All Forum Posts by: Michael Sockwell

@Jaycee Greene

I own 1 rental and it’s my personal name. + my current home

Running into DTI issue with an equity loan

Would putting this into an LLC help at all?

Currently trying to close on a loan and am running into DTI issues. I'm sure there has to be ways around this?

Initially told everything is great until we got to underwriting.

It appears we have to reflect the entire portion of the rental against our debt since we had considerable write offs last years ( new roof, watwr heater etc)

Maybe im doing my taxes wrong?

We have a ton equity in our current home and we were doing a home equity loan but running into DTI issues

I’m sure this is an issue for everyone with a rental?

I’m sure their is a lot I missed any help would be appreciated

@Mitchell Johnson I will be at the next one of these!

Looking forward to it

@Alexander Trotter

@Alexander Trotter honestly the show needed a re-vamp so I’m excited to see the new direction. Nothing Against him but it’s a rookie show which is an element I like but he talks as though he’s a mogul.

Also never hearing him say “people always ask me, Felipe___” not heating him talking in third person will make me listen to more rookie eps

@Joseph Hammel

Awesome, thank you for your advice

Hello BP community any help or guidance you can offer would help out my mind at ease. Backstory - recently upgraded to Pro and had a goal of buying my first official rental property. Up until this point all I have is a house hack. We began refinancing our house to get the money for the down payment and repairs needed. Found a property and had an offer accepted. During our inspection we realized it needed way more work and seller wouldn’t budge on price deal fell apart. We completed the ReFi and the cash has been sitting for 2 months.

- full disclosure we just had a baby and our current house isn’t function for a family of 5 with 3 bedrooms like we thought it might.

Now by chance we found a deal on a 4 bedroom house. My plan wasn’t to move and convert this house to a rental but now I have this opportunity fell in my lap.

All of these are sincere intentions and I’m not trying to do anything my lender wouldn’t approve of.

Do I have any options here or would any one proceed in my situation?

@David DuCille

I haven’t had that experience but I’m also new. Seems like often security can be too tight. I tried reaching out to some hard money lenders and because I used copy and paste my account was frozen after only 3 emails. I don’t know how anyone is able to spam. I had a deal a needing funding for and like I said I’m new so I was just reaching out for options.

View report also, how would you all go about running the #'s on your primary. i went with original loan amount so it would calc mrtg payment correctly but I have years of principle paydown. What ways could i tweak it to see how good these numbers would look 

*This link comes directly from our calculators, based on information input by the member who posted.

This has happened to me several times over last few weeks, I go through the entire calculator - this time the buy and hold and it doesn't calculate the cost of mortgage in the deal despite me filling in that area. Is there an issue for anyone else?

@Tim Herman part of the $30K rehab budget is a new roof this roof is shot. It has ceramic tile, I’m not crazy about it but the current tenant likes it and it’s fairly tenant proof. What do you think is a good asking price since these numbers don’t work

70% rule says $71,500 with $30K rehab. I no owner won’t go that low