All Forum Posts by: Scott McMillan

Does anyone have any good or bad things to say about the Historic Meridian Park neighborhood?

Samantha Klein I think I know what your lender is talking about. When it is calculating your DTI it is taking that entire payment towards your debt service payments, because as such if the property was vacant you would be responsible for that payment along with all your other expenses. As such if it is rented, and you provide a copy of the lease, they should then add the rental income to your W4 income into your total income calculations. For example when I refinance, they take my new calculated payment to add to my debt side, and look at my Schedule E gross rent to add to my income side. Depreciation, taxes, and other expenses are not normally factored in that calculation in my experience from a lending perspective. Hope this helps.

Bump

Maybe I'll see you at the next meeting Peter!

@Pratish Halady I live in NY and have a rental in CA.  I am considered a NY resident but still have to file a CA tax return for any gains/losses for my CA property.  

http://www.investinpittsburgh.net/ is a company that does rehabs in Pitt, you can approach them and see if they need any work done.

Hey @Troy B.!  I'm an investor from NY looking to invest in the Pittsburgh area.  I've never been to Pittsburgh but have some good friends from there.  Being from the area what can you tell me about the Baldwin, Brentwood, or Overbrook areas?

Nice to meet you!

Hi all, I'm considering purchasing a condo with cash to live in temporarily while at the same fixing it up. I know if I was planning on renting it out most lenders would then require a seasoning period before I could refinance it into a conventional mortgage. Is that also true if I lived in it myself rather than renting it out? Thanks Scott

Hi @Christine Adams, I'm an investor from Santa Rosa, feel free to connect with me and send some info my way.

Hey @Nikoletta K., I'm also from Rosa, its been a year since your post, have you made any progress?  Bought anything?