All Forum Posts by: Jason Wray

1. Send a notice of eviction, File a complaint with the Clerk of Court, Attend the eviction hearing, File the writ of possession with the local Sheriff. You can also advise the landlord if he/she does not evict the boyfriend she will stop payments (Verbal force).
1. b. The probelm is he has kids so the court may allow him to file an "extension to Stay" which may provide an additional (60-90 days).

Johnny I sent you a PM.  We cover that area plus Nationwide.

You are going to need a clean title with no issues for a DSCR loan. Even though it's Non/QM it still requires a clean chain of title free of any liens, judgments, 2nds, or tax burdens. Your loan officer should have already ran title and had it back by first week of processing have you reviewed?

Miguel,

When you are a co-borrower the bank must include the debt of that mortgage payment against you unless you can show your brother has made (12 payments) to the lender out of his own checking account. If you can qualify/DTI with both mortgages you can buy another FHA home with the right compensating factors and letter of explanation.

Zachary,

You can do a "Gift of Equity" purchase which is actually similar to a refinance. Since your family owns the house they can gift you both the "equity" and the "closing costs" which comes form the exisiting appraised value. This way you do not have to come out of pocket any funds and you can also take out a HELOC or cash out to pay them some funds if they need money beyound the payoff.

Vidal,

Your in luck I am willing to talk and can help guide you in the right direction.  The good news is $20K is nothing to short of a good start in the right direction!  There are multiple ways to buy your first few properties without going broke and needing a ton of cash.  One way to buy out of state is take advantage of the ability to buy a second home.  This offers a 10% down option and with $20K its a good start on a $200K home.  You can rent out a second home as an AIRBNB or VRBO and also transition it into a permanent rental in a short period of time.

You mentioned talking to multiple people and it does not surprise me as the bank/lending industry is full of new comers, loan officers with no investor options or lack of knowledge. Most bankers are 9AM to 5PM and they are out and shut off until next morning in many cases. There are alott of us here on BP to help get around those issues. If not a seccond home you can also qualify for an investment purchase with 15% down and use the cash flow (rent) to qualify not your personal income under a DSCR or portfolio program. I sent you a PM if you need more guidance, always happy to help.

Mike,

If you are going to be buying a multi-family and rentals in general make sure you have at least (6) months PITI reserves outside of that HELOC. You cannot use a HELOC as a liquid reserve and PITI reserves are required when you buy a rental and on multi-family homes. You want to have a buffer basically in another account to show (6) months PITI principal, interest, taxes and insurance - total monly payments in a savings or "other" account. You cannot use a HELOC because it is a debt obligation and looked at as a open end mortgage and "Not an Asset".

You may want to time the purchase (3) months after you get the HELOC so that you can withdraw enough funds to put into savings. Banks require (2) months bank statements so you do not want that 'Large Lump Sum" of money having to be sourced and seasoned to the HELOC. Get it into an account 3 months prior so the two months show no large deposits.

You need to go to the county and do a quit claim to add yourself to the title.  After six (6) months required for title seasoning you can refinance the house into your name and pay the mortgage out of your checking account to show payment history.

Mary,

You can break down the closing costs on any deal.  First there are several title companies online that you can google home purchase title quote.  It will allow you to put in the basics like purchase price, loan amount, loan type, closing date, and any seller credits.  That will give you a good gauge on your basic fee's and days of interest plus escrows.  Then as a rule of thumb if your using a big bank not a broker/lender you can use the standard processing and underwriting fee's of between $1200-$1400 for the bank costs.  Aside from the title and bank fee's there should nto be much difference with the escrow/pre-paids.

Depending on loan size using a percentage can be high/low and end up being off each time.

Schadrac,

Investment rentals require a minimum of 15% down for a SFR single family rental. Do you own a primary you could use to do a cash out refinance to get the other needed cash?