All Forum Posts by: Account Closed

thanks aaron I will check that, and yea I will look into that My concern would property be finding a good PM company to work with.

I am looking at REO's in Florida and there are many 2 bed 1 bath homes with not much work I can buy for 20k. Areas I am looking in are st. pete, tampa, orlando and anything except miami/dade county. Also trying to get more inland because of the hurricanes and insurance being high. I am looking at sales prices of these houses in 2007 and they are 80-90k. I can get the money to buy one cash, but would it be safe to use a PM company? Is this possible or is this something that many people on here don't do? The way I look at it is I can still cash flow and will definitely use the house as apperciation or a vacation/2nd home for myself if it wasn't rented immediately or etc. thanks

Nope I do not need the funds at all! thats the issue, I have plently of reserves and they don't need to use that income at all to determine if I need the loan. I also made the mistake of working less at the job I have been employed to for more than 2 years, so now the loan officer told me to work as much as I can there for the next couple weeks. I am a server so I got a better job and worked there more but they won't use that income. I will be writing letters and I hope they don't deny me over a stupid reason like large deposits that I need know use for them to claim as income

Ok so I am having trouble getting this loan approved because of my large deposits in my bank account the last two months. I run a side business selling bulk items from china on craigslist and have made good money around christmas. They want a Letter of explaination stating why ? I also was getting cash from my parents every week as to money they have owed me for a while? I am NOT using this income as what they need to run on my loan so am I in trouble? I don't see how every other aspect is perfect,

Also if i do get rejected what other options do i have house is 45k i am putting down 12k loan will be for around 33k. Should I try personal loans? or what other options? I am holding the property not looking to flip thanks

ok, thanks dave for clarifying that, Also one last thing, I was at a REIA meeting and also listened to Robyn Thompson at a seminar and they all recommended putting my property into a trustee. Is that what most people on here do?

ok I see exactly what I have to do now thanks for that advice, I believe my numbers look good now shown above as my first property, hopefully I can stay on the right track with the banks haha

Also with the portfolio loan option you noted above, because you arn't getting the fixed interest rate, is that something you can reapply for a conventional loan after a couple years of land-lording experience? Also I am still waiting for the appraisal on my first property but I am hoping I have 20-30k in equity already, I will find out though. Can an option be to take out a home equity after a year and landlording success to be able to finance another house?

this is a 2 family I am buying so my cash flow calculated at the CTREIA also, and on here is about 175-200 each unit. My PITI is 566 and my rental income is 1300. so they would take 325 off that. I can still show a good cash flow to the bank from this property. Yes landlording experience will hurt me is the downfall because this is my first.

ok reason I thought was that if you have more mortgage loans they may see it as a bigger risk as opposed to if you only have 1.. The loan officer said my income was tight for my first house now before she ran the 625 a month the tenant is paying now. Once that went through she said that did it.

ok perfect so it can actually help me then. I want to make sure because my first investment should cash flow 300-400 a month (possibly more but that's with vacancy and maintenance) so that would get added to my income and actually show I make more which can help another loan as opposed to if I didn't have that.. ?

just real quick I would like to know that after you guys purchase one or two property's and your debt to income ratio goes higher, how do you end up getting approved for more and more.? Even if you have the 25% down for conventional I would still think they see you at more risk by purchasing more properties making it harder to get approved? Thanks for any responses