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All Forum Posts by: Upen Patel

Upen Patel has started 49 posts and replied 1759 times.

Post: Selling a Flip to a buyer with an FHA loan

Upen Patel
Posted
  • Lender
  • Nationwide Lender
  • Posts 1,884
  • Votes 813

@Lori Hayward Underwriter can require you to document (with bills) the rehab to justify the jump in value. It depends on what you bought for and what the sale price is.

Post: Entity Structure for Canadian Investing in US Real Estate

Upen Patel
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  • Posts 1,884
  • Votes 813

@Natasha Rooney As a foreign national, you will always be paying taxes in the US. You can get the mortgage in your personal name OR LLC.

Post: Looking for Lenders with STR Experience (Missouri)

Upen Patel
Posted
  • Lender
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  • Posts 1,884
  • Votes 813

Hey! @Kolin Goff I cover both loan options you are talking about. 2nd home and DSCR. Happy to connect.

Post: Heloc onInvestment Property

Upen Patel
Posted
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  • Posts 1,884
  • Votes 813

@Dan Breen Just did a similar for my client. Multiple ways these loans can be underwritten - DTI, DSCR, Bank statement, 1099.

Happy to connect and see if I can be of help.

Post: Seeking Advice: Transferring Property from Father & BRRRR Strategy on 4-Unit

Upen Patel
Posted
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  • Posts 1,884
  • Votes 813

@Jeffrey Young Are you familiar with 1031 exchange? Being that its an investment, 1031 is the best and only way for him to avoid capital gains tax and roll into a new purchase. The new property can't be a primary to qualify for 1031.

Happy to have a chat.

Post: Anyone able to provide a LOC on mixed use property?

Upen Patel
Posted
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  • Posts 1,884
  • Votes 813

@Anthony Goulbourne As mentioned by Eric, your options will depend on if the property is a primary residence OR an investment. Also, the residential sq ft % has to be at least 51% to get any sort for 30 yr fixed rate. Else you are looking at commercial loan options, with short term and short amortization.

Post: use free and clear house to buy another rental property

Upen Patel
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  • Posts 1,884
  • Votes 813

@Christina Venegas You can do a cross collateralized loan and use the equity in the current property. You would need a min of 3 properties to do that. You have one. You would have to buy 2.

Else, you can do a cash-out refi on the current property and use the cash for the purchase of the new one.

Post: Seeking Advice: Transferring Property from Father & BRRRR Strategy on 4-Unit

Upen Patel
Posted
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  • Nationwide Lender
  • Posts 1,884
  • Votes 813

@Jeffrey Young Why will your dad have a capital gains tax? If this is his primary residence, then he get up to $250K ($500K if married) of capital gains exemption as long as he has claimed this benefit in the last 5 yrs. Refer to the tax law for details.

Post: Reaching out for funding

Upen Patel
Posted
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  • Posts 1,884
  • Votes 813

@Justin Salazar To be able to give you some guidance, you need to give use details of your deal. There are many different types of loans.

Post: Can I choose my own HO insurance for an escrow account?

Upen Patel
Posted
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  • Posts 1,884
  • Votes 813

@Anthony Pitruzzello In your post you stated that insurance and taxes are escrowed. In this case all your daughter needs to do is make her monthly mortgage payment, which covers the money that goes into escrow. Doesn't matter how many times the loan servicing is transferred. She should NEVER be required to make any other payment.

I am assuming that the insurance policy she got during loan approval is in effect. The payment would have collected by title and title is responsible to send the payment to the insurance company. This is a many process and there could be an issue there, but its easy to fix. She can start with contacting the insurance company to make sure that the policy is in effect. If they say that they haven't received the payment, then she should call the title company to get the payment tracked down.

Most likely she is getting bombarded by scam mail. This is the unfortunate state of the industry.

Hope this helps you get to the bottom on this.

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