All Forum Posts by: Joshua Zdunich

Hello, 

My business partner in one of my short term rentals wants to be bought out.  We have a conventional loan one the property at 4%.  I don't want to refinance into a new loan because that would mean taking one today's rates.   Wondering if its possible to just removed my partner from the loan so I would be the only one on it. 

Thanks everyone for your input!

I figured as much but wanted to confirm.  

Hello everyone and thank you in advance for any info,

After closing my lender asked if I wanted the loan reported on my C.R..  I didn't know that not reporting was an option.  Does anyone have any experience with this. I would love to have it not reported as it would keep my D.T.I. lower for other future loans.   Do I need to disclose this loan while applying for other loans?

Thanks for your time!

Hi everyone,

I recently purchased a primary, closed the loan on Tuesday the 12th. My lender reached out and asked if I wanted the mortgage reported on my CC report. I had never heard that this was an option so I told him I would get back to him. Obviously there are a lot of benefits for it not being on my CCR, my D.T.I. wouldn't be affected is the biggest one, continuing to buy investment props would be that much easier for loan qualification.

My question is... are there any negatives to not having it reported, do I have to disclose the loan when applying for other loans?   The loan for this prop is a 30yr, 1.35mil.   @4.1%. 

Hello and thanks in advance for any advice,

I'm moving out of my primary and turning it into a rental prop.  All my other properties are on a conventional investment prop loan and the rental income from those props count toward income.  I'm wondering if once the primary is turned into a rental and seasoned long enough will that count towards income even though I'm on a primary loan?

Thanks for your tine!

Chris,

This mirrors my discussion with the appraiser.   

Thanks for the suggestions!

I ended up calling the appraiser and telling him what I did and that I planned on drywalling it back up before he came by.  The guy was beyond cool, had me send him pictures and then told me there wouldn't be a deduction in value based off what he sees!!!  Super happy because I hate drywalling and I absolutely hate spending time/ money on mistake :)

Thanks again everyone! 

Hello,

I closed on a cash purchase on 5/25 in La Jolla CA. I already have my refinance lined up and ready to go but I might have made a mistake with the appraisal and this is where I need help. So this property is going to be a complete gut remodel, with an ADU addition. After closing I was really excited and wanted some answers about the existing build so I opened up(tore out drywall) on two closets and a hallway. This is all before the refinance appraisal <----- I know, rookie move. So to all the appraisers out there, Is it ok to have those studs showing or do I need to drywall what I opened up? The house is a 5bd, 3.5ba, 2400sqft, 3 story, the demo was in the bottom floor.

Thanks in advance for all the help, my appraisal is scheduled on Friday.  

I'm a bartender making around 100k/year, I'm also a part-time construction worker.   I've managed to save 400k and have 4 rentals that cashflow about 2k a month.   My strategy has been B.R.R.R.R. so far and would love to continue with that.  My bartending job takes up most my time working 5 days a week, I would love to quit so I can focus on real-estate.  My concern is qualifying for loans with no W-2.   Anyway around that? Thanks for your time!

Hello,

I'm a part time real estate "investor" based in San Diego with 3 B.R.R.R.R.'s under my belt. Two of them being out of state, Phoenix and Washington. After a lot of research I have settled on the next market I want to target, Indianapolis. Looking to meet wholesalers and an investor friendly agent. My strategy is B.R.R.R.R. but I know this isn't always doable so I am flexible I'm a cash buyer, looking for mostly SFR's and will do most of the rehabs on my own as I am about to get my G.C. license in California. Heading out there in a couple weeks to see the areas I have been reading so much about. Thanks for your time!