All Forum Posts by: Oluseye Faleye

@edward Burns Okay. Thats the same advice my legal adviser told me. I will offer that to her tomorrow. I paid 450 for 1 year warranty on the home for them as part of the contract, so she is covered on repairs. But if she says no to the offer i give her tommorow, i am them going to move it to small claims court here.

By the way i am in Texas.

I sold my home on 9 September 2013. The buyer provided me a termination Option check for $150 but i did not know i was supposed to cash it. I notified the Buyer Agent a day after closing and said if they could reissue a check. She said it was the buyers decision. I called the buyer and she says she get back to me. 1 month and half later, she says that legally she paid by righting me a check and i lost it so she cannot right me another check. So i am basically out $150. The amount was taken out during closing also.

What options do i have? Am i legally out since a check is not considered cash until i take the funds out of her account. I am planning to take her to small claims court to let a judge preside over this.

Shay

@ Brandon

I had the same occur when i was renting my old residence which was converted to rental because i was posted overseas. When i came back to buy a new primary residence, i was told to increase the equity on my rental to 75%.

However since i am buying another investment property and not a primary, my broker says that the rental income on my current primary residence will offset my DTI.

However, i spoke to my Broker who says that as long as i have a renter in there and a copy of the lease and security deposit, i should be able to get a loan and be okay. I will be using a private lender, so are they subject to fannie Mae and freddie mac guidelines.

I just checked the revised Fannie Mae Guidelines and its states 2 years of tax returns. I guess i have no option but to sell the home so i can qualify for loans for additional rental properties.

The lease just ended on one of my rentals and i will be moving back there. My question is - Will the monthly mortgage be offset by 75% of the rental income so i can qualify for more loans?

I have been a member of Biggerpockets for a while and absorbing as much knowledge through the forums and experienced members. I currently have 2 rentals and a high priced primary.

I am currently trying to increase my rental portfolio by buying foreclosures but i might be limited to loans due to my loan on my primary residence.

Can i rent out my primary residence and use the income to reduce my debt to income ratio so i can obtain additional loans for rental property. And will i need to reduce my primary residence mortgage to 75% LTV before the rental income can count.