All Forum Posts by: Jonathan Styer

This is all lender specific. Are you talking Fannie/Freddie loans or commercial. Generally you're looking at 2 years of reported income for it to count towards your income but you maybe able to find a portfolio lender who will consider it right away. Speak with local lenders and let them know your situation would be my advice. Good luck!

I would not mess with it until you know there is a problem which there likely is not. The pressure on a forced air furnace is not likely enough to cause any issues I would imagine. I'm not an HVAC guy but I would be pretty surprised if there is any issues. It probably just blew with more force into your unit. 

BRRRR's rely on forcing equity, they have nothing to do with interest rates. The idea is buy a home (ideally in cash), force equity through renovation, do a cash out refinance pulling all your funds (purchase and rehab) back out, rent it, use those same funds to do it again. None of those R's are for rate, so I don't know if there is something you're missing in the strategy? Your rate could possibly be a little higher on the refinance but it could also be lower. Hope this helps.

Call a bunch of lenders and speak with them about what you are looking for. Find out their terms and feel out if they would be a good fit. Most people just pay off the note month by month as the rent comes in because they like to leverage their cash as much as possible. 

I always look at the time of the year to determine the length of lease. If we are heading into winter I prefer to do like a one and half year lease to line up the end of the lease with the warmer months. Never have started off month to month, I have heard of people doing that but it makes me nervous. 

@Nicholas R Paust The lawyer will tell you what you should do. In Ohio we need to post a 3 day notice before filing an eviction. Your mileage may vary. 

Can only tell you about my market, but a lawyer is going to be worth the money for you in my opinion. Without knowing the ins and outs of eviction court, you can easily make an error and it will push back the eviction or you may even have to refile. Good luck. 

Those "gurus" are a waste of money in my opinion. The information is out there for free (like here), you just need to put in the work. Those classes etc. are all just money grabs and the best way to learn is to actually get out there and start doing stuff. Also, if you can find a mentor that is extremely valuable. 

There are no Fannie/Freddie rules and it is completely lender specific. A lot of lenders want 6 months but it's not a hard set rule. 

This is a personal choice, will the rent cover all costs? If so I'd rather have emergency funds. If it doesn't I don't know how great of a deal this is if you have to come out of pocket each month.