed response. It was extremely helpful and I am checking with my attorney ASAP to find out whether they would need to hold CASH in escrow. If so, I can’t imagine that they would be willing to go through all that. I do have legal insurance that covers my attorney fees if necessary.I truly hope it doesn’t go that far but I thank you for helping to ask the right questions!