All Forum Posts by: Ian K.

Thanks @Albert Bui I appreciate your response. I do intend to turn my current home into an investment I should be okay with DTI if I didn't have the HELOC. It seems like under writers would hit me for the full monthly interest payment even if I'm not carrying a balance-is that correct? I want to be able to keep the HELOC open as a way to fund other deals and in reality I need to be able to refinance in order to get the cash to pay down the balance on the HELOC anyway. Thanks for your help.

Hello

I'm in the process of closing on an investment property that I ultimately want to use as my primary.  We have to purchase it as an investment because their is a lease in place for the next 9 months.  The sellers appear to just want out so there is a considerable discount.  In 9 months I intend to move my family into the home and then do a refinance cash out at the primary occupancy rate.  I'm interested to see what I need to consider on the refi side-length of time occupying, proof of residence etc.  

A potential other wrench is that I had to take a HELOC out on another investment property to for the down payment on this investment purchase. When I refi I want to pay off the HELOC but not close it out. I'm afraid that losing the rental income on the property and now having the mortgage count 100% as debt and the HELOC debt will prevent me from getting the refi due to DTI unless I close the HELOC first?

Thanks for your time,

@Chris Mason  we went under contract today.  Going to go for a reno to make sure it gets done.  The property has already fallen out of contract twice, I presume through conventional loans.  Thanks for your help!

Hello,

I"m thinking about purchasing a home that has structural damage to the attached garaged.  Nothing that can't be fixed but it is possible that a conventional loan won't work.  I know about renovation loans which guarantee the property will be fixed and appease the underwriting.  My question is: are there conventional lenders that seem to have relaxed standards on conventional loans especially if the damage part to the home is not living space?  Thanks for your help.

@Brent Coombs  Thanks so much Brent!  I appreciate the response!

Hey BP

If you purchase an investment property that you actually want to use as a primary once the lease is up what are the tax implications?  The situation is that the home is under a lease for a remaining 6 months (assuming they won't leave earlier with incentives) prior to the time when I would move in.  Later on, perhaps 3-5 years I would like to turn it into a rental.

Even more detail:  I would purchase with an investment loan, rehab, move in, and then refinance to a primary loan once its possible.  I think 3-6 months of occupancy??  

How does this sound? What do I need to be aware of?  

Thanks for your help!

Ian

I always do just security and first month's and I'm in Denver too.  Be extra diligent up front on the screen and you should be fine.  

Thanks Eveyln,  I appreciate hearing your experience.  Started the process today.  

Thanks for the help, just saw this now!  I appreciate the feedback!

Hello,

I want to refinance an investment property that is currently in a land trust.  Does anyone know how long it takes for the deed transfer to take affect?  Can I start both the transfer and the refi at the same time?  Once it is brought to the county clerk and signed off, is it then officially back in my name or is there some lag time I need to be aware of?  Thanks in advance.