All Forum Posts by: Scott Anderson

I am trying to look into options for my cousin to refinance.

He's got a loan with his parents and he wants to remove them completely.

I was wondering if there are banks out there that would allow him to use lease agreements for rooms toward his income to allow him to refinance under his own income.

Or is there a better way for him to do this without enough income?  Are there any creative means he can use?

His parents won't let him do anything with the equity as long as they're on the loan.

Thanks for any help!

I just got hit up by mr loan man for a no doc loan. Is this a scary sign for a market slump??

He’s also quoted me a 6.xx rate attached. Rates aren’t that high right now? Is that just for that product? It’s a conventional mortgage and sounds awesome for investors, but I think I can get a much better rate than that and should just go through the headache of a full approval loan with a better rate if I can.

Any insight from lenders? I wish I had private funding for all this to skip the FNMA stuff. 

Get the Heloc.  It's always better to have the extra funds available.

In my opinion it’s never too early to househack. Run your numbers, If you can get the loan buy the property.

Use all proceeds to pay down debt using Cashflow index.

If it’s not a thirdgen then it’s just another 4th gen.

I seek out tenants with pets. Higher rent. Pet fees. No pet rent.

Love the response above of do nothing but raise rent at renewal to correct it. 

If you have a good agent/broker in my opinion let them handle the code of ethics while you just make as much money as possible.

I don’t want to do both but I was an agent prior to investor so I’m already here. 

The way I see it, they are only protecting the deal from a nimrod appraiser.

If the property is priced at where they believe market is and you wanted to buy it at that price, THAT IS market value.

If an appraiser then says it’s worth $10k less you still agree where market value is, and ignore the nimrod appraiser. 

You didn’t go over the numbers well enough with him... or at all. Go in depth. 

Also consider a cash out refi payback plan to replenish all of their money within xx months. If you buy low enough this is easy to do. 

Rent MFH by the room.

I've noticed at least on MLS, 4 plex is the only way to get the mortgage fully covered here. Anything smaller and you'd pay part of the mortgage yourself. Unless renting by the room.