All Forum Posts by: Jesse Gonzalez

Welcome aboard, I'm a broker up in Santa Rosa and @Brian Burke is very experienced and up here too.

At most they'll get slap on the hand and it'll be back to business as usual along with the other "too big to fail" institutions.

It depends on the lender you're applying to, but typically if you haven't owned the rental for a long enough period to have the rents reflect on your tax returns, the lender will require signed leases, or rental agreements, and they'll give you credit for 75% of the gross rents. They'll probably require a rent schedule to be completed by the appraiser in order to determine that the rental/lease agreements you have are legitimate and not pumped up.

Jesse Gonzalez, Broker

REALTOR

It was fun to be over there and working, but I broke even on one deal and did OK on the other so the stress of it took the shine off of the paradise thing. I’ll tell you what though, it was very cool to head to the ocean at the end of the day and play in the water. Sorry to hear about the auction scene.

Here's what Fannie Mae has to say about cash out refi's on property listed in the last six months.

are limited to 70% LTV.

Note: Properties that were listed for sale must have been taken off the market on or before the application date.

Also, if you need the rental income to offset your debt to income ratios on the new purchase loan, assuming the rental income doesn't show on your tax returns, you'll typically be allowed to use 75% of gross rents which will be determined by a rental survey.

"Ultimately as a friend you tell them your thoughts and then need to drop it. It's their life and their choice to make. I have friends where I tell them what I think and let it go. They still do what they think is best and later have to live with the consequences"

I agree with this. Well said.

Locally and I did a couple on the big island. How are things at the auction these days?

Thanks for the heads up, haven't had a chance to listen to the podcasts.

New member here, looking forward to reading the forums and
adding some of my experience to help others too.I’m a real estate and mortgage broker in
northern California, I buy fix and flip, and have extensive knowledge in the
financing industry.