All Forum Posts by: Aden M.

Maybe trying with larger banks is what I did wrong in the past, but I always found larger banks (like quicken) to be painless compared to local banks, but that was before having debt to income issues. 

25% might work for me but I would really love a lender that just looked at the overall picture rather than the debt to income ratio.

We have bought a few flip houses over the last few years. Every time we use the HELOC in our main residence to buy the flip house for cash. I renovate it, sell it, and then pay back the HELOC. Its always been great.

I have a new situation yesterday where I found a foreclosed house, and its very unique property, close to my main residence, and I think I want to rent it as a landlord rather than sell it for a profit because it really is a great house in a great location, and I am 100% positive I can rent it for good money, or throw it on Airbnb which I do already with a guest house on my property. 

So here is my dilemma. Over the last year I have refi'd my main residence into a 15 year mortgage, and just refi'd my student loans into a 10 year mortgage so I can be debt free by the time I am 40. Now that I have done this, my debt to income ratio likely won't allow me to take a mortgage our on this new investment property after I buy it using my HELOC.

If I am to rent it out, and get a tenant in there, would they consider that brand new lease in a mortgage to allow me to get a mortgage on it so I can pay back my HELOC. I plan on buying it for 100k, and the property is assessed and would appraise for around 190k.

I know they like to see 2 years of the tenant being in there on your taxes, or at least that was the case for me a few years ago when I owned a rental property. I just want to be able to buy it, pay back my HELOC and then retain a low mortgage on it, with tenants in there so I can pay down that mortgage over 5-10 years.

Any advice would be great.  I currently work with SoFi for my student loan and Quicken for my mortgage. Both were amazing but I am not sure they would consider this situation.

Thank you very much for the info Chris.  I am going to have my husband reach out to the buyers lender directly and see if this is an option.  I checked the census tract and the max income seems like it should work but I don't know anything about their finances so I am just assuming.  I am not sure the buyers will want to switch it up, but at this point all they have is a letter from the lender and I don't believe they have even sent financials in yet so there shouldn't be any reason why the lender won't recommend it to them if they qualify. 

Hi everyone.

I am new here,  but have been reading the forum for awhile and decided to register because I have a question that we cannot find an answer for. 

I have done a few flips over the years and just bought a house for 65k cash at auction in January of this year, the reno went amazing because for some reason there was a major abundance in contractors available to work when compared to my previous jobs. We finished the reno in 2 months and put it on MLS.

My husband is a real estate attorney, and the broker (this is his first time being broker on one of our listings). Neither of us knew about the 90 day restriction for buyers using FHA loans until we received and accepted an offer earlier this week (offer is for 220k) and the buyers agent told us that we can't sign because its been less than 90 days since I bought the house..

All seemed well because next Monday will bring us to 91 days, however, we originally recorded the house in just my name so that my husband could get a broker commission as he "represented" me. The original recording in my name was on January 5th, and on January 19th I did a quit claim to put it into our deferred entity (an LLC). I am still the owner of the LLC.

So this brings my question, will this reset the 90 clock to begin on the 19th, or can we count January 5th as the original date? We are trying to get an answer ASAP because we need to go under contract to pull it from MLS. We also don't want to wait another 13 days to sign because then we can't pull the appraisals and it will just delay everything further.

Any advice will be appreciated. Thanks a lot!